Question about Lake Gaston/ Henrico area prices
I have a friend dealing with a family trust problem (why do parents think their children will get along magically after they pass on?), and there was a property left to the kids to share, that was their family vacation home - a waterfront property on Lake Gaston, near Henrico. Now, of course, there are problems with some kids wanting to keep it because they live locally and use it, and other kids across the country who want to sell it.
Anyway, the issue is getting a good appraisal with good comps. My friend doesn't think the latest appraisal makes sense. The comps included a couple properties in Virginia, which seemed weird.
There are 3 appraisals over the last 4 years or so, the latest one (just done in July) coming in around $60K lower than the previous ones (in 2012 and 2014). Does that sound right to you?
Anyway, my main question is, how is the market in that area? Are the prices going down (as the siblings who want to keep it are saying)? Or is the market healthy and the prices are likely to go up?
Thanks.