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Old 05-04-2012, 12:44 PM
Scott R Marshall's Avatar
Scott R Marshall Scott R Marshall is offline
 
Join Date: Dec 2006
Location: Rio Rancho, NM
State: New Mexico
Professional Status: Certified Residential Appraiser
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Default Reminiscing on how absolutely crazy yesterdays market was.

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.
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Old 05-04-2012, 03:34 PM
USPAP Compliant's Avatar
USPAP Compliant USPAP Compliant is offline
 
Join Date: Jan 2002
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 8,864
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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  
Old 05-04-2012, 03:40 PM
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CANative CANative is online now
 
Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
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Quote:
Originally Posted by Scott R Marshall View Post
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.
Doggonit! So what's it worth now?
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Old 05-04-2012, 03:43 PM
Denis DeSaix Denis DeSaix is offline
 
Join Date: May 2005
Location: Northern California
State: California
Professional Status: Certified General Appraiser
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Doggonit! So what's it worth now?
$507,500 + depreciated value of garage.
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