Therein lies the difference between appraised value which looks backward and market value which looks at current market conditions. When those homes sold there were about 4 active listings for every pending in 92130 and today there are less than 3. The Montefrio homes are also a chipshot away from the 56 (noisy) and all the sales are way too old for me to consider in market value. I am very surprised and disappointed that Bugs included a comp more than 6 months old which is a definite no no in the appraisal world. I’ve yet to meet an appraiser that would consider using one in making a case for value. Sounds like some confirmation bias to me.
