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Property Values on Linda and Harbor Islands

You are using comparibles from locations that are not comparable. For example, Bayside Drive. For example Linda Isle has a recent comparable for over $20MM, but (like a number of high end homes) the sale is private and the sale price is not disclosed. This is done in California by eliminating the "stamps." The values based on your program are off by as much as 80% of Harbor Island and say 50% on Linda Isle. Homes in this market usually seel for 90% to 95% of asking price. Take a look at the listings.
  • Question refers to 12 Linda Isle, Newport Beach, CA 92660
  • August 03 2008
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Answers (1)

I understand and share your frustration with automated valuation programs in regards to significant properties, like the kind on Linda and Harbor Island. I once managed a premier property valuation firm in Orange County. Our licensed appraisers opinions were always disagreeable with that of the banks automated systems or "electronic appraisals" as they called them at that time. Sure it works great for planned unit developments in areas like Irvine where exact model matches are compared. But in situations where most homes are custom and vary so much in size, quality, and location (water/dock access vs. none 1 house away) these methods have a low degree of accuracy. Fortunately most sales and loans are still based on real live licensed appraisers opinions of value and not software speculation. To get an accurate view of value, hiring an appraiser is recommended. Most agents will provide a basic CMA (Current Market Analysis) which is sort of a guess, if that agent hasnt had any formal appraisal and valuation experience. But to get the most accurate idea of what a home should sell for, a full property AUDIT should be performed. I always perform a full audit for my clients prior to listing a property. [Promotion and removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
  • November 18 2012
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