Friday, February 20, 2009

The Hook: From "On the Block" to the Auction Block

The Hook reports that a home they recently featured in the column "On the Block" now faces foreclosure auction.

The Albemarle County property at 200 George Rogers Road in Key West had an asking price of $499K; the current owners paid $495K in 2005.

At the time The Hook story appeared, the tax assessment was $460,700K.

The 2009 assessment has dropped to $424K.

It's always bad news when the tax man, who wants as much cash as he can get, thinks a property is worth less than what the seller thinks it is. Current buyers, however, don't give much credence to what the tax man thinks, as the figures are based on sales that happened before the current snail's pace took over, property values plummeted nationwide, and all hell broke loose on September 15, leaving the national and global economies in a condition that will take years to normalize.


Cville Buyer said...

This place has an open house today, Sunday, Feb. 22, 3-5pm. "New price!" $449k.

Saved from foreclosure for now. Came across this while picking the open houses I'll visit today. This one isn't on my list, fwiw.

Real C'ville - The Bubble Blog said...

Thanks for the update, Cville Buyer.