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Thread: Real Estate Values in this area are now dropping

  1. #1
    Join Date
    10-22-01
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    Real Estate Values in this area are now dropping

    Purely by dumb luck we sold the cottage (settlement was yesterday) at the peak of the market. That peak came a few months latter than most of our properties, all of which I track in Zillow. We still have undeveloped land north of the cottage that has just now plateaued. The markets have the ability to "self cleanse" and I believe we are seeing the beginning of that correction.

    The good news----buying opportunities lie ahead
    "A pessimist sees the difficulty in every opportunity, an optimist sees the opportunity in every difficulty” ---Sir Winston Churchill
    "Political extremism involves two prime ingredients: an excessively simple diagnosis of the world's ills, and a conviction that there are identifiable villains back of it all." ---John W. Gardner
    “You can’t go back and change the beginning, but you can start where you are and change the ending.” ---C. S. Lewis

  2. #2
    Join Date
    11-22-03
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    Quote Originally Posted by Dave Grubb View Post
    The good news----buying opportunities lie ahead
    Other good news would be if the appraisal district would take note of dropping values and adjust our appraised values lower for taxing purposes...Fat chance......Ben
    The future is forged on the anvil of history...The interpreter of history wields the hammer... - Unknown author...

  3. #3
    Join Date
    10-20-02
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    Market has slowed down here.. smaller houses were being purchased for the land underneath.. only one listed in neighborhood currently and it has stagnated..

  4. #4
    Join Date
    10-30-01
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    Salt Lake City
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    I saw some stats yesterday showing our Salt Lake City realty values are rapidly tanking. As Ben stated, perhaps our tax values will be lower. We can always hope, right?

    Hunter
    I don't care if it hurts. I want to have control. I want a perfect body. I want a perfect soul. - Creep by Radiohead

  5. #5
    Join Date
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    Our former mayor was attacked by a movement to lower taxes..

    He replied.. we have agreed to pay our bonds.. and pay the utilities for our buildings.. and our police, fire and other city employees.. if you add all of the spending comments that we have together, the discretionary portion of our budget is very small x5%.. real estate value times tax rate must equal our financial commitments.. if real estate values go down, tax rate goes up..

    Ben Franklin said something about taxes..

  6. #6
    Join Date
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    Yep, death and taxes.

    Old Ben knew his stuff.

    Hunter
    I don't care if it hurts. I want to have control. I want a perfect body. I want a perfect soul. - Creep by Radiohead

  7. #7
    Join Date
    11-22-03
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    Quote Originally Posted by UTAH View Post
    Old Ben knew his stuff.

    Hunter
    Thanks for noticing...

    Oh wait, you meant that guy in Philadelphia......Ben
    The future is forged on the anvil of history...The interpreter of history wields the hammer... - Unknown author...

  8. #8
    Join Date
    10-30-01
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    I think Ben Franklin and our Ben would have been friends (we can figure out the tech of time travel another time).

    Hunter
    I don't care if it hurts. I want to have control. I want a perfect body. I want a perfect soul. - Creep by Radiohead

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