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We have 32 blocks of essentially identical lots. All zoned for duplexes.
All you need are the 4 most recent sales.
None of the properties in my area are remotely identical.
Quote:
Originally Posted by BoBromhal
who knows better the market value of a property? 97% of consumers or the developers?
Most of the people who are selling tear down properties around here are elderly and not very tech savvy as well. So, they're not in touch with the market like a lot of the other buyers/sellers today. The developers swoop in and take advantage of them. Some of the agents around here are happy to cooperate in it as well.
Quote:
Originally Posted by oldtrader
My wife's sister and her husband bought a home in Silicon Valley for $17,000 in 1961. After their deaths (a few weeks ago she died), her children sold the home as a tear down for a tear down for $2,300,000. It is now gone and construction is starting on the new home.
They had estimates of value the home was estimated at $1,400,000 but friends and neighbors started to make offers without Realtors involved, and bid it up to $2,300,000 in a matter of days. They enjoyed the $300,000 each more than was expected.
That's some amazing appreciation. Imagine what those kids could have netted off of such a hot property if they had listed it publicly. I'm a firm believer that there's always one person out there who's willing to pay more for a property than everyone else (I've just seen it happen SO many times). There's no way to guarantee that you've reached that one buyer unless you market the property publicly and do so effectively. The additional amount this one person is often willing to pay above and beyond what others will offer often exceeds the fee of the agent in my experience.
The local Realtors, were convinced the property would not sell for over $1,400,000. The likely buyers for that property, were relatives and friends of neighbors.
If Realtors handled the sale, I doubt they could have done as well as the kids did.
The Racial makeup of that area, is Asian: 66.48%, White: 28.28% and just a few of any other race. There was just 2 white house holds on their 2 block long street. For the last few years None have been sold by Realtors. It has been to Relatives and friends of current residents, who keep tract of deaths, and other elderly who may want to move. The buyers in their tract, are not going to Realtors, but have selected where the want to live and wait for a house to be available and pay what it takes to get it, If Realtors handled the sale, I doubt they could have done as well as the kids did. In addition they saved $161,000 in commission and selling costs.
Is rezoning to denser use common, or newer larger homes in the area worth substantially more than $300k?
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rezone
