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Old 09-01-2007, 10:47 AM
 
Location: Venice, Fl
1,497 posts, read 2,892,167 times
Reputation: 1377

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Sandy, your home is beautiful. But a few facts first, you purchased in 2005 for $275k, it was just appraised, by the county at $263k and your asking price is $344k. So in a 2 year period you are looking for $69k in appreciation and $81k over what it is appraised for. Seems overpriced to me. It has an inflated appreciation value like every other property on the market. I hope you sell your home and wish you the best of luck, but statistically your home will sit like the rest of the inflated inventory. Look over the Manatee county stats for just market values and you will see where I am coming from. Good luck to you
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Old 09-01-2007, 11:11 AM
 
Location: Sarasota, FL.
65 posts, read 160,197 times
Reputation: 22
Thank you for the "Good Luck".
When the county appraises your home, they do not take into fact the improvements, upgrades, etc. (which are many) Also, in the tax records the sq. footage is wrong.
I understand where you are coming from..but I did have an independent appraisal and we are selling priced BELOW that...Plus with all the info. from about 6 different Realtors we are not "over priced" for the area. You are getting your info off of the tax records. How many people have actually sold their house for property value on their tax bill?? Did you buy your home based on that?
The house is in Sarasota (Sarasota address)just on the border of Manatee/Sarasota which is a good thing because of the taxes. which would be higher in Sarasota County.
Now I really do have to go to work!
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Old 09-01-2007, 12:22 PM
 
458 posts, read 374,487 times
Reputation: 136
Come on folks, lets be honest here. The sales history of her house is:

Sale History
02/18/2005: $275,000
09/21/1998: $121,000

She bought at the peak of the bubble and paid way, way too much. And now, with the bubble popping all around in her area, she wants to get $344,000?? I have more of a chance of winning the powerball.

It does not matter if it a nice house, decorated well. It is grossly over priced. The market does not give a darn about 'upgrades' or 'improvements'. There are thousands of brand new houses available that have all these and more. Her house is 10 years used. It is what it is. Appraisals for the last 5 years are worthless.

I would doubt if she could get close to what she paid for it. Most likely, she could sell it for about $175,000. That would be 4-5% appreciation from 1998 and on par with three times her areas income level.

There are great rentals in that area for $1500/month. Someone could rent and wait out the nonsense. Why pay 230 times rental for that house? It would be financially stupid to do so.

We need to stop sugar coating this. Her price is about double what she could actually sell for.

Last edited by JimKing; 09-01-2007 at 12:31 PM..
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Old 09-01-2007, 12:49 PM
 
630 posts, read 1,555,002 times
Reputation: 351
Quote:
Originally Posted by JimKing View Post
Come on folks, lets be honest here. The sales history of her house is:

Sale History
02/18/2005: $275,000
09/21/1998: $121,000

She bought at the peak of the bubble and paid way, way too much. And now, with the bubble popping all around in her area, she wants to get $344,000?? I have more of a chance of winning the powerball.

It does not matter if it a nice house, decorated well. It is grossly over priced. The market does not give a darn about 'upgrades' or 'improvements'. There are thousands of brand new houses available that have all these and more. Her house is 10 years used. It is what it is. Appraisals for the last 5 years are worthless.

I would doubt if she could get close to what she paid for it. Most likely, she could sell it for about $175,000. That would be 4-5% appreciation from 1998 and on par with three times her areas income level.

There are great rentals in that area for $1500/month. Someone could rent and wait out the nonsense. Why pay 230 times rental for that house? It would be financially stupid to do so.

We need to stop sugar coating this. Her price is about double what she could actually sell for.
Zackly correct,Sandy,your house will sell for exactly what its worth in current market conditions,not a penny more,not a penny less!
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Old 09-01-2007, 01:20 PM
 
Location: Metrowest area of Massachusetts
575 posts, read 3,355,019 times
Reputation: 298
Quote:
Originally Posted by JimKing View Post
Come on folks, lets be honest here. The sales history of her house is:

Sale History
02/18/2005: $275,000
09/21/1998: $121,000

She bought at the peak of the bubble and paid way, way too much. And now, with the bubble popping all around in her area, she wants to get $344,000?? I have more of a chance of winning the powerball.

It does not matter if it a nice house, decorated well. It is grossly over priced. The market does not give a darn about 'upgrades' or 'improvements'. There are thousands of brand new houses available that have all these and more. Her house is 10 years used. It is what it is. Appraisals for the last 5 years are worthless.

I would doubt if she could get close to what she paid for it. Most likely, she could sell it for about $175,000. That would be 4-5% appreciation from 1998 and on par with three times her areas income level.

There are great rentals in that area for $1500/month. Someone could rent and wait out the nonsense. Why pay 230 times rental for that house? It would be financially stupid to do so.

We need to stop sugar coating this. Her price is about double what she could actually sell for.
I agree with the above opinion (who's tennis court and pool is that? Are there HOA fees? This would be another negative on top of the outrageous prop. ins. & taxes.)

The house is way over priced but is very lovely and tastefully decorated.
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Old 09-01-2007, 05:15 PM
 
458 posts, read 374,487 times
Reputation: 136
Quote:
Originally Posted by chick View Post
I agree with the above opinion (who's tennis court and pool is that? Are there HOA fees? This would be another negative on top of the outrageous prop. ins. & taxes.)

The house is way over priced but is very lovely and tastefully decorated.
I totally agree. She did a great job decorating her house. But the fundamentals of real estate will return, 2.5-3 times income.

My father used to always warn me about improving a house to much anyway. Many, many times real estate improvements are money losing propositions.

Also, you never want the nicest or most improved house in the neighborhood, that has always been a great way to lose money.

In the end, the area prices will sink back to 2.5-3 times income. Probably closer to 2.5 to make up for all the bad loans they wrote the last 5 years. It is possible that prices will return much closer to 1998-2000 than people expect. Bubbles have a way of swinging way up and even further back down.

I do wish Sandy the best of luck. But I feel she has fallen into the same trap of thinking what a home is worth while the playing field is changing for the worse month by month.
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Old 09-01-2007, 06:44 PM
 
9 posts, read 23,855 times
Reputation: 16
Default Overpriced

I sold my house on Avenue D in '00 for $80K. These are 50 yr old houses and the price was fair for a 2/2.
Now I live in Dallas-Fort Worth (Bedford, TX) in a 3/2 which I purchased 3 years ago for $120K. My annual income is $40K. The values here rise a modest 2-3% annually.
The North Texas economy is strong. Our airport (where I work) has 500 daily departures/arrivals. Although we don't have the fabulous Gulf Of Mexico nearby, it's not a struggle like living in Sarasota was.
I recently looked at a house for sale down the street listed at $150K, with pool and complete interior renovation.
The point I'm making is...prices are not in check in FL.
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Old 09-01-2007, 07:35 PM
 
36 posts, read 120,510 times
Reputation: 16
Quote:
Originally Posted by Old Man Winter View Post
You have to be kidding me, right ??? You don't think homes in Sarasota are overpriced ?? Average median income numbers for Sarasota in 2005 are 42,000 dollars. Homes have increased in value anywhere from 42 % to 63% in Sarasota. I will bet you paid way more than your home is worth and that's why you can't sell it. Working class here can't afford the market that the speculators and investors have created, and the market can't afford to have the working class locked out of it. I just looked at a home down the street from us, bought in 2003 for $60,000 and now on the market for $150,000. Do the math, if you can't tell me that is over priced, I'll buy your house in Sarasota !!! It is no wonder Sarasota has lost over 17 % of it's skilled labor due to the housing market here. And to the OP, no one is buying because you would have to be a complete moron to buy in the Sarasota market right now. Working class in Sarasota can go to Arkansas and for $120,000 buy a 5 year old home on 2 or more acres, and they can earn alot more money. Sarasota needs to address the market so working class can afford to live here or the "haves" are going to find themselves in an area with very little in the way of services. And just for giggles to the OP, give me the MLS number for your home so I can look it up and see if it is over priced, I'll wager it is

I guess this explains the "stampede" to Arkansas. BTW Venice is not Sarasota, nor has it every enjoyed the appreciation of Sarasota. Like NorthPort, actually in Sarasota county too...still not Sarasota. Anymore than Queens is Manhattan. There are just certain areas that appreciate at a higher rate of appreciation. Not necessarily fair, but there it is. I agree that the last few years have been outrageous and an adjustment is in order.
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Old 09-01-2007, 08:22 PM
 
960 posts, read 1,185,213 times
Reputation: 409
Quote:
Originally Posted by Belle540i View Post
I guess this explains the "stampede" to Arkansas. BTW Venice is not Sarasota, nor has it every enjoyed the appreciation of Sarasota. Like NorthPort, actually in Sarasota county too...still not Sarasota. Anymore than Queens is Manhattan. There are just certain areas that appreciate at a higher rate of appreciation. Not necessarily fair, but there it is. I agree that the last few years have been outrageous and an adjustment is in order.
Below are some quotes from today's Sarasota Herald Tribune. This is county-wide (Sarasota, Osprey, Nokomis, Venice, North Port).

Sign of a downturn: more getting free or reduced-price lunch

Southwest Florida's stagnant real estate market has already brought growth in public school student enrollment to an abrupt halt.

But now the area's economic downturn is having a new effect on Charlotte, Manatee and Sarasota classrooms: an increase in the number of students getting free or reduced-price lunch because of their families' low income.
The most striking spike this year is in Sarasota County, where the number of families applying for free or reduced-price lunch is 9 percent higher than last year.
Sarasota school officials say the increase in low-income children seems to be countywide, not concentrated in the schools that typically have higher poverty rates.
Administrators say there are several reasons for this year's increase in the number of students getting free or reduced-price lunches.

One of the most common: Families applying for free or reduced-price lunch are reporting they are temporarily unemployed because of the area's economic downturn.

"Anyone who is even remotely related to the housing market is being affected," said Beverly Girard, director of the Sarasota County school district's food service program. "This is a pretty dramatic shift."

Last edited by Carbondated; 09-01-2007 at 08:33 PM..
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Old 09-01-2007, 08:41 PM
 
Location: Venice, Fl
1,497 posts, read 2,892,167 times
Reputation: 1377
Quote:
Originally Posted by Belle540i View Post
I guess this explains the "stampede" to Arkansas. BTW Venice is not Sarasota, nor has it every enjoyed the appreciation of Sarasota. Like NorthPort, actually in Sarasota county too...still not Sarasota. Anymore than Queens is Manhattan. There are just certain areas that appreciate at a higher rate of appreciation. Not necessarily fair, but there it is. I agree that the last few years have been outrageous and an adjustment is in order.
Just curious if you actually have a point to make ? Statistics for Sarasota are for Sarasota county, not the city of. So to correct you, appreciation in Venice and the section of Northport in Sarasota county are included in Sarasota county statistics. I am unsure if you are suggesting that Sarasota, the city of, has had a higher appreciation rate than surrounding markets ?
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