I've been studying the neighborhoods close to downtown for a little while now and I know that I'm missing a piece or two from the puzzle. When I look at recent sales of properties in many of the areas named above (Albright, Duke Park, East Durham, Northest Central...) it is quite literally all over the place in ways that appear random but must have a pattern that I haven't identified yet. Houses closed at about the same time that are within a block or two could have a $50k spread when they seem directly comparable with about the same size, condition, bed/bath, etc. Or I see something like a scenario where one that was rehabbed with stone & tile & the works would sell below listing after a month on the market while one across the street that wasn't updated and was otherwise equivalent on paper would sell for significantly more AND would sell in 2 days well ABOVE list. Then there are the ones that were rehabbed with stone & tile etc. and sell for huge numbers when the rest of the block looks like a bomb went off. The patterns so far are eluding me.
Someone mentioned school districts which is important in any area for home values, but much of my research suggests in these areas of Durham there are big swings even within the same school district (on the same block!). Anyone else seeing these oddities in the numbers and have any insight to share? The wild randomness I see in the comps without understanding the mechanisms that cause the randomness make it tough to set a confident ARV when it comes to negotiating the purchase.
