UTC Sale Details

[Sidelines]

I have been following this site for quite some time. I have found the content to be quite informative and also entertaining at times. I moved from the Midwest five years ago and didn’t buy at the time as I didn’t know how long I was going to stick around. Now I am content to continue renting for at least the next year or two. I currently reside in the Renaissance area of UTC. I really like this area due to the central location and periodically check Zillow for recent sales. I have two questions:

1.How accurate is the recent sold data on Zillow?
2.Is there a better site that will give more information on a sale?

One sale in particular has prompted this:

http://www.zillow.com/HomeDetails.htm?zprop=16838187

It seems to have sold for quite a bit less then comparable units and I’d like to find out if the information is valid. I am not asking for anyone to dig for me, just where I can start.

Thanks!

[moneymaker]

That does seem really low! Sorry I don’t have the detail you are looking for, I think Zillow is misleading in a lot of ways. Maybe that is a repo that registers as a sale, i.e. reverse mortgage? I’ve been getting a feeling lately that Zillow could be doing a better job but I guess when it’s free complaints are hard to lodge. Personally I’ve been using sdlookup.com a lot more lately. Unfortunately it doesn’t work outside sd county. Zillow says my sisters house is worth about 30k more than she paid for it 2 years ago and I just don’t think that is accurate. Does anybody know if the NAR has bought out Zillow, it sometimes seems like they have.

[moneymaker]

That does seem really low! Sorry I don’t have the detail you are looking for, I think Zillow is misleading in a lot of ways. Maybe that is a repo that registers as a sale, i.e. reverse mortgage? I’ve been getting a feeling lately that Zillow could be doing a better job but I guess when it’s free complaints are hard to lodge. Personally I’ve been using sdlookup.com a lot more lately. Unfortunately it doesn’t work outside sd county. Zillow says my sisters house is worth about 30k more than she paid for it 2 years ago and I just don’t think that is accurate. Does anybody know if the NAR has bought out Zillow, it sometimes seems like they have.

[moneymaker]

That does seem really low! Sorry I don’t have the detail you are looking for, I think Zillow is misleading in a lot of ways. Maybe that is a repo that registers as a sale, i.e. reverse mortgage? I’ve been getting a feeling lately that Zillow could be doing a better job but I guess when it’s free complaints are hard to lodge. Personally I’ve been using sdlookup.com a lot more lately. Unfortunately it doesn’t work outside sd county. Zillow says my sisters house is worth about 30k more than she paid for it 2 years ago and I just don’t think that is accurate. Does anybody know if the NAR has bought out Zillow, it sometimes seems like they have.

[moneymaker]

That does seem really low! Sorry I don’t have the detail you are looking for, I think Zillow is misleading in a lot of ways. Maybe that is a repo that registers as a sale, i.e. reverse mortgage? I’ve been getting a feeling lately that Zillow could be doing a better job but I guess when it’s free complaints are hard to lodge. Personally I’ve been using sdlookup.com a lot more lately. Unfortunately it doesn’t work outside sd county. Zillow says my sisters house is worth about 30k more than she paid for it 2 years ago and I just don’t think that is accurate. Does anybody know if the NAR has bought out Zillow, it sometimes seems like they have.

[moneymaker]

That does seem really low! Sorry I don’t have the detail you are looking for, I think Zillow is misleading in a lot of ways. Maybe that is a repo that registers as a sale, i.e. reverse mortgage? I’ve been getting a feeling lately that Zillow could be doing a better job but I guess when it’s free complaints are hard to lodge. Personally I’ve been using sdlookup.com a lot more lately. Unfortunately it doesn’t work outside sd county. Zillow says my sisters house is worth about 30k more than she paid for it 2 years ago and I just don’t think that is accurate. Does anybody know if the NAR has bought out Zillow, it sometimes seems like they have.

[SD Realtor]

I would not rely on Zillow especially for pricing. If you want details on a property just list it here and you will get help.

This was not a trustee sale. The sales price was indeed listed at 390k on the tax roll and I do not see any recording of a mortgage so it looks like a cash deal. Also the name of the seller is not the same as the last name on the living trust. That may or may not be meaningful. I agree it does not correlate at all with the sales statistics. I took a quick quick look to see if the property was entered as a sold on the MLS and I don’t see it so it may be a sale between friends or relatives or something of that nature.

Anyways if you want I could dig deeper.

SD Realtor

[SD Realtor]

I would not rely on Zillow especially for pricing. If you want details on a property just list it here and you will get help.

This was not a trustee sale. The sales price was indeed listed at 390k on the tax roll and I do not see any recording of a mortgage so it looks like a cash deal. Also the name of the seller is not the same as the last name on the living trust. That may or may not be meaningful. I agree it does not correlate at all with the sales statistics. I took a quick quick look to see if the property was entered as a sold on the MLS and I don’t see it so it may be a sale between friends or relatives or something of that nature.

Anyways if you want I could dig deeper.

SD Realtor

[SD Realtor]

I would not rely on Zillow especially for pricing. If you want details on a property just list it here and you will get help.

This was not a trustee sale. The sales price was indeed listed at 390k on the tax roll and I do not see any recording of a mortgage so it looks like a cash deal. Also the name of the seller is not the same as the last name on the living trust. That may or may not be meaningful. I agree it does not correlate at all with the sales statistics. I took a quick quick look to see if the property was entered as a sold on the MLS and I don’t see it so it may be a sale between friends or relatives or something of that nature.

Anyways if you want I could dig deeper.

SD Realtor

[SD Realtor]

I would not rely on Zillow especially for pricing. If you want details on a property just list it here and you will get help.

This was not a trustee sale. The sales price was indeed listed at 390k on the tax roll and I do not see any recording of a mortgage so it looks like a cash deal. Also the name of the seller is not the same as the last name on the living trust. That may or may not be meaningful. I agree it does not correlate at all with the sales statistics. I took a quick quick look to see if the property was entered as a sold on the MLS and I don’t see it so it may be a sale between friends or relatives or something of that nature.

Anyways if you want I could dig deeper.

SD Realtor

[SD Realtor]

I would not rely on Zillow especially for pricing. If you want details on a property just list it here and you will get help.

This was not a trustee sale. The sales price was indeed listed at 390k on the tax roll and I do not see any recording of a mortgage so it looks like a cash deal. Also the name of the seller is not the same as the last name on the living trust. That may or may not be meaningful. I agree it does not correlate at all with the sales statistics. I took a quick quick look to see if the property was entered as a sold on the MLS and I don’t see it so it may be a sale between friends or relatives or something of that nature.

Anyways if you want I could dig deeper.

SD Realtor

[bubble_contagion]

You can find sales details by zip code and year here:

http://users.ixpres.com/~gtriphan/

That property is listed as sold for $390K.

Using the data from that website I have been looking at UTC properties that sold in 2005 and then again in 2007. Most of them have sold at a loss.

Take for example the condo conversions of Verano. In 2005 the 2 beds were selling for $450+. Today there is one listed in the MLS for $299K-$349K. Even the realtor says this on the listing:

“This Is A Great Opportunity At Least A $100,000 Discount From Price Paid 2 Years Ago!”

Now that just makes me want to run and buy it!! Given today’s rental rates for similar apartments in UTC, a fair price would be $220K (HOA in those some of those conversions is $300+/month).

I have also been tracking rents. Some large complexes have not increased their rents in 14 months. This is longest period without any rent increase since I have data (2001). I am also seeing “Move-in specials” of 1 month free, etc.

[bubble_contagion]

You can find sales details by zip code and year here:

http://users.ixpres.com/~gtriphan/

That property is listed as sold for $390K.

Using the data from that website I have been looking at UTC properties that sold in 2005 and then again in 2007. Most of them have sold at a loss.

Take for example the condo conversions of Verano. In 2005 the 2 beds were selling for $450+. Today there is one listed in the MLS for $299K-$349K. Even the realtor says this on the listing:

“This Is A Great Opportunity At Least A $100,000 Discount From Price Paid 2 Years Ago!”

Now that just makes me want to run and buy it!! Given today’s rental rates for similar apartments in UTC, a fair price would be $220K (HOA in those some of those conversions is $300+/month).

I have also been tracking rents. Some large complexes have not increased their rents in 14 months. This is longest period without any rent increase since I have data (2001). I am also seeing “Move-in specials” of 1 month free, etc.

[bubble_contagion]

You can find sales details by zip code and year here:

http://users.ixpres.com/~gtriphan/

That property is listed as sold for $390K.

Using the data from that website I have been looking at UTC properties that sold in 2005 and then again in 2007. Most of them have sold at a loss.

Take for example the condo conversions of Verano. In 2005 the 2 beds were selling for $450+. Today there is one listed in the MLS for $299K-$349K. Even the realtor says this on the listing:

“This Is A Great Opportunity At Least A $100,000 Discount From Price Paid 2 Years Ago!”

Now that just makes me want to run and buy it!! Given today’s rental rates for similar apartments in UTC, a fair price would be $220K (HOA in those some of those conversions is $300+/month).

I have also been tracking rents. Some large complexes have not increased their rents in 14 months. This is longest period without any rent increase since I have data (2001). I am also seeing “Move-in specials” of 1 month free, etc.

[bubble_contagion]

You can find sales details by zip code and year here:

http://users.ixpres.com/~gtriphan/

That property is listed as sold for $390K.

Using the data from that website I have been looking at UTC properties that sold in 2005 and then again in 2007. Most of them have sold at a loss.

Take for example the condo conversions of Verano. In 2005 the 2 beds were selling for $450+. Today there is one listed in the MLS for $299K-$349K. Even the realtor says this on the listing:

“This Is A Great Opportunity At Least A $100,000 Discount From Price Paid 2 Years Ago!”

Now that just makes me want to run and buy it!! Given today’s rental rates for similar apartments in UTC, a fair price would be $220K (HOA in those some of those conversions is $300+/month).

I have also been tracking rents. Some large complexes have not increased their rents in 14 months. This is longest period without any rent increase since I have data (2001). I am also seeing “Move-in specials” of 1 month free, etc.

[Author]

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