This Is Brutal

[Digger88]

2 standard sales (was new in 05) separated by 12 years

 

[Joe Flacco]

2 standard sales (was new in 05) separated by 12 years


View attachment 33111

I came across that pair earlier this year. Nobody wants those giant typical quality houses anymore. In that location anyways.

 

[hastalavista]

That's incredible.
Most of my markets have recovered up to and above the 2007 bubble.

 

[CindyR]

so who lost the $2 million? the owner or some bank (and its taxpayers)

 

[Joe Flacco]

That's incredible.
Most of my markets have recovered up to and above the 2007 bubble.

That property was over-improved for it's location.

 

[Don Clark]

That's incredible.
Most of my markets have recovered up to and above the 2007 bubble.

Same here, in my part of Virginia. Depends on where you build. I have not checked recently but a 75x100 lot on the Ocean front runs in the millions, and many of the house on them are worth less than $500,000 unless built in the last 20 years.

 

[jay trotta]

That's incredible.
Most of my markets have recovered up to and above the 2007 bubble.

West Coast vs East Coast

 

[jay trotta]

That property was over-improved for it's location.

$4,000,000 in 2005 must have shown "market acceptable" at that time; $1,875,000 appears to be "market acceptable" in 2017 - we only report what the market tells us, therefore it is what it is.

 

[Joe Flacco]

$4,000,000 in 2005 must have shown "market acceptable" at that time; $1,875,000 appears to be "market acceptable" in 2017 - we only report what the market tells us, therefore it is what it is.

I am just saying that prices in that neighborhood are not 50% less today than in 2005. What that comparison is showing is property specific.

 

[Joe Flacco]

Obviously somebody in 2005 thought it was a good idea to pay $4 million for a property in Clifton. Anybody that is spending that kind of money today is only looking in McLean or Great Falls. Those buyers would not consider Clifton. Anyways, that property is good data for somebody that ends up appraising a house like that not located in McLean or Great Falls.