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  • December 11, 2006 at 2:27 PM #8045
    r271828
    Participant

    Like others here I try to use real data to understand current and anticipated trends in the SD real estate market. However, I (and undoubtedly others) occasionally notice specific instances that cast doubt on the validity of certain data. Here is one such instance; any information about how this might happen, or how it might have happened in this specific case, would be appreciated.

    For approximately the last 4 months, the house at 135xx Ginger Glen Rd, 92130 has been listed for sale (MLS #066069423), with the listing price for the last 3 months being $1.1-1.4M. I recently saw that a sale for this property was just recorded, on 11/28/06 at a price of $1.425M.

    Should this be considered legitimate or not? In either case, under what circumstances would a sale be recorded for a property while it is on the market, with the property continuing to be marketed even after the sale is recorded?
    Compared to other properties (that mostly have not been selling), the recorded sales price seems unexpectedly high, so information or opinions about its validity as a “comp” would be very helpful.

    Thanks!

    December 11, 2006 at 3:31 PM #41468
    sdcellar
    Participant

    The county assessor shows no such sale, so I’m assuming you got this off of Zillow.

    I don’t know what these phantom sales are on Zillow, but they seem to be somewhat similar to smaller home equity loan “sales” that you see there. Anybody got insight into that?

    …goes to check Zillow…

    Actually I don’t see it there either, so I’m guessing you have more sources than me.

    December 11, 2006 at 4:20 PM #41472
    r271828
    Participant

    The recorded sale was listed in the database for http://www.sddt.com:

    06-0843016 — The house at 135xx Ginger Glen Rd , San Diego, CA 92130, was sold on 11/28/06 at a tax value of $1,425,000.
    Sold by xxxxx xxxxxxxxxx to yyyyyyy yyyyyy. 305-171-xx. Publish Date: 12/12/06

    December 11, 2006 at 5:37 PM #41473
    Steve Beebo
    Participant

    I doubt if it was a real sale – most likely it was between relatives. The only way to get the true story would be to call the listing agent and ask.

    The property sold from Pardee 12-05 for $1,031,500, then transferred 12-30-05 to another last name with no dollar amount, then resold 11-28-06, (with a pool, landscaping, etc.) for $1,425,000, with a 70% 1st and a 20% second from well known lenders. All of the buyers have middle eastern names, so I would guess it was not an arms-length transaction, since its’ still listed at 1.1M-1.4M.

    December 11, 2006 at 5:49 PM #41474
    no_such_reality
    Participant

    Any way to see if the names show up for other transactions in the last six months? I couldn’t get search to work right since I’m not a subscriber.

    If any of them have multiple transactions other than a sell – buy, the potential for mortgage fraud exists.

    December 11, 2006 at 11:46 PM #41500
    SD Realtor
    Participant

    Per the earlier post on this thread, original sale from Pardee to xxx was on 12/21/05 and there was an interspousal deed recorded on that date as well. Then there was a quit claim deed recorded on 12/31/05. Then there was a recorded sale on 11/28/06 at the current price of over 1.4M.

    One possible explanation is that the listing agent could have simply forgotten to update the MLS. Not likely but I have seen it happen.

    NSR there it is not possible to do a search for buyer or sellers name in the MLS as principles.

    December 12, 2006 at 11:10 AM #41523
    bub
    Participant

    Do all SD County property sales / transfers get published in
    The Daily Transcript?

    December 13, 2006 at 7:23 AM #41516
    no_such_reality
    Participant

    deleted

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