The "How much $$$ have I lost in Real Estate" thread

[dud]

I got the inspiration for starting this thread from my co-worker who had just visited one of thos Zillow-type websites where you provide an address and it tells you the approximate market value of the property. We live in Central Florida, a particularly hard-hit real estate market. My co-worker co-owns a particularly nice house in Maryland ... on the water.

When he told me how much he had lost on the property I was perplexed ... he was laughing. When he asked why he replied "what else can I do". You're probably wondering what his "paper" loss was on the house. Well,

Loss last calendar month: $108,000

Loss last 3 years: $475,000


Ouch!


Not all markets are down, some are actually appreciating. Anyone else hurting from the market crash? How much?

 

[squirrel dog]

I would think it all depends on where you live . For 475k you can get a freakin villa/estate round about here.Sounds like your real estate values where way over priced.I'm in Louisiana.Our real estate values have stayed the same/increased over the past several years.

 

[PricklyPete]

I'm trying to understand where the figures are coming from...from an estimated value of the house from the website...or from what he paid for the house vs. what the house is estimated for on those websites? I'm assuming these "losses" are based purely on changes in the estimated value of the house from the website being used...correct?

 

[PricklyPete]

Using Zillow.com

3 years ago the value of my home was $252k
1 month ago the value of my home was $286k
Currently the value fo my home was $282k

The peak value for my home was $325K in March of 2008.

In all honesty though, I'd be doubtful if I got more than 240K for my house if I were to sell it. It is in a very desirable part of town (old downtown section), but I just don't see the market returning me more without adding on to the house. I refinanced last Dec. and the house was appraised at $250K for reference.

 

[Gibson486]

unfortunately, I live in a non bubble market, so prices just stayed constant for the most part.

 

[Cal166]

Previous owner purchased it for $429k in 2005 and put a lot of work into the house.

I got it for $341k in January 2010 and zillow estimates it at $353k. Nice...

 

[Demon-Xanth]

I "lost" $30k plus the $10k I've put into the house so far. (redoing the electrical, insulating the walls, replacing the carpets, etc...) But the previous bank lost $50k cash. My market's already hit the bottom, and I'm in it for the long run and for the house itself. If I sold right now, I would effectively sell for nothing. I wouldn't owe, the bank wouldn't lose money, but I wouldn't have anything to show for my work and down payment. But the market's going back up at it's normal "sane" rate.

 

[PricklyPete]

Previous owner purchased it for $429k in 2005 and put a lot of work into the house.

I got it for $341k in January 2010 and zillow estimates it at $353k. Nice...

What did Zillow put as the value of your home in January 2010?

 

[Cal166]

$327k but that's without the additional finished basement, so I would put it at $337K in January 2010.

 

[meltdown75]

e-peen thread

 

[jlee]

I got the inspiration for starting this thread from my co-worker who had just visited one of thos Zillow-type websites where you provide an address and it tells you the approximate market value of the property. We live in Central Florida, a particularly hard-hit real estate market. My co-worker co-owns a particularly nice house in Maryland ... on the water.

When he told me how much he had lost on the property I was perplexed ... he was laughing. When he asked why he replied "what else can I do". You're probably wondering what his "paper" loss was on the house. Well,

Loss last calendar month: $108,000

Loss last 3 years: $475,000


Ouch!


Not all markets are down, some are actually appreciating. Anyone else hurting from the market crash? How much?

He "lost" more last month than I made in the last two years.

Heh, damn.

 

[geno]

We've luckily gained value, we're up by about $40,000 going by Zillow's estimates (which aren't too far off, I'd say $30,000 realistically)

 

[dud]

I'm trying to understand where the figures are coming from...from an estimated value of the house from the website...or from what he paid for the house vs. what the house is estimated for on those websites? I'm assuming these "losses" are based purely on changes in the estimated value of the house from the website being used...correct?

You are correct. From the estimated value in 2007 and April, 2010.

 

[Jeeebus]

We've spoken to a couple realtors recently and, based on what similar houses are selling for around us, at best we could get about $85,000 less than our purchase price, not including realtor fees.

 

[mshan]

From some other threads I've read, Florida really seems to have been hit hard.

I thought 50% loss in some bubble areas was a lot, but I think some people are closer to 25% of peak price paid.

Ouch.

 

[sjwaste]

I thank my lucky stars I was just out of college and too broke to buy in 2004/2005. We didn't buy until 2008 and are up, according to Zillow and the appraisal for our refi last year.

 

[dquan97]

Mine lost $150k (60&#37 over 5yrs. Finally had to let the bank foreclose because of a loss in income.

 

[D1gger]

All of the real estate I own is worth more than when I purchased it. The most recent purchase was in 2007 and it is now worth 10-15% more than I paid for it.

 

[bignateyk]

These zillow values are bullshit. It says my tax assessed value is 97K. We just bought the house for 187K, and the previous owner bought the house 4 years ago for 150K. It has gone through several owners, and I don't think it has sold at less than 100K since the 80's or early 90's.

 

[SearchMaster]

Heh - according to Zillow, I've "lost" $500,000 since July '07 (from $800K to $300K). Fortunately I only have a bit over $200K in it. There's no way it would have ever sold for anywhere near $800K, and I could definitely get more than $300K for it today (unique 1.5ac lot on a major lake), so I'm not worried about it at all.

 

[JulesMaximus]

I still have about $180k in equity in my house.

 

[HardcoreRobot]

no loss until we sell, and even paper loss is not too useful since the estimates are all over the place.

based on county tax appraisal, we are about 75k behind. no plans to sell, no plans to care about it

 

[tk149]

According to Zillow, I've "gained" $8000 since I bought the house two years ago.

 

[Jumpem]

Zillow is way off for my area. I paid $117k for my house, and they say it's worth $185k.

I'm about even mortgage wise with what I owe versus what I could sell for. I'll never get back the $30k+ we've put into the house.

 

[Ms. DICKINSON]

Down 150k$, underwater and about to let it go.