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Reminiscing on how absolutely crazy yesterdays market was.

Discussion in 'General Appraisal Discussion' started by Scott R Marshall, May 4, 2012.

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  1. Scott R Marshall

    Scott R Marshall Senior Member

    0
    Dec 14, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    You know they always say hindsight is 20/20. The subject of one of the appraisals I'm currently working on sold in 1999 of $507,500. Its a 5000 square foot home. Six and 1/2 years later it sold for $1,050,000 with the ONLY substantial change being the addition of a 1350 square foot garage. No other additions, renovation, nada.

    So appreciation of more than 100% in less than 7 years. Granted that percentage is a bit less due to the addition of the garage but not too many other investments out there have that type of return.

    So for all of us stressed out over how difficult it is to appraise in todays market, yesterdays market was just as difficult, it's just that nobody cared and/or blacklisted you if you were one of the few who made mention of how crazy the market actually was.
     
  2. USPAP Compliant

    USPAP Compliant Elite Member

    2
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    The question I hear most often in classes is "when do you think things will get back to "normal". Many appraisers never saw "normal"...only the crazy times. Who knows? I don't think we will see a boom for many years. We have too much US debt, not enough jobs, too much bruised or destroyed credit scores and too many confirmed renters after going through a foreclosure.

    We may be "normal" now. I hope not.
     
  3. CANative

    CANative Elite Member

    123
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Doggonit! So what's it worth now?
     
  4. Denis DeSaix

    Denis DeSaix Elite Member

    146
    May 16, 2005
    Professional Status:
    Certified General Appraiser
    State:
    California
    $507,500 + depreciated value of garage. :laugh:
     
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