Last week was “Condo Week” on the Sacramento Appraisal Blog. I really enjoyed writing about condos every day and talking through the content with so many people here and on Twitter & Facebook. Though I’ll not be doing a second week of condo posts, here is a glimpse of all one-bedroom condo sales in the City of Vallejo. A graph like this really helps to show just how much the condo market has been impacted in recent years. What do you think?
I know how painful it is to see graphs like these since I purchased my current home in 2004. Apart from the loss of value, there is at least one redemptive take-away for us to consider when looking at graphs as such. If you bought your home in recent years you should be paying far less in property taxes these days in comparison to what you were paying five years ago. My advice for home owners is to pay close attention to your property taxes to ensure the Assessor’s Office has taken into account the drastic decline in property value. Keep in mind that every $10,000 of overassessment equals about $100-125 in property taxes out of your pocket.
I have helped many home owners appeal their property taxes over the past several years and I actually personally disputed my own property taxes three years in a row too. If you have any questions, let me know or visit my property tax appeal website.
If you have any real estate appraisal, consulting, or property tax appeal needs in the Greater Sacramento Region, contact me at 916.595.3735, by email, on our appraiser website or via Facebook.
Wow, a graph is worth 1,000 words. I wonder if those two people that paid close to $325K in 2006 for their condo still own it?
That’s a good question, Bryan. This graph really does tell quite a story. It’s shocking really. I shared Vallejo condo trends on my blog maybe last Summer and it was equally as dire then too. Like I said in the post though, the one redemptive reality for home owners in a declining market is that they should be paying less in property taxes. It doesn’t remove the blow of value lost, but at least it is something rather than nothing.