Unfilter?

Just saw a facebook add for a piece of real estate that one of my econ associates (moved into real estate) decided to post as a "note" on the social networking site...decent idea I suppose.


Response I"ll never send, but created this blog to post instead

Glad to see you're sticking it out in this turbulent real estate market and all, I hope you're doing alright in it.
I saw your listing in a Note today and I can't help but wonder what type of crack the current owners (or yourself) are smoking when they think something that was appraised in 2007 according to the "MATRIX" listing for 850k would've magically appreciated another 125k. I know all real estate is local, but I find that rate of appreciation to be rather unbelievable given the current credit market, foreclosure issues, and excess inventory that the builders have got --- Erm, I mean lets try to look at it another way...
and please remove the ugly 80's style plug-in 'dinning room' picture thingy



Meet my friend Mr. Zillow http://www.zillow.com/HomeDetails.htm?zprop=51840108


It says that the home was purchased for roughly 900k back in '06

AND if you drill further in, have a look at the pretty orange numbers

Tax Information

Tax Assessment History

	2002	2005	2006	2007
Total property tax paid:	$7,594	$7,594	$8,076	$8,076
Assessed value bldgs:	$491,420	$491,420	$726,430	$669,790
Assessed value land:	+ $180,000	+ $180,000	+ $180,000	+ $180,000
Total assessed value:	= $671,420	= $671,420	= $906,430	= $849,790

Ouchie...

And cuz everyone likes graphs



Interesting the data from that zipcode

Red = Fairfax County, Turquoise = zip, Orange = US



The house looks like a spec house from the last housing boom, although I don't think ther was one in 1988, I have to bail and don't have time to research it.

One parting shot.
The house looks abandoned, dingy, and badly in need of some better lighting. My guess is that it was either an 'investment property', or somebody got / is getting foreclosed and obviously since they put no money into the unit except for a tacky wall picture... they want to make up their carrying costs of 900K + 2 years of payments (perhaps made through other means of financing) can get expensive....ya think perhaps 75 expensive?

how much will the overcorrection be?

Labels: Housing, Listings