We bought for $375k in '96--the lowest price of any house in this area at the time, as best we could figure. 2000 sq ft on 12,100 sq ft lot.

We remodeled in '02-'03, putting in at least another $300k. Now we are 3000 sq ft.

Then, we tore down the two car garage and put up a 3 with a guest room, and landscraped. Another $200k, give or take, I lost track.

Last appraisal was $1.3m.

We think we could have gotten $1.6 or better just before things went to pot. Now, $1.4-1.5.

It's all about location, you see.....

Elsewhere, things have fallen off or softened a bit. Go 30 miles and some have fallen off the chart as you see in previous posts.

 

Your finger stayed hovered over the 'kill' switch when I did the pit bull thread in GNAC!!!

 

In Charlotte, only a few areas made unreasonable 'booms' during the 2003-2007 time frame.....and only they really saw crashing prices.....

My area just went up incrementally over the years, so we haven't seen a bust. Good enough for me. My home is ever so slowly rising in value, while I ever so slowly pay down the principal. I'll take it.

 

Yes, it did!! Ha! Ha!!

But everybody did really well!!!

I think it'll be Ok here too,,,,

 

If you look at prices of anything in Yuma you would have to think the economy is recovered & prices are on the way up fast even with 20% unemployment. This is the poster child for a jobless recovery. Even cars here are thousands more than anywhere else in Arizona. It is unbelievable. An RV lot in the Foothills $99,000 without the RV. In 2002 these same lots were $33,000 tops.

Craig

 

Wow. What do you think is driving the growth Craig? Are there a lot of retirees in the area?

 

I baught my house in 05 for 203,000 appraised for 214,00...Appraised it last month it dropped to 148,00 ... I think it pays to get a second opinion since the appraiser was not from my area and based the comps across the river in the worst nieghborhood!

 

That's basically what happened to me, which is what started this thread. Houses just like mine were selling for 250K 2-3 years ago. My city assessment is is 220K. It appraised for 170K just two weeks ago. I am now all of a sudden about 85% loan to value where as before, I had tons of wiggle room and lots of equity.

The appraiser compared my neighborhood to a neighboring Parade of Homes subdivision and a subdivision that is out side of my area.

So, now I'm kind of in a conundrum. I've done some nice upgrades to house in the past thinking I would get paid back. I don't ever plan to sell as this is the house I bought before I retired from the Coast Guard. I'm not sure if I want to spend the big bucks for higher quality materials any more.

I did send the city assessors office an email yesterday outlining my concerns and how their over inflated values are trending away from our current market values. I'm sure I won't here any response.

I really feel sorry for the folks that bought in the heat of market and paid top dollar. The fella across the street from did that and has recently done a strategic foreclosure. I'll be sure to thank him if I ever see him again.

 

Far Eastern Suburb in DFW (Still in Dallas County). Purchased this home in 2001 as a close out in a 3 year old sub-division. 2975 S.F. 3 car garage, 90% brick, etc. Listed new for $ 195K, purchased for $ 170K. High appraised was at $211K around 2007 with some improvements.

Last July when I was thinking about a refi it appraised back to $ 195K. That is with some foreclosures in the neighborhood. So we have fared better than many.

Plus, I am a Texas Land Baron...... with my little 40 acre claim an hour away in East Texas. I purchased that in 1999 @ $ 750.00/acre. If I was to post it today I would list for $ 3,500.00/acre and probably take $ 3,200.00/acre. Farm land is coming back.

I was fortunate in early '08 to find a weekend property an hour North at Lake Texoma. I purchased for $ 58K, put another $ 10K in fixer ups and upgrades and it is now worth around $150K...even in this market. Not planning on selling this though as we may retire here.

So all in all we bought our three properties at very attractive prices and have been fortunate that our prices have not dropped as much as most.

 

We purchased out home in the Atl. metro are in 2008, oh if we'd only waited a little, for 179K. The developer originally wanted 220K for it. Put almost 40K down so had great equity and LTV. It was appraised in 2009 at 167K. Appraised last year at 113K. All that down payment/equity is gone and now we're upside down. We had both lost our jobs, thank goodness for savings, and now that we're back to where we could consider re-fi for a lower rate....we can't because we're so far upside down. Grrrrr...

 

I paid 650k for my home that is now worth 450k. Sink or swim until the market rebounds, if ever.

 

Here in Phoenix, we were hit hard and never recovered.

Former neighbors house, built in 1975, remodeled in 2003, sold in 2005 for $179k. Today, bank reposession, asking price of $100k. Real estate agent said she would SERIOUSLY look at any offer near $80 to $85k, just to get rid of it.

Recently purchased 2BR/2BA condo in a good neighborhood. Sold in 2005 for $140k, I purchased from a bank, CASH, for $28k . That is 20% of market value, or an 80% drop in value in just 3 years. Neighboring condo just sold for $40k, AFTER being listed for over one year. Sales in this area are slow, if at all.

 

Tucson is the same way.... a new neighborhood behind me the homes were 279-350K are now 139K and these are brand new homes.

good time to buy a home in AZ if you have the $$$.

 

northwest of chicago
bought our 1000 sqft ranch on spring of 05 for 190k

Threw lots of upgrades into it (porch, sliding door, deck, hardwood flooring, new kitchen and bath, finished basement)

"appraises" at 150k, the ranch across the street is listed at 163k (I know mines nicer)

I'm in a neighborhood of 200ish homes built in the 50's and 60's at least 50 are forsale

 

People from Canada I think. Yet not much is selling it appears. I talk with the people that winter here from not only Canada but the USA they know that Yuma's prices go through the roof when they are here. The Population in Yuma is about 100,000 during the winter it is close to double that.
As for vehicles I guess they think because San Diego, Phoenix, & Tucson are all 170+ miles away they have a corner on the market. If you go to Yahoo search & type in auto shops Yuma AZ & read the reviews of the dealerships of most with the only exception being the Nissan dealer, you will even wonder more. We refuse to buy anymore here than we have to have ie: food. You can buy motorcycle tires & parts from a shop that is not a dealership, & be treated with fair prices & great service. The Napa Store gives me a good price. I called a shop about an oil/filter change, lube & rotate my tires on my Jeep GC 5.9 Limited. If I furnished the oil & filter it was only going to be $100 for labor & if I didn't furnish the oil & filer it was going to be closer to $150.
I know I got off the topic some but I wanted to answer the question.
Craig