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February 03, 2008

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Comments

Cascaded

They're low. Three townhouses sold/went under contract in my neighborhood $10-$20K above assessed values in the last month.

Countryside

Seems a bit low on my side as well- had a drop of 27k; 432k last year to 405k this year. The house sold last spring for 420k; mortgage company's appraisal came in at 437k at time of sale.

Loudoun Buyer

Low is better for the county, otherwise they'll be dealing with a flood of complaints in the coming year if prices continue to decline as they did last year.

Danilo Bogdanovic

Countryside - Each years' assessed values are required to be the value on January 1 of the year assessed. Not the value in the spring of the previous year. As everyone knows, the market is not what it used. Recent market values have come down since the spring of 2007. That is why your assessed (and market value) is less than it was in the spring of last year and they are not "low".

Cascaded

A SF in our neighborhood was on the market for %599K. It was "appraised" at $503,600 (20% difference). It went under contract yesterday. Was $503,600 a "fair market" appraisal? Doesn't look like it.

Kay

My Sterling Park home's assessed value declined by 25 percent from last year. Based on the number of vacant homes around (I presume they are foreclosures), it still seems high. I'd be THRILLED if somebody knocked on my door and offered me the current assessed value. The one benefit--somebody else in Loudoun County can bear the tax burden this year, since I don't see the Supervisors raising property tax rates 25 percent.

Tony Arko

Hey Cascaded, Thanks for pointing out that the 20165 zip code is under assessed. I'll be sure to bring this up to the Assessor when we meet with him later this month. Also, the home that "sold" for $599,000 in your neighborhood hasn't sold yet. In fact it has a sale of home contigency and a kick out clause so the likelihood of that sale happening is very low.

Cascaded

I think as of January 1, they were/are under assessed. Maybe a few months from now, they'll be in line with reality, given the volitility (downward, mostly) of the market.

Hey, I'm not complaining. Just pointing out what I see. Come tax time, under assessment is to our advantage. In 2006, the 20165 zip code was *over* assessed, in my opinion. I consider this year a make-up call.

Loudoun Buyer

I think the assessments for 20147 are pretty accurate, if not a little high, especially given that this is a very weird market we are in. My house is assessed at $518. Last year it assessed at $570. Recent comparables have listed at $525-$580, but the market is not clearing at that price. The only sellers that are selling are those who are forced short or into foreclosure, and those properties (very few data points) are selling at the $490 mark.

Most sellers (and their agents) still seem to think we are living in bubblicious times. Sorry to rain on your parade guys, but without toxic subprime propping everything up, those days are gone forever.

Cascaded

"Also, the home that "sold" for $599,000 in your neighborhood hasn't sold yet. In fact it has a sale of home contigency and a kick out clause so the likelihood of that sale happening is very low."

Tony, you were wrong. That home closed last week for $585,000 (minus subsudies, if any). I maintain that the "assessment" on that particular property was low.

Tony arko

Cascaded, I was not wrong. If you had read what I wrote correctly and were able to comprehend what I wrote you could understand that I didn't say the house wasn't going to sell, I said the likelihood was very low. Just so you can understand, it means that there is a small chance that it would sell. So in fact I was correct.

And from here on out, I will delete your self-serving, back patting comments from our blog. If you do not have anything to add to post, please do not comment. Thank you.

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