[bearishgurl]

[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.

[bearishgurl]

[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.

[bearishgurl]

[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.

[bearishgurl]

Yes, check the recorder’s office online for a recission. If it’s not there, then the foreclosing bank is either working out a trial mod with the trustor or, like another poster said, there has been a substitution of trustee which delayed the trustee’s sale and the new substitution has not been filed yet. I would call the last known trustee and give them the property info and ask if they have a new sale date pending and/or what the status of the property is.

It’s not uncommon for a TS to be postponed several times, even at the last minute.

[bearishgurl]

Yes, check the recorder’s office online for a recission. If it’s not there, then the foreclosing bank is either working out a trial mod with the trustor or, like another poster said, there has been a substitution of trustee which delayed the trustee’s sale and the new substitution has not been filed yet. I would call the last known trustee and give them the property info and ask if they have a new sale date pending and/or what the status of the property is.

It’s not uncommon for a TS to be postponed several times, even at the last minute.

[bearishgurl]

Yes, check the recorder’s office online for a recission. If it’s not there, then the foreclosing bank is either working out a trial mod with the trustor or, like another poster said, there has been a substitution of trustee which delayed the trustee’s sale and the new substitution has not been filed yet. I would call the last known trustee and give them the property info and ask if they have a new sale date pending and/or what the status of the property is.

It’s not uncommon for a TS to be postponed several times, even at the last minute.

[bearishgurl]

Yes, check the recorder’s office online for a recission. If it’s not there, then the foreclosing bank is either working out a trial mod with the trustor or, like another poster said, there has been a substitution of trustee which delayed the trustee’s sale and the new substitution has not been filed yet. I would call the last known trustee and give them the property info and ask if they have a new sale date pending and/or what the status of the property is.

It’s not uncommon for a TS to be postponed several times, even at the last minute.

[bearishgurl]

Yes, check the recorder’s office online for a recission. If it’s not there, then the foreclosing bank is either working out a trial mod with the trustor or, like another poster said, there has been a substitution of trustee which delayed the trustee’s sale and the new substitution has not been filed yet. I would call the last known trustee and give them the property info and ask if they have a new sale date pending and/or what the status of the property is.

It’s not uncommon for a TS to be postponed several times, even at the last minute.

[bearishgurl]

investor, if you used to live in SJ and consider that area “warm” (in relation to VA, maybe it is), then I agree with Ashhousewares that you can widen your scope. I myself grew up in Alameda County (SF Bay area) but have visited Wash DC, Fairfax and Loudoun Counties in VA and they are very beautiful and spacious places to live, esp. along the Potomac River. If you are from any of these counties, SD county may not offer any comparable lifestyle to what you are used to, even for 6 mos. a year. If I were you, I would research other coastal areas of CA (that your wife might eventually agree to move to full-time) such as coastal areas within the counties of Mendocino, Santa Cruz, Monterey or Santa Barbara. You might look into Marin County as well, but the prices there may be too high for you. If you end up in one of these more rural coastal counties with a rugged spectacular (but cold) beach and get a “craving” for a big, wide warm beach, it is just a 1.5 to 9-hour drive to visit beaches in Malibu, Santa Monica, LaJolla or Coronado, not 3000+ miles, like your current situation. Just my .02 “food for thought.”

[bearishgurl]

investor, if you used to live in SJ and consider that area “warm” (in relation to VA, maybe it is), then I agree with Ashhousewares that you can widen your scope. I myself grew up in Alameda County (SF Bay area) but have visited Wash DC, Fairfax and Loudoun Counties in VA and they are very beautiful and spacious places to live, esp. along the Potomac River. If you are from any of these counties, SD county may not offer any comparable lifestyle to what you are used to, even for 6 mos. a year. If I were you, I would research other coastal areas of CA (that your wife might eventually agree to move to full-time) such as coastal areas within the counties of Mendocino, Santa Cruz, Monterey or Santa Barbara. You might look into Marin County as well, but the prices there may be too high for you. If you end up in one of these more rural coastal counties with a rugged spectacular (but cold) beach and get a “craving” for a big, wide warm beach, it is just a 1.5 to 9-hour drive to visit beaches in Malibu, Santa Monica, LaJolla or Coronado, not 3000+ miles, like your current situation. Just my .02 “food for thought.”

[bearishgurl]

investor, if you used to live in SJ and consider that area “warm” (in relation to VA, maybe it is), then I agree with Ashhousewares that you can widen your scope. I myself grew up in Alameda County (SF Bay area) but have visited Wash DC, Fairfax and Loudoun Counties in VA and they are very beautiful and spacious places to live, esp. along the Potomac River. If you are from any of these counties, SD county may not offer any comparable lifestyle to what you are used to, even for 6 mos. a year. If I were you, I would research other coastal areas of CA (that your wife might eventually agree to move to full-time) such as coastal areas within the counties of Mendocino, Santa Cruz, Monterey or Santa Barbara. You might look into Marin County as well, but the prices there may be too high for you. If you end up in one of these more rural coastal counties with a rugged spectacular (but cold) beach and get a “craving” for a big, wide warm beach, it is just a 1.5 to 9-hour drive to visit beaches in Malibu, Santa Monica, LaJolla or Coronado, not 3000+ miles, like your current situation. Just my .02 “food for thought.”

[bearishgurl]

investor, if you used to live in SJ and consider that area “warm” (in relation to VA, maybe it is), then I agree with Ashhousewares that you can widen your scope. I myself grew up in Alameda County (SF Bay area) but have visited Wash DC, Fairfax and Loudoun Counties in VA and they are very beautiful and spacious places to live, esp. along the Potomac River. If you are from any of these counties, SD county may not offer any comparable lifestyle to what you are used to, even for 6 mos. a year. If I were you, I would research other coastal areas of CA (that your wife might eventually agree to move to full-time) such as coastal areas within the counties of Mendocino, Santa Cruz, Monterey or Santa Barbara. You might look into Marin County as well, but the prices there may be too high for you. If you end up in one of these more rural coastal counties with a rugged spectacular (but cold) beach and get a “craving” for a big, wide warm beach, it is just a 1.5 to 9-hour drive to visit beaches in Malibu, Santa Monica, LaJolla or Coronado, not 3000+ miles, like your current situation. Just my .02 “food for thought.”

[bearishgurl]

investor, if you used to live in SJ and consider that area “warm” (in relation to VA, maybe it is), then I agree with Ashhousewares that you can widen your scope. I myself grew up in Alameda County (SF Bay area) but have visited Wash DC, Fairfax and Loudoun Counties in VA and they are very beautiful and spacious places to live, esp. along the Potomac River. If you are from any of these counties, SD county may not offer any comparable lifestyle to what you are used to, even for 6 mos. a year. If I were you, I would research other coastal areas of CA (that your wife might eventually agree to move to full-time) such as coastal areas within the counties of Mendocino, Santa Cruz, Monterey or Santa Barbara. You might look into Marin County as well, but the prices there may be too high for you. If you end up in one of these more rural coastal counties with a rugged spectacular (but cold) beach and get a “craving” for a big, wide warm beach, it is just a 1.5 to 9-hour drive to visit beaches in Malibu, Santa Monica, LaJolla or Coronado, not 3000+ miles, like your current situation. Just my .02 “food for thought.”

[bearishgurl]

[quote=EconProf]Once you file an appeal, you will likely (could be over a year or more) get a call from an assessor ready to negotiate a compromise. They will offer a reduction and act like they are doing you a favor. Turn it down.
Insist on going to the hearing–a quasi-judicial process where you can plead your case before an appeals board that will hear your side and that of the assessor’s office. This takes an average of 20 minutes or so, and looked to be a fair process when I witnessed it.
With tens of thousands of written appeals, and only limited time available, they certainly do not want you to go as far as a hearing. That’s why they will cajole, offer phoney numbers, and generally try to intimidate you into caving. If you have done your research and have a good case, they will grant your number.[/quote]

Yes, EconProf, I agree with your post in that, in the past, your way was feasible, or might be feasible now if you are appealing a complex of over four units or commercial property. I have gone all the way to hearing before to appeal my property taxes, but the year was 1993. I got a hearing in less than six months back then as there were many less applications pending than today. I did win and get a lowered assessment at that time from about 278,500 to 240,000. It started adjusting gradually upwards again in FY 97/98.

I applied this time in July 2008 to appeal the upcoming 08/09 FY. In 2009, I dealt directly with the two local county appraisers in CV still working here in their offices. (All the rest of the ARCC employees moved downtown or were laid off b/c they closed the office to the public early last year.) The compromises and stipulations are now done from Kearny Mesa by letter after the head appraiser signs off on them. They are time-sensitive, i.e., if you don’t respond, you will be set for a hearing. However, EVEN THOUGH I WAS AMONG THE FIRST 3000 APPLICANTS FOR F/Y 08/09, out of about 44,000, I think, the STIP still took practically ALL THE WAY TO 12/10/09 to effectuate and provide me with a corrected tax bill (over 16 months). I would venture that waiting for a hearing NOW AFTER YOU TURNED DOWN the county’s offer could tie up two more years + of your life, while you pay the higher tax, depending on what “number” you were assigned on your postcard (it’s 1st come, 1st served).

After I crunched theirs and my sales comps, I had to concede that their offer was a good deal. The appraiser used just one heavy fixer a couple blocks away to “comp” me. (My place is NOT a fixer.) I let him do it because I have 600-800 more SF than the average residence in my area so the sales comps for my appeal were far and few between as the county would not accept the (much) smaller sales comps. FYI: The county goes mainly by SF and doesn’t care much about condition. Lot size is important to them only if the lot is very large, i.e. 1/2 AC and this size lot is unusual for the neighborhood.

Now, my tax bill is nearly $850 lower. I plan on entertaining a study in the near future to see if I have any grounds to appeal again for FY 10/11.

My “assessment appeal” example here is so sad (for Piggs and Non-Piggs alike) because I purchased in 2001 and my sellers at the time accepted $10K lower than their asking price AND gave me a $11,000 credit in escrow!! I feel I purchased well and prior to any heavy bidding wars/bubble so my example here is just one illustration of the depth and breath of this “artifically-created” blood-in-the-streets RE debacle we are experiencing now.

[bearishgurl]

[quote=EconProf]Once you file an appeal, you will likely (could be over a year or more) get a call from an assessor ready to negotiate a compromise. They will offer a reduction and act like they are doing you a favor. Turn it down.
Insist on going to the hearing–a quasi-judicial process where you can plead your case before an appeals board that will hear your side and that of the assessor’s office. This takes an average of 20 minutes or so, and looked to be a fair process when I witnessed it.
With tens of thousands of written appeals, and only limited time available, they certainly do not want you to go as far as a hearing. That’s why they will cajole, offer phoney numbers, and generally try to intimidate you into caving. If you have done your research and have a good case, they will grant your number.[/quote]

Yes, EconProf, I agree with your post in that, in the past, your way was feasible, or might be feasible now if you are appealing a complex of over four units or commercial property. I have gone all the way to hearing before to appeal my property taxes, but the year was 1993. I got a hearing in less than six months back then as there were many less applications pending than today. I did win and get a lowered assessment at that time from about 278,500 to 240,000. It started adjusting gradually upwards again in FY 97/98.

I applied this time in July 2008 to appeal the upcoming 08/09 FY. In 2009, I dealt directly with the two local county appraisers in CV still working here in their offices. (All the rest of the ARCC employees moved downtown or were laid off b/c they closed the office to the public early last year.) The compromises and stipulations are now done from Kearny Mesa by letter after the head appraiser signs off on them. They are time-sensitive, i.e., if you don’t respond, you will be set for a hearing. However, EVEN THOUGH I WAS AMONG THE FIRST 3000 APPLICANTS FOR F/Y 08/09, out of about 44,000, I think, the STIP still took practically ALL THE WAY TO 12/10/09 to effectuate and provide me with a corrected tax bill (over 16 months). I would venture that waiting for a hearing NOW AFTER YOU TURNED DOWN the county’s offer could tie up two more years + of your life, while you pay the higher tax, depending on what “number” you were assigned on your postcard (it’s 1st come, 1st served).

After I crunched theirs and my sales comps, I had to concede that their offer was a good deal. The appraiser used just one heavy fixer a couple blocks away to “comp” me. (My place is NOT a fixer.) I let him do it because I have 600-800 more SF than the average residence in my area so the sales comps for my appeal were far and few between as the county would not accept the (much) smaller sales comps. FYI: The county goes mainly by SF and doesn’t care much about condition. Lot size is important to them only if the lot is very large, i.e. 1/2 AC and this size lot is unusual for the neighborhood.

Now, my tax bill is nearly $850 lower. I plan on entertaining a study in the near future to see if I have any grounds to appeal again for FY 10/11.

My “assessment appeal” example here is so sad (for Piggs and Non-Piggs alike) because I purchased in 2001 and my sellers at the time accepted $10K lower than their asking price AND gave me a $11,000 credit in escrow!! I feel I purchased well and prior to any heavy bidding wars/bubble so my example here is just one illustration of the depth and breath of this “artifically-created” blood-in-the-streets RE debacle we are experiencing now.

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