Ahem. To the 401 South Hampton Roads residents who told the Census Bureau that their homes are worth more then $1 million, the tax assessor is wondering where you’re hiding your castles.
In census data released late last month, 33 Norfolk homeowners had checked the “$1 million or more” box on the survey’s long form. But city real estate assessor Wayne Trout said he’d be hard-pressed to find six such high-dollar addresses in his files.
“I can only think of two sales in the past 10 years that were in excess of $1 million,” Trout said.
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“Who are all of these people? And where are all these big houses?”
Trout is the first to admit, however, that he might be the last to know.
“It’s funny how much the value of a house goes down when people come see the assessor,” Trout said. “Suddenly, that million-dollar house becomes a half-a-million-dollar house.”
In Portsmouth, where 13 residents reported million-dollar domiciles, assessor William E. Froehlich said he doesn’t know of one.
Chesapeake’s assessor, Laurence Street, doesn’t “have the faintest idea” where to find the 49 million-dollar homes reported from his city.
A reluctance to face the tax man isn’t the only factor at work.
Real estate assessments tend to lag market prices by at least 18 months.
And the census question concerning property values — the first form to include a $1 million category — asked homeowners to pick the price they think their places will fetch.
“It’s an opinion question,” said Stephen Buckner, a spokesman at census headquarters in Washington. “Homeowners tend to aim high when they’re thinking about selling.”
Contradicting counts aside, South Hampton Roads does have its share of palatial places. Virginia Beach homeowners claimed 299 on the census — the second-highest number in the state behind Fairfax County. City assessor records confirm 252.
Water views are practically a must to push a house over the million-dollar mark. A check of recent real estate listings confirms that a few extra amenities don’t hurt, either.
One waterfront house in Virginia Beach’s Croatan section features 14 rooms, 5 1/2 baths, a media room, a library and a three-story lighthouse. Asking price: $3 million.
A farmhouse-style estate in the Pungo section of Virginia Beach has 10 bedrooms, six fireplaces, a clubhouse and apartments for staff. Asking price: $3.5 million.
In Suffolk, where the census says seven homeowners reported top-dollar properties, a four-story home on the Nansemond River, with elevator and glass walls, lists for $1.8 million.
Street, the Chesapeake assessor, says there’s only $1 million-plus house in his records. Located in the Deep Creek area, it has 17,000 square feet, heated walnut floors and an indoor/outdoor pool split by a retractable plastic glass wall.
“It’s owned by some CEO who spends most of his time in Europe,” Street said. “I personally inspected that one. Just had to see it.”
In Norfolk, assessor Trout continued to ponder the mysterious multitude of million-dollar homeowners apparently living in his city.
“I’d sure love to knock on their doors one day,” he said.