How'd he get that price?

Ever wonder where some house prices come from, like, how did they dream up that number?


XXX Hardwick Pl Asking $449,900, $155/sqft.

Purchased 2003 for $335K. First mortgage, $286K, with 20% down.

Then in 2007, the owner took out a $150K HELOC.

( $286K + $150K ) * 1.06 realtor's fees = $443K.

So they're asking $450K.

The owner to you, the buyer: "Look, I already spent $150K of the money I was going to make on the eventual sale of this property, so, yes, of course I'm going to ask for more than $150K worth of appreciation for having lived there a whopping 7 years."