Sea Isle invenstment turning a profit

[Raleigh]

Lordy Lordy,

I bought my home about 5 years ago (right before Ike) and have seen a little progress in value until this year. I got my taxes for the year and it shot up 50K. I went to the courthouse to argue my case and they showed me the comps of other houses that recently sold and my goodness the market has gone crazy.

I called a real estate buddy of mine and asked if this was a good time to sell. He told me right now there are only 7 houses on the canal in Sea Isle for sale and said h*ll yes. There may be more FSBOs but I gotta think this maybe the time to make some hay.

Anybody else seeing this happening in other neighborhoods on the West End????

[kenny]

If you don't want a place in Sea Isle by all means sell. I watched people sell homes and lots in POC a decade or more ago for a profit, and then had to move because they couldn't afford another place there.

[Raleigh]

Yep your right. I wouldn't sell only to buy in the area again.

[Robalo]

$50K jump seems excessive. Go to HAR and see what you can find. Also to fight the GCAD, take pics-old, outdated appliances, panel walls, old windows and floors affect value. Those places selling are generally new appliances with re-done kitchens and baths, window covering (those blinds that are electric), etc and the GCAD folks are spota take into account the interior as well as exterior in their rendition.

[plugger]

Take a picture of the red house , south side , on lampasas drive 4 blocks west of the sea isle marina basin .

[Kent St Skiff]

Take a picture of the red house , south side , on lampasas drive 4 blocks west of the sea isle marina basin .

There are several on Kent Drive that are real doosies also! We heard the same thing regarding pricing in Sea Isle. I am just glad I have a place down there even if it is landlocked.

[kenny]

GCAD doesn't get their appraisal based on the crappiest house in the area, but sales of comparable ones, but you should always contest their evaluation.

[Raleigh]

Yes I took pictures of the red house and others as well as some pics of my builder grade cabinets and such. Also I metioned that these homes that they are comparing mine to are selling furnished however that did not make a difference. The big deal is homes are selling for alot higher than they did 12 months ago. A blessing and a curse I guess.

I would like to sell and make a nice profit but I would hate to leave.........

[Explorer21]

All the homes on the bayside here in Terramar went up $50-100K! One of the owners is an attorney and he was able to get it reduced, so several others followed suit and did the same. I have to agree $ 50K sounds like a lot! Good luck with it and remember that interest rates are going up!