The Final Approach to Appraisal

This year marks the nine year anniversary of our ranch. We never set out to buy a horse property, it just sort of fell in our lap. It was a distressed property with a long history of multiple owners that had two things in common, financial and marital hardship. The house sat vacant for about a year before an investor bought it and flipped it for way under market value… to us.

POINT OF SALE 2004

Although the property was a bargain, it was still way over our price range… way over. But considering the acreage was in a prime location, we decided the purchase was a good investment for our future.

The plan was to sell in ten years and cash in. That was in 2004, soon after that, the housing market completely crashed and burned.

NINE YEARS LATER

With only a year to go on our investment purchase, I cringe at the mere thought of an appraisal. I’m not at all happy with the selling prices in the neighborhood, especially the three short sales of nearby properties. This could greatly effect our home’s value, regardless of the countless property improvements we done over the years.

Here’s a few before and after pics of all our hard work…

THE TILDEN BAR NONE RANCH, PHOENIX, ARIZONA

Luckily, we bought under market value, hopefully we break even. If not, we wait it out. Because after all, there’s hope and change… yeah right.

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About tbnranch

amy elizabeth, writer, author, antique dealer. Lives in the northeastern reaches of the Sonoran Desert on a small hobby farm.
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7 Responses to The Final Approach to Appraisal

  1. Wherever there’s a valley there’s a hill. πŸ™‚

  2. Hold tight my dear! Those short sales will eventually be history and have no effect on your evaluation. Your place is holding the neighborhoods value up right now but eventually as the economy improves and folks want to get more bucks out of their places when sold, will improve their properties thus beginning to match your own. You have done an incredible job, two thumbs and ten toes up!

  3. Ingrid says:

    It seems like property values are on the rise in Phx – near as I could gather while doing a little research there. We have a Realtor coming over to our house today….guess we’ll see where this market stands. Plan to sell anytime soon? We’re hoping this house sells (for our price) before we head back to Phx in the fall…..fingers crossed πŸ™‚ P.S. fantastic job on the improvements!

    • tbnranch says:

      Yes, property values are up in Phx, it’s just not enough. They went so crazy low that it would take years and a miracle to recover. The property down the block just sold for LESS than 1/2 what it sold for 4 years ago. OMG!

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