Home Sold For $540K Below Zestimate?!

[rankandfile]

I am curious as to why 1204 Spar Ct, Carlsbad, CA 92011 would sell nearly $540k BELOW its Zestimate value on 4/20/2007. Perhaps some of you with MLS access can shed some light?

Here’s the Zillow link:

http://www.zillow.com/HomeDetails.htm?zprop=16651814

[SD Realtor]

This is sdr’s backyard so he has more insights then me. The MLS states that this home went through to cycles of attempted sales. Both listings expired. First time through was back in 5/06. He started at 1.179M and by the time the listing expired he was at 899k to 949k. Then he tried again in 11/06 and tried at 949k to 1.199M. The home was listed by Chris Lin.

Now when I looked at the tax roll, there is some definite peculiarities. Note that the tax roll we view on the MLS is woefully incomplete.

On 5/18/06 there is a quit claim deed signed where the sellers were noted as Russell Clark and Chris L and the buyer is noted as Russell Clark. Then another quit claim deed on 6/9/06 where both the buyer and seller are noted as Chris Lin. Then on 4/20/07 the date of the sale there is a grant deed where the seller is the Meishia Trust and the buyer is Russell Clark. Then that same day there is another quit claim deed where the seller is Russell Clark and the buyer is Russell and Sharon Clark.

Oh and on 4/20/07 there is a mortgage recorded for the amount of 702k from Shea Mtg.

So what can we deduce? That this was definitely not a “sale” in terms of what we all consider a property changing hands. This was most likely some partners that owned the house together and one bought the other out or something of that nature.

That is at least my guess which could be very wrong.

sdr do you know Chris Lin?

[SD Realtor]

This is sdr’s backyard so he has more insights then me. The MLS states that this home went through to cycles of attempted sales. Both listings expired. First time through was back in 5/06. He started at 1.179M and by the time the listing expired he was at 899k to 949k. Then he tried again in 11/06 and tried at 949k to 1.199M. The home was listed by Chris Lin.

Now when I looked at the tax roll, there is some definite peculiarities. Note that the tax roll we view on the MLS is woefully incomplete.

On 5/18/06 there is a quit claim deed signed where the sellers were noted as Russell Clark and Chris L and the buyer is noted as Russell Clark. Then another quit claim deed on 6/9/06 where both the buyer and seller are noted as Chris Lin. Then on 4/20/07 the date of the sale there is a grant deed where the seller is the Meishia Trust and the buyer is Russell Clark. Then that same day there is another quit claim deed where the seller is Russell Clark and the buyer is Russell and Sharon Clark.

Oh and on 4/20/07 there is a mortgage recorded for the amount of 702k from Shea Mtg.

So what can we deduce? That this was definitely not a “sale” in terms of what we all consider a property changing hands. This was most likely some partners that owned the house together and one bought the other out or something of that nature.

That is at least my guess which could be very wrong.

sdr do you know Chris Lin?

[NeetaT]

Just go to a jewelry store and you will see jewelry selling at 80% below the list price, which brings it back to what it’s really worth. That’s my best analogy. I know, I’m not much help.

[NeetaT]

Just go to a jewelry store and you will see jewelry selling at 80% below the list price, which brings it back to what it’s really worth. That’s my best analogy. I know, I’m not much help.

[sdrealtor]

Sorry for the absence but the family has been giving me grief about working too much and spending too much time online. I promised them to cut way back and will do my best to do my part updating the threads I started.

I dont know Chris Lin and suspect SD R is on target. i doubt the property ever sold on the open market. Perhaps they are trying to sneak by a lower tax assessment. Maybe she got married to Mr Clark but its not really worth delving into.

market value of this home today is likely between 875K and 925k.

[sdrealtor]

Sorry for the absence but the family has been giving me grief about working too much and spending too much time online. I promised them to cut way back and will do my best to do my part updating the threads I started.

I dont know Chris Lin and suspect SD R is on target. i doubt the property ever sold on the open market. Perhaps they are trying to sneak by a lower tax assessment. Maybe she got married to Mr Clark but its not really worth delving into.

market value of this home today is likely between 875K and 925k.

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