Ray Miller
Elite Member
- Joined
- Feb 20, 2002
- Professional Status
- Licensed Appraiser
- State
- Wisconsin
I have a subject that is 2500 GLA. Subject sold for $358,000 two years ago. Sales now include a 5300 GLA for sold for $363,000 that was listed for $450,000 and was on the market 927 days and much superior to the subject property. Three acres on the Golf Course.
# Listings 11 Avg List Price 277,645 AvgAskingPrice 276,545 Avg Price Diff 1100 Avg Days
# Listings 8 Avg List Price 297,100 Avg Sell Price 267,750 Avg Price DiffAvg 29350 Avg.Days 304
Across the county stats:
Criteria for report is Property = RESIDENTIAL - Area = N/A
Price range of 1,000 and 900,000 - Bedrooms = 0 - Baths = 0
Summary for Sold Properties# Listings 81 Avg List Price 118,194 Avg Sell PriceAvg 106,396 Price Diff 12,136 Avg Days 197
Summary for Active Properties# Listings 68 Avg List Price 148,649 Avg Asking Price 146,540 Avg Price Diff 2109 Avg Days
The subject has been on the market now for 57 days at $359,000 no showings. Common rural sub-division with two high end homes taken off the market. One that is being completed.
Next county south the stats are:
# Listings 17 Avg List Price 257,400 Avg Sell Price 252,171 Avg Price Dif 8441 Avg Days 174
# Listings 28 Avg List Price 303,400 Avg Asking Price 266,439 Avg Price Diff 6961 AVG Days 180
But most of these are in what I would consider a different market. They are nearer to madison by four lane, they are UW college town. Many different types of industry to support jobs.
The subject towns main employer is coming up short as it is a modular home construction company has a 19 month inventory of homes completed and waiting to be sold.
Cobellas is the other large employer in the area. It is an older river town and great for second homes and retirement homes.
In the subject sub-divison there are two homes that have not sold and have been taken off the market in the past year.
Historic trend for the past year is showing a marked decrease for these larger homes. There is not much of an employment base to support the payments on such a home. The area lends itself to more moderat price homes.
Criteria for report is Property = RESIDENTIAL - Area = N/A
Price range of 1,000 and 900,000 - Bedrooms = 0 - Baths = 0
Summary for Sold Properties# Listings 253Avg List Price 123,051Avg Sell 109,938 PriceAvg 13,861 Price Diff 13861 Avg Days
Summary for Active Properties# Listings 166Avg List PriceAvg 144,930 Asking PriceAvg 136,381 Price DiffAvg 8549 Days 129
Most of the high end homes that are selling are on larger acreages for country estates. 10, 20, 30, 40, 50, 60 and 70 acres, which has a value of raw land of around $3000 to $4000 per acre. Minus the land value and the high end homes are selling for $200,000 +/-.
My caculations indicate a value out to sell with in six months on this 2300 GLA with finished basement on .5 acres is between $225,000 and $250,000.
Stats indicate across the board decrease of 5% from 720 days back, in the two county area.
Current Listings are showing a decrease as well.
If I use the sales from the college town and county seat. Sure I could get a better deal for the seller. But that is not what I am here for.
My calculations from three data bases indicate to sell this subject in 180 days you are going to need to be in the $225,000 to $250,000 if you want the $350,000 Value then you may need to wait a year or two to sell it and then it still might not sell depending on what the future holds for the area.
This is one of those homes that, yes I like the area, no I don't make my living from the area, I have employment that takes me away from the area. But I can afford this type of home in this area if I want to.
To find someone else like this in this type of market at the present time with the number of large home and high end homes in the market. It is a buyers market.
What say you to all this giberish. I know I am going to hear it no end when I send this in tomorrow. Homeowner made it plain he need $350,000 made it plain that the other appraiser told him that would not be a problem. Here I go rocking the boat. Heck he even gave me ths list of sales the other appraiser was going to use to make his case. Nearer to Madison by some 60 miles sold new in 2005. Another One sitting on top of the Bluffs of the Mississippi with 6 acres of Bluff views, a one acre stocked bass pond, 3100 GLA. Another one on 10 acres nearer to Madison on a four lane. Another one with 6 acres of Mississippi River views and hardwood wood lands, Water views from three sides of the river. Sold in early 2006, brick and stone consturction not vinyl siding.
Really at one time the home might have been worth the $359,000, it might still be to the right person, but that time and that person may be a long ways off.
Really how to deal with it?????
__________________
R Miller
www.raymiller.ws
www.saddlefitting.net
www.spartafun.com
# Listings 11 Avg List Price 277,645 AvgAskingPrice 276,545 Avg Price Diff 1100 Avg Days
# Listings 8 Avg List Price 297,100 Avg Sell Price 267,750 Avg Price DiffAvg 29350 Avg.Days 304
Across the county stats:
Criteria for report is Property = RESIDENTIAL - Area = N/A
Price range of 1,000 and 900,000 - Bedrooms = 0 - Baths = 0
Summary for Sold Properties# Listings 81 Avg List Price 118,194 Avg Sell PriceAvg 106,396 Price Diff 12,136 Avg Days 197
Summary for Active Properties# Listings 68 Avg List Price 148,649 Avg Asking Price 146,540 Avg Price Diff 2109 Avg Days
The subject has been on the market now for 57 days at $359,000 no showings. Common rural sub-division with two high end homes taken off the market. One that is being completed.
Next county south the stats are:
# Listings 17 Avg List Price 257,400 Avg Sell Price 252,171 Avg Price Dif 8441 Avg Days 174
# Listings 28 Avg List Price 303,400 Avg Asking Price 266,439 Avg Price Diff 6961 AVG Days 180
But most of these are in what I would consider a different market. They are nearer to madison by four lane, they are UW college town. Many different types of industry to support jobs.
The subject towns main employer is coming up short as it is a modular home construction company has a 19 month inventory of homes completed and waiting to be sold.
Cobellas is the other large employer in the area. It is an older river town and great for second homes and retirement homes.
In the subject sub-divison there are two homes that have not sold and have been taken off the market in the past year.
Historic trend for the past year is showing a marked decrease for these larger homes. There is not much of an employment base to support the payments on such a home. The area lends itself to more moderat price homes.
Criteria for report is Property = RESIDENTIAL - Area = N/A
Price range of 1,000 and 900,000 - Bedrooms = 0 - Baths = 0
Summary for Sold Properties# Listings 253Avg List Price 123,051Avg Sell 109,938 PriceAvg 13,861 Price Diff 13861 Avg Days
Summary for Active Properties# Listings 166Avg List PriceAvg 144,930 Asking PriceAvg 136,381 Price DiffAvg 8549 Days 129
Most of the high end homes that are selling are on larger acreages for country estates. 10, 20, 30, 40, 50, 60 and 70 acres, which has a value of raw land of around $3000 to $4000 per acre. Minus the land value and the high end homes are selling for $200,000 +/-.
My caculations indicate a value out to sell with in six months on this 2300 GLA with finished basement on .5 acres is between $225,000 and $250,000.
Stats indicate across the board decrease of 5% from 720 days back, in the two county area.
Current Listings are showing a decrease as well.
If I use the sales from the college town and county seat. Sure I could get a better deal for the seller. But that is not what I am here for.
My calculations from three data bases indicate to sell this subject in 180 days you are going to need to be in the $225,000 to $250,000 if you want the $350,000 Value then you may need to wait a year or two to sell it and then it still might not sell depending on what the future holds for the area.
This is one of those homes that, yes I like the area, no I don't make my living from the area, I have employment that takes me away from the area. But I can afford this type of home in this area if I want to.
To find someone else like this in this type of market at the present time with the number of large home and high end homes in the market. It is a buyers market.
What say you to all this giberish. I know I am going to hear it no end when I send this in tomorrow. Homeowner made it plain he need $350,000 made it plain that the other appraiser told him that would not be a problem. Here I go rocking the boat. Heck he even gave me ths list of sales the other appraiser was going to use to make his case. Nearer to Madison by some 60 miles sold new in 2005. Another One sitting on top of the Bluffs of the Mississippi with 6 acres of Bluff views, a one acre stocked bass pond, 3100 GLA. Another one on 10 acres nearer to Madison on a four lane. Another one with 6 acres of Mississippi River views and hardwood wood lands, Water views from three sides of the river. Sold in early 2006, brick and stone consturction not vinyl siding.
Really at one time the home might have been worth the $359,000, it might still be to the right person, but that time and that person may be a long ways off.
Really how to deal with it?????
__________________
R Miller
www.raymiller.ws
www.saddlefitting.net
www.spartafun.com
