Having your home valued at $4,400,000 is what most of us would call a nice problem to have.
this post was submitted on 15 May 2025
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Actually it's a pretty bad problem to have. If you bought an affordable house at the time but gentrification comes for your area you suddenly can't afford to live in the house you bought and despite whatever roots you've put down, now you have to try to migrate somewhere else.
Note that even if your tax assessment says you can get a few million out of your house, it's likely not that easy, it can take a long time to find a buyer in the best of times, I imagine especially if you are seeking a buyer willing to pay millions...
It's not as bad as renting in the same scenario, but it's not great to suddenly have rich person cost of ownership come at you when you bought into a non rich person level house
It's not so nice if you can't afford to live in the home you own.
So you were house rich but they never reassessed meaning last year you paid 15k on a 3.9m home nicw
I'm not entirely unsympathetic since property values have skyrocketed ridiculously mostly due to the super rich and hedge funds buying up housing like it's candy.
However, these people got an assessment for doing some renovations without replacing the walls or a major overhaul of the property, then promptly added a whole second floor to the building when they said they were just replacing the roof. They gambled that the assessors wouldn't take note and lost.
yeah, and the guy was professionally working in the real estate space... feels like they are in the "find out" stage.
What the hell did they even need a house that size for? They look like empty nesters, which means they don't need that size of a house. They want that size of a house. Since it's an investment at this point, and they had that monster reassessed at a ridiculous price, they're better off just selling it and moving somewhere cheap. Well, cheaper.
they should know better if they are building in a disaster prone area.
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