Save our home 3% cap is a moot point now (in some places)! (Tampa: sales)

[Pragmaticus]

Just by studying my area, houses that were bought in 1990's have always been assessed below market value (that would have been what a new buyer pays if moved in next door) until last year. Not anymore! Shows to me how dramatic was this price fall. Never thought that somebody who bought in 1991 will pay the same as the one in 2009. I am happy for me but boy what a change.

Did you guys/gals see that?

[housingcrashsurvivor]

My property in south Florida and the property here are county-appraised below market value. I've checked all the ones that sell in my area up here and that observation is fairly consistant, not so much in south Florida, however, especially in Palm Beach Co though Broward seems to do a better job. And all that just of those I've checked. Counties generally under value by about 10 or sometimes as much as 20%, I think just to cover themselves incase of lawsuits, challenges, etc. Also county appraisers generally do not enter properties so their appraisals might not be all that accurate.

As to checking selling prices on county records, don't forget to adjust those figures for inflation. A $100,000 sale in 1990 would be, according to the Bureau of Statistics, a $165,800 sale today.

As I'll be porting my significant save our home value from a homestead I purchased at the bottom of the last wave to the one I just purchased at (what I suspect to be) the bottom of this one, even someone who buys their first house now is still gonna think they're getting ripped off if they look at my taxes. But won't they be happy in 15 years when they look at their own.

I purposely did a cost study of the history of my new neighborhood comps (similar houses on similar sized lots) & concluded that my successful, only (they tried getting more but I wouldn't budge) bid would be at about 1993/1994 inflation adjusted price. It was around 1990 to about 1996 we bounced along the bottom of the last trough of a prior wave.

[Pragmaticus]

Originally Posted by housingcrashsurvivor

My property in south Florida and the property here are county-appraised below market value. I've checked all the ones that sell in my area up here and that observation is fairly consistant, not so much in south Florida, however, especially in Palm Beach Co though Broward seems to do a better job. And all that just of those I've checked. Counties generally under value by about 10 or sometimes as much as 20%, I think just to cover themselves incase of lawsuits, challenges, etc. Also county appraisers generally do not enter properties so their appraisals might not be all that accurate.

As to checking selling prices on county records, don't forget to adjust those figures for inflation. A $100,000 sale in 1990 would be, according to the Bureau of Statistics, a $165,800 sale today.

As I'll be porting my significant save our home value from a homestead I purchased at the bottom of the last wave to the one I just purchased at (what I suspect to be) the bottom of this one, even someone who buys their first house now is still gonna think they're getting ripped off if they look at my taxes. But won't they be happy in 15 years when they look at their own.

I purposely did a cost study of the history of my new neighborhood comps (similar houses on similar sized lots) & concluded that my successful, only (they tried getting more but I wouldn't budge) bid would be at about 1993/1994 inflation adjusted price. It was around 1990 to about 1996 we bounced along the bottom of the last trough of a prior wave.

You are right about the inflation adjusted value thing. But am not looking present value of the homes that actually lost a lot according to the county's assessor. Of course, this is for tax purpose and may or may not be lower than the market value.

I am just surprised to discover that people who bought in 1991 and yesteryear are going to pay the same tax for similar house (appraised by the county) with all those years of 3% caps. This would have been unthinkable few years ago.

[housingcrashsurvivor]

And because of the homestead recapture rule, my save our home value on my homesteaded property has been going up (towards the market value) even while the market value has been fast falling (towards the save our home value) so that, since the crash, I'm down to "only" about 50% that I'll be able to port with me in this downsized relocation.

Note: I'm doing an indepth study of my own area but I was just trying to look up recent sales around Tampa to find an example of what you're saying but so far where I happened to look I'm only finding people overpaying. I looked at a few in Hyde Park & Carrollwood. I just googled streeted them and don't see anything special. Maybe they have gold plated toilets or something that doesn't show on google.

Example:

http://www.hcpafl.org/CamaDisplay.as...C000002000050U

County says worth $113k but the guy just paid $181k for a house that sold during the bubble for 142k and which sold in 1993 for $116k. So in 1993 dollars, the guy really paid about 121k or 5% more. However, in 2004 dollars the guy paid $158k or about 10% more than it got during the bubble. I can only presume granite countertops.

Here's another

http://www.hcpafl.org/CamaDisplay.as...N000001000310U

This guy just paid 280k for a house the county thinks is worth $155k. It got 125 in 1994 & a bubbly 245 in 2003. So he paid, basically, the bubble price only with 2009 dollars, but 193k in 1994 dollars or a premium of 35%. How did he do it? with a mortgage for $275k, so why should he care if he overpaid, he's got all of his own money, amounting to 1.7% stake in the game. I can't look at this anymore. I'm going to throw up.