View Full Version : I do not know whether to laugh at my bank or take them seriously.
USMC88-93
11-15-2016, 19:02
I own a house on the east side of Wheat Ridge.. Close enough to Denver to have a Denver zip code.
The last taxable value for purposes of property taxes was $217,000.
I know there is a science to the establishment of market value (Comparable home sales, location, current construction, etc.) but I laughed out loud when reading USAA's claimed current market value on my home of $293,000.
I would have to sink a good 30 to 40K into my home to make it "sell-able" as move in property (Roof, siding, carpet, etc) so I don't really believe the figure they established. It does make me think about what I could get as a "fixer-upper" perhaps $230K to $245K.
If it is truly in that current price range to buy into Wheat Ridge. I bet you can not find a house in this city below $250K right now.
That's not very far off in my opinion...I'd take them seriously. My Townhome has appreciated from 215k in '09 to 315k presently... it's certainly plateauing this fall but 80-100k increase is not uncommon in metro Denver in that price range the last few years.
USMC88-93
11-15-2016, 19:12
Broomfield town-home huh, how old is your construction as there are not that many such developments in Broomfield but there is a wide variance in age for those that exist.. The ones on 287 and Miramonte across from the King Soopers are fairly old but have a view north to Boulder / Eire so I understand why their value would be out of wack.
If you are selling for under $250,000 let me know, i'll buy it and save you a ton on real estate fees!
:)
USMC88-93
11-15-2016, 20:06
If you are selling for under $250,000 let me know, i'll buy it and save you a ton on real estate fees!
:)
Implies you are in real estate, is that market value in the ball park for Wheat Ridge?
DenverGP
11-15-2016, 20:08
I was very surprised when we recently refinanced and the appraisal came in about $40k higher than I expected.
gnihcraes
11-15-2016, 20:12
I'm south of you on Denver boarder and the crapper next to me sold for 239k fixer upper. They sank probably 50k into it just to make it livable.
Believe the bank. Mine appraised last year for 273k before the bubble got larger.
HoneyBadger
11-15-2016, 20:39
Tax values don't mean anything. The only thing that matters is the market value, which is usually determined by market comparison to similar homes in that area.
Also, the market in the Denver area is stupid right now.
Tax values don't mean anything. The only thing that matters is the market value, which is usually determined by market comparison to similar homes in that area.
Also, the market in the Denver area is stupid right now.
Stupid is an understatement. Had a house built, close this week, and I am taking posession for 30k under apprasial. The pre-build appraisal was 35k less last year.
Implies you are in real estate, is that market value in the ball park for Wheat Ridge?
Not really in real estate, but have a fair knowledge of it. Since the crash the appraisals are more controlled and more accurate. I'd bet the appraisal price is pretty close as is. If the house needs work and the appraiser did his/her work the adjustments are baked into the price.
On a side and somewhat humorous note a friend had an appraisal done in 2007 and it came in $30,000 below expectations. I suggested they call and talk with the appraiser and get the comps to figure out why. After 20 minutes on the phone she figured out that the appraisal was very accurate...for the house right next door. It seems that the appraiser went to the wrong house! She had left a key under the front door matt, which is exactly what the neighbors did that day too.
Not that it couldn't happen today but much less likely.
Bob
Broomfield town-home huh, how old is your construction as there are not that many such developments in Broomfield but there is a wide variance in age for those that exist.. The ones on 287 and Miramonte across from the King Soopers are fairly old but have a view north to Boulder / Eire so I understand why their value would be out of wack.
Nope, other side of Broomfield on Lowell at Midway (128th). Built brand new in 2009.
Try might also take into account what it would cost to rebuild it in a total loss. Price of construction has increased significantly.
USMC88-93
11-15-2016, 21:17
Nope, other side of Broomfield on Lowell at Midway (128th). Built brand new in 2009.
Right behind the 7-11 with the skinny 1st floor garages... I know it well I'm in there fairly regularly
Try might also take into account what it would cost to rebuild it in a total loss. Price of construction has increased significantly.
Their "rebuild cost" estimate is $119,600
http://img.photobucket.com/albums/v651/PhotoTWB/House/Home%20value_zps3esptvuv.png (http://smg.photobucket.com/user/PhotoTWB/media/House/Home%20value_zps3esptvuv.png.html)
Sounds like you should sell, buy a place in COS, and pocket 100k. :D
cfortune
11-15-2016, 22:59
I just closed on a refi yesterday. My house, which was built in 95 came back at 300k even and it needs some work (mainly new carpet and the back yard could stand to be more than 25% grass). I'm looking at almost 150k increase from when I purchased it.
I just closed on a refi yesterday. My house, which was built in 95 came back at 300k even and it needs some work (mainly new carpet and the back yard could stand to be more than 25% grass). I'm looking at almost 150k increase from when I purchased it.
Sod is on sale for 28 cents a foot. You're on your own laying it, since you didnt want to chat while we were digging for fence posts... lol
BTW, have to talk to you about something...
cfortune
11-15-2016, 23:13
Sod is on sale for 28 cents a foot. You're on your own laying it, since you didnt want to chat while we were digging for fence posts... lol
BTW, have to talk to you about something...
F digging fence posts.
Shoot me a text or something.
Edit... Nevermind, I should pay attention to my phone
Madeinhb
11-15-2016, 23:27
Nope, other side of Broomfield on Lowell at Midway (128th). Built brand new in 2009.
I know exactly where you're at.
Yep, thanks to the market, I've now apparently got $100,000+ in equity on a house I bought only four years ago. Also, due to the county taxes, when I went to apply for a HELOC, the amount they offered me was stupid.
jhood001
11-15-2016, 23:38
List your place for 310k and walk away when it sells in under 2 weeks.
Or pay the taxes.
Or collect recent sale values in your area (that are collectively lower than your assessment) and submit them. The benevolent State does change their mind when presented with evidence... sometimes.
jhood001
11-15-2016, 23:41
P.S. Denver is the new San Francisco when it comes to real estate. Panic and get out or ride it and profit.
I inspected half of a duplex in Denver today. 2 bedrooms, 4 baths, 2 car garage, $815,000. Copper gutters as well. Insane.
Right behind the 7-11 with the skinny 1st floor garages... I know it well I'm in there fairly regularly
Yep that's the one. I've been there since 2009. PM me if you'd like to ahead of your next visit. I'd be glad to meet you.
I inspected half of a duplex in Denver today. 2 bedrooms, 4 baths, 2 car garage, $815,000. Copper gutters as well. Insane.
why does something like that even exist? If you can afford $815K why in the hell would you live in a duplex? I guess it has to be location, location, location....
HoneyBadger
11-16-2016, 12:22
List your place for 310k and walk away when it sells in under 2 weeks.
Or pay the taxes.
Or collect recent sale values in your area (that are collectively lower than your assessment) and submit them. The benevolent State does change their mind when presented with evidence... sometimes.
If you have the flexibility to move to a different housing market, selling high here and buying low somewhere else is of course the best option. Selling high here, and then buying high in the same (or another) market doesn't really do you any good.
why does something like that even exist? If you can afford $815K why in the hell would you live in a duplex? I guess it has to be location, location, location....
why does something like that even exist? If you can afford $815K why in the hell would you live in a duplex? I guess it has to be location, location, locations....
It's very common in Denver. Tear down old house, build enormous duplex that fills entire lot, next to other houses that are a 1/3 the size and a 1/4 the price.
USMC88-93
11-16-2016, 19:05
It's very common in Denver. Tear down old house, build enormous duplex that fills entire lot, next to other houses that are a 1/3 the size and a 1/4 the price.
Happening in West Denver all over the place.
It's very common in Denver. Tear down old house, build enormous duplex that fills entire lot, next to other houses that are a 1/3 the size and a 1/4 the price.
I thought it "was" common in Denver for some time and then they banned scrape-offs not long ago?
I took photos of a house being razed earlier this year, but I can't say I know about where you can and can't raze a home. That street was funny because you could look down the street and see mostly smaller homes from the 1940-1950's, then every few houses would be what they refer to as a McMansion.
EDIT: FOUND IT.
Here is the photo. I don't have the picture of the street anymore, but it is the 800 block of Monroe St in Denver. You can see if you go to Google Maps and street view, but there are so many trees it's hard to tell.
https://lh3.googleusercontent.com/-oNA7XLhMP9o3X3YuDnnKDJO3NmuSm5UXIj46-htAHgWijtEWApd5M8netoDdAzd7Bc0kJiB39NNzZm9ncwTFbmJ UznVI7_Nh5y106bwRT9AFv7FE-dirRv3CPmn1R_X4XlJd4bxNkAFHpAlVADR76R-hQvWeTQBp82aHc_xtUNyNTJcw2d891SQlpapFSL095iVPSa_pj biOc0rTli21ISqdpeBCGz6uXmLq8obwmfhfZw5Qh25CDb2x3b2 c7vGu5BWysXgboOHy1c-GCvGaSHn_JN0J-JGAGFQlhlWjmsQGm6fxEwTG9xjcUPOddK3TiJ6euZn2osoyPcl Jkl4_BBm_4SUogFPOi0Cp35N6htXivTFlWuVvf9Oz2QMEiiq_8 WoLLaKEcFhK1cMFHAe_pMPT7HxGsZNxp83aqHAyXJwLuNIdK4b F06e__r9vp77o0Lse8utRRZM6_cvGmZ6i0MQHSieecYY4or4OM G-sbCSTO9JqgnY8g8m86GzHRITicXWR94ScWKRszNhAns2eqxpWK IR7xgQl7qBGyOpjJSfs-7XEWQZd5NhTBBjygABxuCdSbTDprmzuPBNPKqTCHEot1a6_k3J nmUPfRrDOM0L39o4tw=w1602-h901-no
Grant H.
11-17-2016, 08:01
F digging fence posts.
Better option...
http://www.columbiaheightsrental.com/wp-content/uploads/bfi_thumb/bobcat-with-auger-2ytp3r652vd2ohlas1bhts.jpg
I will never hand dig a post hole again, we got the auger attachment for our skid steer for a project with work, and our 2' caisson holes are a cinch...
As for real estate, it is nuts.
We bought our house in Longmont in 2011, and will be listing it in the next 2 months or less, and listing it for $200k+ more than we paid. We were blessed with a great price on a distressed short sale, but that only makes the profit better.
Search for the real estate thread. The market is insane. I sold my half of a duplex in castle rock for 240k. It had 900 finished sq feet (ranch with an unfinished walk out). It was even sold "as is" due to being a rental and i had multiple offers. To put the condition of the home in perspective, I paid 2 kids to pick up dog poop for 3 hours, a professional cleaner cleaned the 900 sq ft for 8 hours to get it clean and that didnt include carpet cleaning. I tried to sell this 3 years prior and couldnt get 140k.
HoneyBadger
11-17-2016, 09:34
I thought it "was" common in Denver for some time and then they banned scrape-offs not long ago?
Not sure about local Denver laws, but in some places I've lived before, people would get around this by tearing down everything except for the garage or an interior closet. They would build the new house around it, and then either renovate the old piece that was still there or tear it down after the new structure was finished.
hunterhawk
11-17-2016, 10:44
Bought my house 3 years ago for 325..just appraised for 500 when we refinanced...would love to sell it and move back to michigan but my wife wont do it...grrr
The market is insane right now. My GF lives near 3rd Broadway. Her neighbor 2 doors down bought his house in 2011 for $270,000.00. He has done absolutely nothing to the house since he bought it and it needs some work. The house just sold for $700K.
Sent from my iPhone using Tapatalk
Martinjmpr
11-17-2016, 11:43
We live in old-town Englewood. The house across the street sold for $340k in May. Thing is, this house was TRASHED by the previous owners (they got divorced and one took the kids, left in a hurry.) The person who bought the house to flip it said he hopes to get at least $425k for it, but he's put a lot into it: New concrete driveway, all new windows, new garage door, access window wells for the basement, gutted the kitchen and bathrooms, etc. I'm sure he's at least $50 - $75k into this house by now (to say nothing of at least 5 months of his time.)
But it's still a 60+ year old house with ~2000 square feet. If he gets his $425k for it I'll be amazed.
The fact that he would pay over $300k for a house that was in such bad condition is what astonishes me. Wife and I both guessed it would sell for less than $200k.
Neighbors down the street moved and the house is listed for $270 in Old Thornton, which is amazing to me. I hope they get that much.
The fact that he would pay over $300k for a house that was in such bad condition is what astonishes me. Wife and I both guessed it would sell for less than $200k.[/QUOTE]
This is what happens when people attend those "flip this house" seminars you hear about on the radio. Over pay and hope to break even
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