Let's take a look at reality...
Harlow and Joe's real estate assessment on the home they bought 12/2005. It's been stated by others that the assessed value is $578,000.00... that is incorrect:
The official Virginia Beach assessment clearly shows that not only is the house assessed at $542,683.00, but that it actually lost value from the year before.
"It's appraised at $750,000.00" some claim. Guess it must be the leather swing in the living room, because the builder is selling the last 2 homes ( that were built this year ) for $489,900.00, not to mention the somewhat recent sale at 1021 Stratem Court for $480,000.00 on 01/26/2007:
'New' Home listing:
Even though Harlow and Joe did take out a Home Equity Loan for around $50,000.00 ... I seriously doubt the improvements would justify an extra $250,000-$300,000.00 increase in price over other homes sold, or currently for sale in this small 16 home community. It's already well known that the real estate market in this area has pretty much grinded to a halt.
This does appear to be a blessing in disguise... would you pay $750,000.00? If so... Renee has a house for you.
- PC
