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Old 05-08-2010, 06:53 AM
 
Location: Charleston, SC
5,615 posts, read 14,787,321 times
Reputation: 2555

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Quote:
Originally Posted by kevcrawford View Post
If there have been a couple sales at those prices, then that's market value. Those homes had to appraise, and appraisers are tending to be a little stingy right now, so they're definitely not letting overpriced sales go through. You were selling yourself short. Good news for you though.
To be fair, I did pick the one that was a time machine to the early '90s, but the last traces of that will be on their way out starting in June.

What I do see at least in my area is that the houses that are in good condition and recently remodeled seem to sell very well for a good (to the seller) price. The ones that nothing has changed in the last 15 years on the other hand... not so much.
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Old 05-08-2010, 08:29 AM
 
Location: North Central S.A.
1,220 posts, read 2,680,780 times
Reputation: 980
Alamo Heights is always ridiculously overpriced. The homes are 50+ years old and are worth half a million. A little bungalow, 2 bed 1 bath, built in the '40s is usually at least $300k. Other than that...it is easy to find a great house in your price range here.
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Old 05-08-2010, 10:44 AM
 
4,145 posts, read 10,423,879 times
Reputation: 3339
Quote:
Originally Posted by Buffyfan View Post
Alamo Heights is always ridiculously overpriced. The homes are 50+ years old and are worth half a million. A little bungalow, 2 bed 1 bath, built in the '40s is usually at least $300k. Other than that...it is easy to find a great house in your price range here.
Well, sort of. Alamo Heights is always expensive, but not overpriced. Overpriced would mean that they don't sell at a certain price. But they're selling all the time. People are just willing to pay a premium for certain areas of town.

Overpriced and expensive are different.
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Old 05-08-2010, 10:57 AM
 
Location: San Antonio-Westover Hills
6,884 posts, read 20,399,779 times
Reputation: 5176
Quote:
Originally Posted by Sharpydove View Post
All I know is our home is worth $30,000 less than we paid at the top of the "bubble"... we were victims of appraisal fraud. This house will soon be a rental until we can go to closing without wiping our savings. So, I do think pockets of SA had "bubbles"

Victims of "appraisal fraud"?!?!?
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Old 05-08-2010, 11:34 AM
RGJ
 
1,903 posts, read 4,731,735 times
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Quote:
Originally Posted by Mom2Feebs View Post
Victims of "appraisal fraud"?!?!?
got to blame someone
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Old 05-08-2010, 11:44 AM
 
197 posts, read 604,991 times
Reputation: 93
Thanks for all of the replies. I have to say, that I am always paranoid about the fact that we bought because we saw a bloodbath in the Florida market. We didn't buy there...whew, dodged that bullet!!! But, we saw a lot of people that were on average 100k upside down on their homes.

We felt good about this market. I think we did OK.

By the way...I noticed my poor spelling in one of my posts above. I must have been tired. I know the difference between "here" and "hear"

Last edited by coffeepotbend; 05-08-2010 at 12:49 PM..
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Old 05-08-2010, 12:47 PM
 
4,145 posts, read 10,423,879 times
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We never had the meteoric rise that Florida had either. That's the reason for the crash.

Your best bet on your current home is to interview Realtors and get a feeling for comps in your area.
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Old 05-08-2010, 01:02 PM
 
1,251 posts, read 1,077,151 times
Reputation: 2315
Quote:
Originally Posted by RGJ View Post
got to blame someone
I am not BLAMING anyone! I said we gambled and lost-- we trusted a realtor who did not care what we paid; she only wanted her check before Christmas. When we bought our home, one of the 3 homes used as a comp was made-up, ok? Can you understand that concept? We have an attorney and are making decisions as to proceed. So, yes, we over-paid for a house that never should have appraised for what it did in the first place. It was the greed of all involved who were supposed to be "guiding" and helping us! I'm here to tell you that you have to watch your own back. There is absolutely no reason we should be this upside-down. True, home prices have dropped alot since 2006, but I am sick and tired of basically burning $1800 a month for 3 1/2 yrs and cannot even afford to sell this place. We were lied to from the sales team, the realtor, and the builder's financing. We will never again finance through the builder, buy a home when we have a few days to make a decision, buy in a develpment still under construction,or trust a realtor who the sales team pushes us toward. I don't want anyone else to be in this mess.
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Old 05-08-2010, 01:21 PM
 
197 posts, read 604,991 times
Reputation: 93
Quote:
Originally Posted by Sharpydove View Post
I am not BLAMING anyone! I said we gambled and lost-- we trusted a realtor who did not care what we paid; she only wanted her check before Christmas. When we bought our home, one of the 3 homes used as a comp was made-up, ok? Can you understand that concept? We have an attorney and are making decisions as to proceed. So, yes, we over-paid for a house that never should have appraised for what it did in the first place. It was the greed of all involved who were supposed to be "guiding" and helping us! I'm here to tell you that you have to watch your own back. There is absolutely no reason we should be this upside-down. True, home prices have dropped alot since 2006, but I am sick and tired of basically burning $1800 a month for 3 1/2 yrs and cannot even afford to sell this place. We were lied to from the sales team, the realtor, and the builder's financing. We will never again finance through the builder, buy a home when we have a few days to make a decision, buy in a develpment still under construction,or trust a realtor who the sales team pushes us toward. I don't want anyone else to be in this mess.
They're all a bunch of lying theives who are scratching each others backs. I would be P.O.ed as well. I hope you get some justice!! I saw the slimey practices in florida. The banks have been the worst thieves of all in the real estate bubble.
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Old 05-08-2010, 02:57 PM
RGJ
 
1,903 posts, read 4,731,735 times
Reputation: 855
On one hand you say that you bought at the top of the market three some odd years ago. Now you say that the Realtor only wanted the check, the appraiser made up his value, the builder's financing lied to you. etc. You made a decision on one the most important purchases in your life in just a few days?

If in fact the appraiser "made up" a comparable, then that's one thing. If he used real comparables from the previous six months prior to the appraisal date, then you can hardly blame the appraiser for what has transpired the last 3-3.5 years.

When you purchased the house if for some reason the appraisal came in lower than the sales price, and it killed the deal, I'm sure you, the builder, the realtor, the lender all would have been screaming then. Perhaps, you just bought at the wrong time in the wrong area.

I'm not trying to be snarky here, but sometimes, sometimes, things happen and there's really no one to blame.
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