I do not know whether to laugh at my bank or take them seriously.

[USMC88-93]

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.

[Sawin]

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]

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.

[bczandm]

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]

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]

I was very surprised when we recently refinanced and the appraisal came in about $40k higher than I expected.

[gnihcraes]

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]

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.

[00tec]

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.

[bczandm]

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