[quote=briansd1]You bought in 2001 so how far below purchase price are you now? 1999 pricing?[/quote]
briansd1, I haven’t had the chance to study any 2010 sales comps in my area yet but the assessor’s local appraiser used the “heavy fixer” because it compared with the size of my property and he couldn’t find any others that did. It sold for $310K so that is my new assessment.
The assessment I appealed was approx. $422K. My purchase price in 2001 was $346K. I only recovered an $850 tax savings because of the elementary and HS/Community College construction bonds that were passed in in recent years.
I’m not upside down but am unclear if I can recover my down payment if I wished to market it today. Since I still owe $205K and put down $105K, that equals $310K. I can list my own property but would still have a co-broke fee and CLTA/escrow fees, etc. Including tent fumigation last year, I’ve sunk about $15K into the property. It needs more landscaping and concrete work/repair but I am reluctant to do this, even if I had the $$, due to the fact I may never recover it. I know I can’t recover the improvements I’ve already made but I am enjoying having them.
On a bright sunny day, my gut feeling is it’s worth between $310K to $355K right now, depending on the terms.
[quote=briansd1]Your CV is Chula Vista. There are smug CV (the other CV) homeowners who believe that their neighborhood is immune. 😉
But not to worry, everything is interconnected, and the proportional ratios will come back into line. Your CV values will increase whereas the other CV’s values will stagnate or increase at a lower rate over time.[/quote]
briansd1, by “other CV,” I take it you are referring to my 200,000+ annexed neighbors to the far east (and southeast)?? Except for a very few ‘hoods built between ’87 and ’92 where the MR has been retired or is soon to be retired, I don’t believe any of those areas will see price stability for many years to come. There were virtually NO COMPS out in lizardland when builders started to invade it late ’99, early 2000, with their dozers, cutting off all the hilltops. Prior to that, the only thing that ever happened out there was the locals doing their off-road thing with raised-up 4WD’s. For the life of me, I do not know how those builders were able to fetch $435K (2-3 bdrm condo) to $675K (SFR 3000 sf) on minuscule lots when there were NEVER ANY COMPS to support these prices! Since 1999, CV has added two more zip codes. He**, it’s even a different climate out there! I never saw the value of all this new construction, esp. when MR and HOA were added in.
Yes, I do believe the more established areas will stabilize much quicker than the recently built areas because there aren’t anywhere near the amount of distressed properties in the older areas as in the newer areas.
