Another Resale at 10% YOY

A weird thing to see in a rising market is the phenomenon of short-term holds that are profitable upon resale.

We already noted last month that the midsized house on a half lot at 1560 10th got 10% more than the 2013 price in a resale that closed just 11 months after acquisition. (See this post.)

But that resale, at $1.479M, was practically a lower-tier sale.

Now comes the corner-lot Tuscan at 1603 5th (5br/5ba, 4700 sq. ft.) at pretty much the highest tier for a conventional home in East MB, with a new sale at $2.850M.

Scratching at 3 already?

Why, just last year, in April 2013, the same home sold for $2.575M.

So they didn't really need to worry about whatever led to such a quick exit. (We're not prying.) Ordinarily, you'd think any profit upon resale would be eaten up by costs of sale.

But no. Here they might well have walked away with well over $100K. Quite a surprise after just 14 months in a house.

The year-over-year resale was a little over 10%. It's another example proving that such is possible, and beginning to mark something of a trend.