Rick Ross' 44k Square foot 5.8m mansion has lost -53% of it's value since he bought it

[UberEatsDriver]

Of course It would have been worth more in LA? Why is LA an only option it would have been worth more in SF, Seattle, NY and Miami also.


There’s a running joke that Manhattan is a Swiss bank account in real estate

 

[UberEatsDriver]

I ain't even got kids but it's all about the school system when buying

thats literally one of the primary reasons.

 

[spencerforhire]

Look at the landscaping.. maintenance and property tax must be a bytch.

 

[UberEatsDriver]

Y’all are really comparing rick Ross a celebrity to an average black person and saying his race is why they lowered it?






Y’all need to cut it out

 

[UberEatsDriver]

It's just an estimate based on the sales in the zip code, it's not an appraised value for the property and it's not even on the market

yall really don't know how real estate works do you

and property values always go down then back up, its a buyers market right now and values will only to continue to dip

Where is it a buyers market?

 

[UberEatsDriver]

Crime In the area fukks up value too right?

Values been going down in certain. Areas of Seattle due to.homeless population...

Don't know if republican cap though.

Ughh na Seattle is not a buyers market.

 

[#1 pick]

I ain't even got kids but it's all about the school system when buying

That's how they get away with, it's not about race.

 

[UberEatsDriver]

That's how they get away with, it's not about race.

Plus Rick Ross is a celebrity. A celebrity for the most part doesn’t have to worry about a property dropping because of his race.

 

[Family Lives Matter]

His bathrooms probably cost more than my house and I'm supposed to judge him?

 

[Kinguno]

I read his book and could be wrong but wasn’t there a fatal shooting there

 

[Conjiggle]

That isn’t the appraised value. As someone mentioned in the thread, that is a number generated on Redfin through their algorithm (similar to “Zestimates” on Zillow which are rarely ever accurate).

An appraisal is based on “comps” (comparative properties that sold within a certain distance from the primary property). For anyone that is familiar with the location of this house there are no actual comps in the area. So a specialized appraisal would be required. Something far more detailed than what the Redfin computer could analyze.

If Ross were to put the house on the market today no one involved in the transaction would give that number on Redfin any consideration (bank/lender, realtors, perspective buyer, etc).

Also, it is definitely a seller’s market and has been in the Atlanta metro area for a few years now.

 

[Red]

My house more than doubled since 10yrs

Don't forget to account for roughly 27% of the 'value' being lost to inflation in those years which has depreciated the purchasing power of each and every dollar.

 

[GreenGhxst]

So?

 

[King Poetic]

Is it your house? Your pockets affected by this?

 

[Robo Squirrel]

My house double trippled in the last 12 years