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January 7, 2007 at 7:18 PM in reply to: Check you craigslist real estate for sale section to see…. #42908
PerryChase
ParticipantThanks VanMorisonFan. Your explanation is how I expected the process to happen.
In surfing properties, I’ve noticed many cases of the assessment lag you’re talking about. It looks like the Tax Assessor/Collector is leaving money on the table, in which case we are all subsidizing developers.
But builders will tell you that they pay enough in development fees already — which they pass along to homebuyers.
I’m also sure that there are many cases where the Assessor “forgets” to properly reassess new contruction (e.g. Duncan Hunter’s house).
ParticipantSubstantial loss at 777 6TH AVE #425, SD – Downtown, CA 92101**
List Price: $539,000 – $569,000
Sales History
Date Price
10/20/2006 $619,000Bedrooms: 2
Full Baths: 2
Partial Baths: 0
Square Feet: 1,002
Lot Size: N/A
Year Built: 2005
Listing Date: 12/06/06
On Market: 32 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 066100209http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/AA76109D/Default.aspx
ParticipantAnother one at the Grande. This one is a 2-bd.
1199 PACIFIC HWY #801, SD – Downtown, CA 92101**
List Price: $899,000 – $899,000
Sales History
Date Price
07/14/2005 $920,000
09/10/2004 $585,900Bedrooms: 2
Full Baths: 2
Partial Baths: 0
Square Feet: 1,684
Lot Size: N/A
Year Built: 2005
Listing Date: 12/06/06
On Market: 32 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 066099983http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=066099983&page=8&mls=mls_sandiego&property_type=CONDO&cKey=m5xzf327&source=SANDICOR&home_id=26911205&addedHome=true&cKey=26wdwltl
http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/25DC05BE/Default.aspxParticipantLoss at the Grande. I like this building. It’s right at the Santa Fe train station and practically on the waterfront behind the holiday inn.
List Price: $570,000 – $585,000
Sales History
Date Price
10/07/2005 $602,500
08/02/2005 $450,539Bedrooms: 1
Full Baths: 1
Partial Baths: 1
Square Feet: 899
Lot Size: N/A
Year Built: 2005
Listing Date: 12/08/06
On Market: 30 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 062100588http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=062100588&page=8&property_type=CONDO&mls=mls_sandiego&cKey=772f6796&source=SANDICOR
http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/36AE3E45/Default.aspxParticipantLook at this loft Downtown.
988 G ST #34, SD – Downtown, CA 92101**
The current assessed value is $82k. If the builder decides not to sell and moves into the unit, will his taxable basis be $82k? Doesn’t see quite fair… Maybe the County Assessor is not doing his job.http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/4B4B917F/Default.aspx
Participant1240 INDIA #1313, SD – Downtown, CA 92101**
List Price: $575,000 – $635,876
Sales History
Date Price
01/05/2005 $660,000
08/27/2003 $473,000
03/13/2003 $387,700Bedrooms: 2
Full Baths: 2
Partial Baths: 1
Square Feet: 1,139
Lot Size: N/A
Year Built: 2003
Listing Date: 12/12/06
On Market: 26 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 061101135http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/8F1E0CA4/Default.aspx
http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=061101135&page=7&property_type=CONDO&mls=mls_sandiego&cKey=q5dsl7g7&source=SANDICORParticipantLook at this spec house in RB. The assessed value on the parcel is $1.12M. Does that mean that this is the builder’s cost basis? The list price is $2.229M. If the assessed value is the cost basis then there’s still lots of room to negotiate.
http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/3A679103/Default.aspx
ParticipantRB, sounds like you’re indeed one step ahead. Now is the time to buy because rents are going up.
ParticipantThanks sdrealtor. Perhaps if a new house is sold upon completion or soon after that, there’s no need to reassess because the new value would be the sale price.
But it doesn’t seem quite fair if a house sits unsold for months, perhaps years. Does that mean that I can buy land, build 10 houses, not sell them, and hardly pay any property taxes?
I build a pool or a balcony and I’m reassessed; shouldn’t I be reassessed if I put a new house on my vacant land?
If you look at a project such at the Loft at 777, you’ll see that this is brand new construction. There are still unsold units (parcels). And if you look at the County records, you’ll see that they have been assessed. Can we assume that those assessed valued is the cost basis for the builder?
http://sdlookup.com/PropertyResults/tabid/58/q/777+6TH+AVE/Default.aspxFor example, look at Unit 207. The assessed value is $323k. If I were a buyer, I’d want to negotiate the price as low as possible keeping in mind that the assessed value is probably what the builder “has into” the property.
http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/BCB8FFB5/Default.aspxIf I’m in manufacturing and build a machine for use in my factory, I need to declare my basis in that machine for property tax purposes. I’m thinking is would be the same for houses.
As time goes by, I’m sure that I’ll somehow get the answer and I’ll report back.
ParticipantI’m always amazed at how our society is tolerant of get-rich-quick schemes. If it’s too good to be true, it most likely is.
So many people got into the house-flipping schemes that it ain’t gonna be pretty when the music stops.
ParticipantI would’ve taken that offer. What does it matter to your friend? Yes, she has good ethics. 🙂
ParticipantThey just keep on pouring in. I need to go out and have some fun instead of surfing for properties.
I don’t believe anyone in their right mind will buy this tiny 450sf for anywhere near this price. 90k perhaps?
List Price: $239,000 – $239,000
Sale History:
08/19/2004 $295,500
Bedrooms: 0
Full Baths: 1
Partial Baths: 0
Square Feet: 450
Lot Size: N/A
Year Built: 2004
Listing Date: 12/01/06
On Market: 36 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 066098986Look at the picture here. That’s all there is!
http://www.ziprealty.com/images_mls/SANDICOR/0/66/09/89/86/_P/066098986_P02.jpghttp://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/9251F6D3/Default.aspx
ParticipantWow, I’m finding so many losses in one evening.
1435 INDIA STREET #318, SD – Downtown, CA 92101**
List Price: $299,000 – $309,000
Sale History:
06/22/2005 $320,000
02/16/2005 $236,000Notice this unit sold for $236k in early 2005. I’m becoming more convinced that $150k will be the future of this property (or similar).
Bedrooms: 1
Full Baths: 1
Partial Baths: 0
Square Feet: 553
Lot Size: N/A
Year Built: 2005
Listing Date: 10/30/06
On Market: 68 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 066091539ParticipantThat’s exactly why I have no sympathy for the athletes who suffer chronic diseases begining middle age. They did it to themselves now let them deal with it.
Kinda like the war. I’m so digusted with Bush that I don’t even care anymore. He dug his own hole, now let him extricate himself out. He won’t listen to reason so the opposition should just sit tight and let him stumble flat on his face. Failure will be his legacy.
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