Thurs Post #2: A Richmond home sells for 33% less than assessed value

Faithful readers will recall that back on October 10th, 2012 we told you about 6691 Gibbons Drive.

The property is assessed at $1,258,600 (click on image to enlarge):

And the realtor's description of the listing is priceless:

VALUE HAS AN ADDRESS and it is this fabulous custom designed 4 bedroom, 3 bath (plus den, family room and wrap around decks on both levels) home ON BEAUTIFUL GIBBONS DRIVE, AREA OF MILLION DOLLAR HOMES!

Area of million dollar homes?

As we mentioned in our original post it would appear that "Million Dollar Homes" aren't what they used to be, at least in terms of financial value.

Here is a screenshot of the property listing so you can see it for yourself (click on image to enlarge):

So despite being currently assessed at $1,258,600, the asking price of 6691 Gibbons Drive had dropped to $898,800.

On October 10th this represented a plunge in value of $359,200 or 29% from the last government assessed value of the property... with no buyer in sight, meaning it would probably actually sell for even less.

We are told the million dollar home of 6691 Gibbons Drive has now sold... for $845,000.

That's another $53,800 off the latest asking price; an end result of a plunge in value of $413,600 below ASSESSED VALUE!!

That's a collapse of 33% in 'supposed' value.

Still think the Boomer Trigger is a myth?

(hat tip 900KCrackHouse on VCI)

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