I am seeing a spread of sometimes up to $200,000.00 for the exact same floor plan and square footage

Asked by Glenn Thomas, Atlanta, GA Tue Mar 18, 2008

In Land o Lakes Florida area I see a large appraisal spread between identical homes and see the same type of thing through out florida. I am in Georgia currently . How does an appraiser in Florida justify appraising a home for $200k more than the house next to it or down the street that is the exact same model. Appraisers in Georgia are not allowed to take into consideration inside upgrades. There is no place to even show that on an appraisal form. You could never see such a spread in homes in georgia. Yet, in Florida its common place. I am talking about a 3,000 sq. ft home that is appraised at $550k and the same exact floor plan appraised at $350k down the street

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Kathy Blome, , Wesley Chapel, FL
Tue Mar 18, 2008
Are you refering to the tax assesors apprails? If so it would depend on when the house was appraised. If someone bought a home 10 years ago, it would appraise less then someone who bought in 2005, when the market was at it's peak.
1 vote
Retribution, , Florida
Tue Sep 7, 2010
Well Homer J Simpson, yea like thats your real name you p****, well my name is Rupert K Swarbrick and if you know Glenn Thomas then you know me....... and you can tell me what Glenn has done with all my money and the money that my family invested with him ???? what do I intend to do ??? well what do you think I intend to do !!
0 votes
Homer J Simp…, , Springfield South Corridor, Springfield, IL
Mon Mar 15, 2010
I know Glenn and the Magenta group very well. I have sat in when he has spoken with his investors. Glenn told them that they could lose as well as win. They knew full well what they were getting into and they chose to gamble. He didn't break into their houses at night and steal their savings. They lost and he lost. He didn't lose on purpose, regardless of what you may think, he walked away with empty pockets. He went through hell trying to keep it together for the investors and he's probably had to leave the country and the area where he grew up to avoid people like you who think they know everything when they know nothing. Loads of people lost out when the property price climb faltered. What Glenn tried to do was pool various investors together so they could make a higher percentage gain. You can't gamble in a casino and then blame the casino boss when you lose. Life is life. You win some and you lose some. You say that Glenn 'won't get away with it'. What exactly do you intend to do? What makes YOU the judge and jury? Why not put your name on here if you are so righteous. Glenn was ambitous and meant well and did everything he could including borrowing against his own properties to pay the investors back most of their money at his own expense. Get over it and leave him and his family alone.
0 votes
Lou Molnar, , Land O' Lakes, FL
Wed Sep 9, 2009
Some are foreclosures, short sales and then there are those sellers who have not faced reality yet. I am sure the prices you are looking at are not appraisals.
0 votes
A Friend, , Everywhere
Wed Oct 8, 2008
I am amazed at what you can find on the internet these days Glenn you are of course Glenn Thomas from Lancashire in the UK the same one who left the company Magenta Group with all its difficulties and lost a great deal of money for investors that you had well its obvious where all the money went looking at very nice houses in these areas then - remember this the world is a very small place so don't for one moment think you can just get away with it.
0 votes
Lisa Hill, , Port Orange, FL
Wed Mar 19, 2008
Glenn, (I'm just officially posting my answer we discussed via e-mail)

The builders usually have their own appraisers that come with in-house financing. That's one possibility of how it could appraise.

Or, I suppose if the builder put in a ton of upgrades, like crown molding, granite counters, a pool with a spa and fountain, tile roof, 3+ car garage, real wood cabinets instead of pressed wood laminate, etc., it's possible to make up the difference. If this is the case though, it would be my guess that someone bought one at the pre-construction point, and ordered all the upgrades, then backed out when the market dropped, leaving the builder to sell the home.

This is all speculation. I have to agree with you that a $200,000 difference in the same floor plan sounds like a huge reach. You could always call the builder and ask why there's such a huge difference?
0 votes
Lisa Hill, , Port Orange, FL
Tue Mar 18, 2008
Glenn, I just saw your other comment. If you're not looking at the tax assessor's web site, and are just seeing what people are asking for their homes, then that is not the appraised value. It's just what the seller decided to ask. The seller's don't always take the advice of their REALTOR(r). Or they may be working with a new and inexperienced agent who gave them bad pricing advice.
0 votes
Lisa Hill, , Port Orange, FL
Tue Mar 18, 2008
Glenn, Are you looking at the tax "assessors" web site? If so, what you're seeing is the result of the Save Our Homes Act. When you have your primary residence in Florida, you can file for the "Homestead Exemption". The Homestead Exemption gives you a break on your home's taxable value AKA "assessed value". This is not the appraised value. It's what the tax assessor's office has determined is your taxable value. In January of this year, we voted to change the system, but what you see on the tax assessor's web site will reflect the old system for years into the future.

To break it down, the old SOH Act gave home owner's with the Homestead Exemption a $25,000 deduction off the top of their home's taxable value, plus their taxes could not be raised more than 3% per year. So here's the scenario. Let's say you had the Homestead Exemption on your house and lived there for 10 years, with your taxes never being raised more than 3% per year. But suddenly real estate values started skyrocketing. This doesn't affect you much because your home's taxable value cannot be raised to the new value. But if the neighbor across the street, with the same floor plan, was a seasonal resident (and could not claim the Homestead Exemption), their assessed value would continually raise to the current values. After a few years, you see the drastic differences in the assessed values.

Does this answer your question?
0 votes
Hi, , Virginia
Tue Mar 18, 2008
nobody knows what the house is worth. that is why the financial industry is having such a hard time. when they try to sell the mortgage to investors or other banks, nobody wants to buy it, because there is a lot of risk (maybe the owner walks) and nobody really knows what it is worth.

here today, gone tomorrow sort of thing
0 votes
Glenn Thomas, Home Buyer, Atlanta, GA
Tue Mar 18, 2008
Note: Clarification. Not tax assessor appraisal. Rather, This question refers to appraisals for homes for sale that arte actaully listed with a $200,000.00 spread. Homes may have even been built the same year
0 votes
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