Okay, so tell me again why lots can't be worthless?

[Michigan CG]

I was being made to feel, well, a little less than correct for a while there, even though I thought I had my stuff together.

Inferiority complex?

 

[Mr Rex]

They ain't giving them away, they are selling them for $1, or as pointed out, $1 plus delinquent taxes.

 

[Mike Kennedy]

"Houses go for a $1"


Meanwhile, the new owner will owe $3,900 in property taxes in 2009 on her dollar purchase unless she challenges the tax assessment.


Okay - who's gonna contact the new owner and do the grievance appraisal?

 

[Kali the Boston Terrier]

Detroit...the future of the rest of the country. Pay attention folks, what you guys are feeling is what we felt 3 years ago. Want to see where it is going...come to Detroit.

 

[David Molenaar]

Anyone from the Stockton CA are want to respond?

 

[CCAAMO]

Hi there,

I took some heat a while back for making the claim that lots can, and sometimes are, worthless. Below is one example why I made the claim:


Thanks,

Dave...

I got news for you, not only can they be worthless, they can be worth less than zero, for example a contaminate site.

It's the same for many banks, which based on their poor loan portfolio quality and liability are worth less than zero as BOA will soon find out about it's Countryside purchase.

 

[Metamorphic]

Detroit...the future of the rest of the country. Pay attention folks, what you guys are feeling is what we felt 3 years ago. Want to see where it is going...come to Detroit.

Nah, the rest of the country has decent economic fundamentals. Detroit has been headed for the can since 1976 when Honda imported their first Accord.

 

[Mr Rex]

Nah, the rest of the country has decent economic fundamentals. Detroit has been headed for the can since 1976 when Honda imported their first Accord.

Yeah, what we appraisers need is a Union.

 

[Walter Kirk]

This is nothing new. During the 1980's I purchased several houses and vacant lots in Camden, N.J. from HUD for $50. or $100. in sealed bid sales. Since I was the broker as well as the buyer HUD paid me a $200. minimum sales commission on each property.

 

[Hamlet]

Yeah, what we appraisers need is a Union.

Wear the Union Label...