Sunday, September 11, 2011

The Housing Bubble Comes to the Old North: A Textbook Case (73)

1

In looking for something else on the web, I stumbled onto a textbook example of the recent housing bubble right here in our very own Old North Davis.

As image 1 shows, this textbook case started the decade, in 2000, worth about one-quarter million and ran up to almost half a million in 2007.


Alas, the 2007 purchaser apparently did not keep up the payments, was foreclosed, and the home sold at auction this year for about its 2000 sale price.

2.
Interestingly, appraisers still claim the home is worth almost half a million (image 2) and the County assessment also continues to be in that range (image 3).







3.










Since the building does not, in my view, amount to much, I assume we speak here mostly of the value of the land.

(And that thought brings to mind the old declaration attributed to several people: “Buy land, they ain’t making any more of the stuff.”)