[pemeliza]

“even if you can get the assessor to agree to assess your property for FY 10/11 at it’s REO price + 2%, once the rest of the REOs “shake out” in your area of 92103 and non-distress sales begin being routinely conducted once more, the assessor will have the right to increase your assessment for the next tax year to the market-rate purchased comparable properties.”

I am not asking for a temporary reassessment to market value, rather I am challenging the assessment that occurred as part of the transfer of ownership last fall. As far as I know these “initial” assessments are limited to 2% a year change regardless of whether or not the market improves.

I went back and looked at all of the sales in my neighborhood going back 6 months and forward 3 months. The only way they could have possibly got the price they did was to use “turn-key” properties that were heavily upgraded which our house is not.

My personal opinion is that they are basing their estimate of value on the fact that the property tax valuation was once in the stratosphere and they just can’t accept that prices really have come down that far.

Thanks for all the advice … we plan to fight this with every means we have available.

[pemeliza]

“even if you can get the assessor to agree to assess your property for FY 10/11 at it’s REO price + 2%, once the rest of the REOs “shake out” in your area of 92103 and non-distress sales begin being routinely conducted once more, the assessor will have the right to increase your assessment for the next tax year to the market-rate purchased comparable properties.”

I am not asking for a temporary reassessment to market value, rather I am challenging the assessment that occurred as part of the transfer of ownership last fall. As far as I know these “initial” assessments are limited to 2% a year change regardless of whether or not the market improves.

I went back and looked at all of the sales in my neighborhood going back 6 months and forward 3 months. The only way they could have possibly got the price they did was to use “turn-key” properties that were heavily upgraded which our house is not.

My personal opinion is that they are basing their estimate of value on the fact that the property tax valuation was once in the stratosphere and they just can’t accept that prices really have come down that far.

Thanks for all the advice … we plan to fight this with every means we have available.

[pemeliza]

“even if you can get the assessor to agree to assess your property for FY 10/11 at it’s REO price + 2%, once the rest of the REOs “shake out” in your area of 92103 and non-distress sales begin being routinely conducted once more, the assessor will have the right to increase your assessment for the next tax year to the market-rate purchased comparable properties.”

I am not asking for a temporary reassessment to market value, rather I am challenging the assessment that occurred as part of the transfer of ownership last fall. As far as I know these “initial” assessments are limited to 2% a year change regardless of whether or not the market improves.

I went back and looked at all of the sales in my neighborhood going back 6 months and forward 3 months. The only way they could have possibly got the price they did was to use “turn-key” properties that were heavily upgraded which our house is not.

My personal opinion is that they are basing their estimate of value on the fact that the property tax valuation was once in the stratosphere and they just can’t accept that prices really have come down that far.

Thanks for all the advice … we plan to fight this with every means we have available.

[pemeliza]

CAR, we ended up looking down south this time around because we needed to be closer to downtown. I guess we had a similar search as you are doing but for the coastal communities we considered point loma and mission hills and then for the inland communities we considered helix and poway. We ended up buying in mission hills because we had a strong preference for the coast and the prices came down into our range. I liked helix a lot but the weather was a huge factor for us. I’m not sure we paid more money to be on the coast but we certainly ended up with less house. That was a compromise we were ready to make.

I do think the government manipulation is surely affecting prices. However, I think they have only slowed the descent not stopped it.

[pemeliza]

CAR, we ended up looking down south this time around because we needed to be closer to downtown. I guess we had a similar search as you are doing but for the coastal communities we considered point loma and mission hills and then for the inland communities we considered helix and poway. We ended up buying in mission hills because we had a strong preference for the coast and the prices came down into our range. I liked helix a lot but the weather was a huge factor for us. I’m not sure we paid more money to be on the coast but we certainly ended up with less house. That was a compromise we were ready to make.

I do think the government manipulation is surely affecting prices. However, I think they have only slowed the descent not stopped it.

[pemeliza]

CAR, we ended up looking down south this time around because we needed to be closer to downtown. I guess we had a similar search as you are doing but for the coastal communities we considered point loma and mission hills and then for the inland communities we considered helix and poway. We ended up buying in mission hills because we had a strong preference for the coast and the prices came down into our range. I liked helix a lot but the weather was a huge factor for us. I’m not sure we paid more money to be on the coast but we certainly ended up with less house. That was a compromise we were ready to make.

I do think the government manipulation is surely affecting prices. However, I think they have only slowed the descent not stopped it.

[pemeliza]

CAR, we ended up looking down south this time around because we needed to be closer to downtown. I guess we had a similar search as you are doing but for the coastal communities we considered point loma and mission hills and then for the inland communities we considered helix and poway. We ended up buying in mission hills because we had a strong preference for the coast and the prices came down into our range. I liked helix a lot but the weather was a huge factor for us. I’m not sure we paid more money to be on the coast but we certainly ended up with less house. That was a compromise we were ready to make.

I do think the government manipulation is surely affecting prices. However, I think they have only slowed the descent not stopped it.

[pemeliza]

CAR, we ended up looking down south this time around because we needed to be closer to downtown. I guess we had a similar search as you are doing but for the coastal communities we considered point loma and mission hills and then for the inland communities we considered helix and poway. We ended up buying in mission hills because we had a strong preference for the coast and the prices came down into our range. I liked helix a lot but the weather was a huge factor for us. I’m not sure we paid more money to be on the coast but we certainly ended up with less house. That was a compromise we were ready to make.

I do think the government manipulation is surely affecting prices. However, I think they have only slowed the descent not stopped it.

[pemeliza]

CAR your logic is starting to get a bit convoluted here.

People buying in the areas with the best locations, weather, schools, etc. that are paying 20-30% down likely have enough cash to buy in 99% of the country yet they choose not to because they want the best of everything and have the incomes to afford it at these price points and interest rate levels. Prices in Oceanside, Escondido, etc. don’t matter to these buyers because they likely would not live there if someone gave them a house. If people are buying in topflight areas and putting down a large chunk of their own money then the value is there for them. As far as the government “stalling” deflation in the mid-high to high ends I respectively disagree. You yourself have provided some evidence on this board to the contrary.

I also think you are putting too much emphasis on this idea that every area in San Diego country should have the same relative value as it did 20 years ago. As time marches on some areas shine and others wither.

[pemeliza]

CAR your logic is starting to get a bit convoluted here.

People buying in the areas with the best locations, weather, schools, etc. that are paying 20-30% down likely have enough cash to buy in 99% of the country yet they choose not to because they want the best of everything and have the incomes to afford it at these price points and interest rate levels. Prices in Oceanside, Escondido, etc. don’t matter to these buyers because they likely would not live there if someone gave them a house. If people are buying in topflight areas and putting down a large chunk of their own money then the value is there for them. As far as the government “stalling” deflation in the mid-high to high ends I respectively disagree. You yourself have provided some evidence on this board to the contrary.

I also think you are putting too much emphasis on this idea that every area in San Diego country should have the same relative value as it did 20 years ago. As time marches on some areas shine and others wither.

[pemeliza]

CAR your logic is starting to get a bit convoluted here.

People buying in the areas with the best locations, weather, schools, etc. that are paying 20-30% down likely have enough cash to buy in 99% of the country yet they choose not to because they want the best of everything and have the incomes to afford it at these price points and interest rate levels. Prices in Oceanside, Escondido, etc. don’t matter to these buyers because they likely would not live there if someone gave them a house. If people are buying in topflight areas and putting down a large chunk of their own money then the value is there for them. As far as the government “stalling” deflation in the mid-high to high ends I respectively disagree. You yourself have provided some evidence on this board to the contrary.

I also think you are putting too much emphasis on this idea that every area in San Diego country should have the same relative value as it did 20 years ago. As time marches on some areas shine and others wither.

[pemeliza]

CAR your logic is starting to get a bit convoluted here.

People buying in the areas with the best locations, weather, schools, etc. that are paying 20-30% down likely have enough cash to buy in 99% of the country yet they choose not to because they want the best of everything and have the incomes to afford it at these price points and interest rate levels. Prices in Oceanside, Escondido, etc. don’t matter to these buyers because they likely would not live there if someone gave them a house. If people are buying in topflight areas and putting down a large chunk of their own money then the value is there for them. As far as the government “stalling” deflation in the mid-high to high ends I respectively disagree. You yourself have provided some evidence on this board to the contrary.

I also think you are putting too much emphasis on this idea that every area in San Diego country should have the same relative value as it did 20 years ago. As time marches on some areas shine and others wither.

[pemeliza]

CAR your logic is starting to get a bit convoluted here.

People buying in the areas with the best locations, weather, schools, etc. that are paying 20-30% down likely have enough cash to buy in 99% of the country yet they choose not to because they want the best of everything and have the incomes to afford it at these price points and interest rate levels. Prices in Oceanside, Escondido, etc. don’t matter to these buyers because they likely would not live there if someone gave them a house. If people are buying in topflight areas and putting down a large chunk of their own money then the value is there for them. As far as the government “stalling” deflation in the mid-high to high ends I respectively disagree. You yourself have provided some evidence on this board to the contrary.

I also think you are putting too much emphasis on this idea that every area in San Diego country should have the same relative value as it did 20 years ago. As time marches on some areas shine and others wither.

[pemeliza]

“Wow, you mean they would rather “pay” $8,000 instead of lowering the price by $8,000?”

“This is such a messed up market. There is so much manipulation and fraud out there, it makes me not want to participate at all.”

– I agree there is a tremendous amount of fraud in the market but I don’t see this as an example. Homebuilders do this kind of thing all the time to protect the price of their unbuilt inventory. Given the laws in California, the banks could essentially own any house with a loan on it at any time worth pennies on the dollar. Who cares what they do with their collateral they paid for it a couple of times over anyway. In any case they may have won a few battles but they are losing the war. Prices are still dropping and in prime areas.

– My mother rents a farm in Indiana. When she took bids for rent she asked for sealed bids. Why? The reason is that several farmers in the area gave bids that were essentially something like “I’ll pay 1$ an acre more than the highest bid”. She did not think that was fair and she was also afraid that if word got out that nobody would bid if they know the game was rigged. It turns out the bids for the most part were fairly close together and yes the highest bidder got to rent the land and was happy to so it at the price he offered. Some people were disappointed that they didn’t get the winning bid but they said they would bid again in the future. If a seller has something that many buyers would like to have this is a reasonable way to do business.

[pemeliza]

“Wow, you mean they would rather “pay” $8,000 instead of lowering the price by $8,000?”

“This is such a messed up market. There is so much manipulation and fraud out there, it makes me not want to participate at all.”

– I agree there is a tremendous amount of fraud in the market but I don’t see this as an example. Homebuilders do this kind of thing all the time to protect the price of their unbuilt inventory. Given the laws in California, the banks could essentially own any house with a loan on it at any time worth pennies on the dollar. Who cares what they do with their collateral they paid for it a couple of times over anyway. In any case they may have won a few battles but they are losing the war. Prices are still dropping and in prime areas.

– My mother rents a farm in Indiana. When she took bids for rent she asked for sealed bids. Why? The reason is that several farmers in the area gave bids that were essentially something like “I’ll pay 1$ an acre more than the highest bid”. She did not think that was fair and she was also afraid that if word got out that nobody would bid if they know the game was rigged. It turns out the bids for the most part were fairly close together and yes the highest bidder got to rent the land and was happy to so it at the price he offered. Some people were disappointed that they didn’t get the winning bid but they said they would bid again in the future. If a seller has something that many buyers would like to have this is a reasonable way to do business.

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