A 14th Closing at the Vue Charlotte

Unit 2605 just closed at the Vue and has appeared on the Register of Deeds site. This brings the closings to a mere 14. To say it another way, the Vue Charlotte is 3.4% sold (14/409), not 60%.

And this takes me back to the appraisal forms. The ones I am seeing of late show 224 sold, not 14. I am now 99.9% certain that to state there are 224 sold is incorrect. Sold is supposed to mean ‘closed’ and/or ‘recorded.’ [I would be 100% certain if I had it in writing rather than information obtained over the phone.]

While some readers have been kind enough to share their appraisals with the blog, I would need the actual buyers to call their specific appraiser to get clarification from them as to why they stated 224 sold. I called the North Carolina Appraisal Board, who set the standards for appraisers to follow, and the investigators there provided this clarification. That’s what brought me to 99.9% certainty.

I am holding let’s say half a dozen appraisals…some indicate 0 – 13 units (whatever was actually recorded at the Register of Deeds when the appraisal was done), others indicate 224. It can’t be both. Someone is incorrect. This is just a layman using common sense talking, not a professional.

And being a layman is in fact in the end what really helps clarify what is going on with these appraisals. If appraisals are there to assess and help clarify the value of a home, how is it possible that the values of these units remains where they were at the peak of the real estate market boom? As one appraiser told me in a blog post a couple of months back, he knew of no piece of real estate of any kind that was at the value today that it was in 2005. My hunch is that if he met this recent set of appraisers working the numbers up to full value, after seeing their write-ups, he would state unequivocally that he still doesn’t.

Have feedback? Please write vuebuyer10@yahoo.com.

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