What am I missing?

[Anonymous]

Beautiful house on the water, assesses for $2.7M, going on the market for $11.5M??? Typo? Delusional owners?

https://www.zillow.com/homedetails/7831-Southdown-Rd-Alexandria-VA-22308/51982788_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

[Anonymous]

I don’t know but now all the ads on my DCUM are for it.

[Anonymous]

Listing says "available for first time in a generation". That suggests the assessment is based on a very historical value that has been inflating slowly over a long time period with no sale to trigger a valuation reset.

[Anonymous]

I have no idea if they will get anywhere near asking on a 0.81 acre lot, but with the waterfront location and proximity to DC and Old Town, it's def worth more than the assessed value.

[Anonymous]

Anonymous wrote:I have no idea if they will get anywhere near asking on a 0.81 acre lot, but with the waterfront location and proximity to DC and Old Town, it's def worth more than the assessed value.

+1

[Anonymous]

also no clue if it will go for that much but the view is stunning. I don't think I'd like to be quite that close to the water though.

[Anonymous]

Anonymous wrote:Listing says "available for first time in a generation". That suggests the assessment is based on a very historical value that has been inflating slowly over a long time period with no sale to trigger a valuation reset.

Yup- assessment and actual sales value aren't connected if it's been a long time since last sale. No one I know in real estate uses assessed value for anything other than calculating current taxes.

[Anonymous]

I think it should be around 5

[Anonymous]

Anonymous wrote:Beautiful house on the water, assesses for $2.7M, going on the market for $11.5M??? Typo? Delusional owners?

https://www.zillow.com/homedetails/7831-Southdown-Rd-Alexandria-VA-22308/51982788_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

Not a typo. Not a delusional owner. An English major poster.

[Anonymous]

Someone bought a huge house close by that wasn’t on the water for 5 million a few months ago and IMO this would command 7.

[Anonymous]

There are some beautiful houses on Southdown and Arcturus; however, that’s not one of them. Those owners are delusional - it’s a hodgepodge of dated styles. That should be in the 3’s max.

[Anonymous]

That does seem overpriced by a few million.

[Anonymous]

The house looks nicely elevated for flooding. The garage, though? I'd worry about my cars unless it has lifts in it.