House Built in 1877.......old but may be valuable. - Posted by jay

Posted by CarolFL on February 29, 2000 at 17:29:26:

The older he gets the more I value him!
Glad you made it home safely.

House Built in 1877…old but may be valuable. - Posted by jay

Posted by jay on February 26, 2000 at 02:06:01:

I am currently having trouble finding the Real Value of a Home built in 1877 in the City Of San Bernardino CA. The House is a 8br/2ba home…2013 sqft. 1 talked to 1 broker and his appraiser gave me a value of 80K…another broker friend of mine comped the house out at 110K…Would there be a source where I can find the REAL value of this home? is selling for 64.9K…this is a possible Historic Landmank…and may be worth 10 times that…An experienced appraiser may not even know the Real Value of this property.

thank you…

Re: House Built in 1877…old but may be valuable. - Posted by Carol FL

Posted by Carol FL on February 29, 2000 at 08:18:19:

Jay, If I say that the ‘real value’ is whatever someone will pay you for it, will you try to refrain from thowing a shoe at me?

It is, however, the “real” value - and the more eccentric a property the more likely it is to be true since comps ARE hard to find.

And the value may, frankly, be different according to your purpose.

If you are looking to buy the property and keep it, and simply need a figure for financing purposes, you can be sure that most lenders will use a sq ft type of comp based appraisal to determine the value and therefore what they will lend on it.

If you are concerned about reselling and a potential upside to it, try to get a fix on what historical properties in your area are doing these days … and how strong a demand there is.

I know this is vague, but my sense is that you are fairly new into investing. If so, put on cold hard glasses of reality, and look at your exit strategies realistically, take a “worst case” scenario, and let the upside (if there is one) be the icing on the cake.

One last word on older properties (can you tell we are into them, too?): not everyone loves them as we do. Some folks just don’t find creaky floors charming. And depending on the condition of the property you may be buying a can of worms.

If you are in to ‘old’, pick up a copy of Old House Journal… they have a RE section.

Good luck,
PS BTW, this is a qtn better posted on News Group I.

Old but may be valuable…sounds like Dennis to me! - Posted by Jack_Ky

Posted by Jack_Ky on February 29, 2000 at 15:54:33:

Smile, I was only kidding. ;-}

It was good to see y’all at the CREO convention.

Y’all take care,