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This Is Brutal

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hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
That's incredible.
Most of my markets have recovered up to and above the 2007 bubble.
 

CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
so who lost the $2 million? the owner or some bank (and its taxpayers)
 

A K

Elite Member
Joined
Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
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

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
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.
 

A K

Elite Member
Joined
Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland
$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.
 

A K

Elite Member
Joined
Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland
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.
 
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