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More Brain Damage - US Census Data Home Values

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Joe Birrell (NY)

Thread Starter
Member
Joined
Jan 16, 2002
Since our entire industry is based upon what property owners believe their properties are worth, it stands to reason that the US Census Data
also shows property values based upon what owners have reported.

A recent local newspaper articles reports hundreds of homes in the county having values of at least $1,000,000 - strange I can't find any comps in this range.

On particuliar area was reported as having 21 homes in the 1 million
range. Hmmm....I've been reporting a range of $110,000 to a high of
$239,000. Hell, I could buy the whole neighborhood for $21,000,000.

Apparently (as reported) one in six census forms had a special section on
what your property value was..........the best part is that the reporter who
wrote this article is the regular real estate reporter (who writes one article a week for the real estate section).

GIVE ME A BREAK !
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
You mean he didn't at least say somewhere in that article that what the homeowners 'think' their properties are worth - including what they reported on their census form, is pure BS??? If it weren't for the fact that some readers will believe that crap - it would be a huge joke. For now, it's just very sick to have even written it and had it published. :twisted:
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Sounds alot like the assignment I just gave up on! This guy wants to build a $450,000 log home on a 2.5 acre site two lots from mobile homes. When we spoke on the phone he said, but there are half million dollar homes right across the county road. I said, "doubt it, but let me do another search just to be sure (already did it and knew the market).

Seems the highest priced sale was in the lower $240,000 range. I did find three comparable log homes in the mountains. Mostly all on 35 to 40 acre sites in superior subdivisions with lots of covenants. All of my comps were under $375,000.

This guy was irrate......"I know the market, I have seen some homes that have to be at least a half million". Of course he lives in Michigan not Colorado. Sure would have been nice if he had consulted someone before buying this $28,000 ..2.5 acre lot to build his $450,000 home on!

So who is the bad guy? The appraiser who honestly gives him the bad news. Didn't even charge for it. Made two 90 mile round trips to the property and spent at least 10 hours in research and communication with the lender, builder, and client.

Oh, did I mention the worst wild fire in Colorado history (burned over 137,000 acres in June 2002) was just 6 miles to the north...who knows what affect it is going to have on property values in the area.

I just love this job!
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska

GIVE ME A BREAK !

Joe:
You can take this lying down sobbing into your pillow and waiting for some Homeowner to wave the article under your nose OR would you like some assistance proofreading the letter that you are going to send to the Editor? :twisted:

or did the nasty reporter already put your arm in plaster??? :wink:
 

Joe Birrell (NY)

Thread Starter
Member
Joined
Jan 16, 2002

GIVE ME A BREAK !

Joe:
You can take this lying down sobbing into your pillow and waiting for some Homeowner to wave the article under your nose OR would you like some assistance proofreading the letter that you are going to send to the Editor? :twisted:

or did the nasty reporter already put your arm in plaster??? :wink:


Thanks anyway, but I'll cry in my Jack Daniels tonight. She has already heard from me on previous dumb articles. She's infamous among appraisers here, and the Realtors just love her. Her advertizing department loves them also, lots of ads by RE agents. Come to think of it
the local rag has never printed a story that was accurate !
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
OUCH!

Joe:

I'd buy you a double, were I close enough to do so. I entirely rescind any know-it-all or snotty tone of my comment.

However unless it entirely shoots your paycheck, perhaps a sane counter to the local cheerleader couched in facts still might not be in order. SO many homeowners believe everything they read in the paper :roll:
 
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