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Old 11-14-2013, 02:45 PM
 
3,822 posts, read 9,474,412 times
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Comps on my house in Avondale were off by 15% or so. Our subdivision borders one of Avondale's older working class neighborhood of shacks and trailers and I'm sure that it throws off the comps if you are looking for house values within a half mile radius. To get a true value you would have to join together 3 subdivisions and exclude a 6 block area of houses.
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Old 11-14-2013, 02:51 PM
 
9,196 posts, read 16,641,113 times
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Originally Posted by grmi66 View Post
Comps on my house in Avondale were off by 15% or so. Our subdivision borders one of Avondale's older working class neighborhood of shacks and trailers and I'm sure that it throws off the comps if you are looking for house values within a half mile radius. To get a true value you would have to join together 3 subdivisions and exclude a 6 block area of houses.
Wouldn't being adjacent to shacks and trailers affect your value though?

Last edited by DetroitN8V; 11-14-2013 at 03:14 PM..
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Old 11-14-2013, 03:34 PM
 
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This is Phoenix, you get neighborhoods all the time that are next to lower income homes and that doesn't generally affect the comps. It's not like cities in the midwest where the worst neighborhoods are in the center of town and as you move out the neighborhoods get better. Have friends that live near Sunnyslope, on one side of the street are half million to million dollar homes and the start of the 'hood on the other side of the street.

Houses on my block are in a nice middle class development with a strong HOA, private parks and other amenities. But go three blocks over and it looks like south of the border. Go three more blocks past that and it's a nice suburban area again.
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Old 11-14-2013, 03:49 PM
 
9,196 posts, read 16,641,113 times
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Originally Posted by grmi66 View Post
This is Phoenix, you get neighborhoods all the time that are next to lower income homes and that doesn't generally affect the comps. It's not like cities in the midwest where the worst neighborhoods are in the center of town and as you move out the neighborhoods get better. Have friends that live near Sunnyslope, on one side of the street are half million to million dollar homes and the start of the 'hood on the other side of the street.

Houses on my block are in a nice middle class development with a strong HOA, private parks and other amenities. But go three blocks over and it looks like south of the border. Go three more blocks past that and it's a nice suburban area again.
Interesting. That sounds undesirable to me so I'm sure others may feel the same way, negatively impacting values. Not everywhere in the valley has nice houses adjacent to low income housing. I'm sure you get more bang for your buck house-wise in that environment, but to suggest that your value is not impacted by that can't be right.
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Old 11-14-2013, 04:13 PM
 
Location: In the Deem Hills of NW Phoenix
800 posts, read 1,910,787 times
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They both suck. It's off Zillow's "Zestimate" by $70K on my house. Recent comps don't support either estimate. PVC thinks my home has one fewer baths and one fewer bedrooms than it does. Not exactly reliable.
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Old 11-14-2013, 04:28 PM
 
Location: Victory Mansions, Airstrip One
6,750 posts, read 5,052,538 times
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Originally Posted by Burning Madolf View Post
Real Estate is not a commodity and constant attempts to create formulaic pricing schemes will never be any better than ballpark estimates.
Very true, and it's a generous ballpark at that!

Zillow shows our house up 60% since we closed on it a little over a year ago. It's too high by quite a bit.

On the other hand, I know someone who bought a house about three years ago, and the zestimate is about 25% below the price he paid. That's way, way off on the downside.

hikernut
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Old 11-14-2013, 05:19 PM
 
175 posts, read 491,655 times
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Anyone try Redfin.com? It actually estimates based on comps sold in the area. You can remove or add comps based on the details and it's pretty accurate. It even has past history of the home and even pictures from previous sales so you can see how badly the home was if it flipped.
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Old 11-14-2013, 05:21 PM
 
4,624 posts, read 9,276,167 times
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Seems way off on mine. Same plan on my street with similar upgrades and pool sold for over $600K within the past 60 days, there's another pending sale at over $600K. Lowest comparable sale is $570K. It has the value of my home at under $550K.
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Old 11-14-2013, 05:23 PM
 
4,624 posts, read 9,276,167 times
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Originally Posted by DetroitN8V View Post
It says I'm up $50k from what I paid 6 months ago. Woo hoo!!
I sent them a pic of your upgrades so they took that into account. I think we bought around the same time (this april for me) and mine is up about the same per this site. I did some changes too (new carpet, handscraped hardwood, paint and garage epoxy) so its not all profit.
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Old 11-14-2013, 06:04 PM
 
9,196 posts, read 16,641,113 times
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Originally Posted by asufan View Post
I sent them a pic of your upgrades so they took that into account. I think we bought around the same time (this april for me) and mine is up about the same per this site. I did some changes too (new carpet, handscraped hardwood, paint and garage epoxy) so its not all profit.
So that's why I kept seeing flashing lights! I'm in the same boat. After paying the realtor and factoring the money I put into the house, even with their generosity I'd still probably be a tad upside down.
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