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Andrew

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Unreal estate [Aug. 18th, 2012|01:27 pm]
Andrew
Looking to buy a place in San Mateo or Foster City you see a lot of strange things. Today I ran across what are almost certainly error or scams.

This listing:
http://www.zillow.com/homedetails/631-E-Santa-Inez-Ave-San-Mateo-CA-94401/15522124_zpid/

describes a vacant lot that was recently on the marke for $280k, but went unsold. However, the sales history indicates that the property sold for $1000k in 2006. I suspect that this is a case of data entry error, but since 2006 was deep in the throws of the housing bubble, it's hard to be sure.

Likewise, this property is curious as well:
http://www.zillow.com/homedetails/2815-Hacienda-St-San-Mateo-CA-94403/15537660_zpid/

It's a house on the market for $1400k, which is roughly 50% over neighboring comps. Strangely zillow values the property at $2443k, which is even more insane. The third curiosity is that the property sold for $365k in 1997, and then in 1999 for ten times that amount ($3,863,636). This probably due to data entry error. Maybe they got carried away typing 636363636363636363, and added a bonus six? The assessment value of $1M confirms something funny. My guess is that it was sold for $386k, and permitted improvements upped the value to $1M.
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Comments:
[User Picture]From: freelikebeer
2012-08-19 01:46 am (UTC)
Having crunched the numbers for myself, $640k seems eminently doable for a pretty nice house in the first neighborhood.
(Reply) (Thread)
[User Picture]From: jamey1138
2012-08-19 05:11 am (UTC)
I think that it's as likely to be scam, as to be data entry. There are a significant number of properties that were traded between closed circles of "flippers" during the housing bubble, with the intention of raising the price (but not the value) of the property with each successive flip (without actually adding any value to the property).
(Reply) (Thread)
[User Picture]From: charleshaynes
2012-08-25 04:59 pm (UTC)
"throes"

(trying to be helpful, not snarky)
(Reply) (Thread)