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Curt Abramson's Advice

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  • 41 Contributions
  • 1 Best Answers
  • 9 Helpful

Curt Abramson wrote:

Does a pool add value to a home?

Answer
Pools are usually a liability, not an asset, at least in a cool coastal location, for the reasons you mention. Also, if you don't have approved barriers for the pool area that is an additional cost you will assume when you sell, due to ordinance. If you can get it removed/filled and re-landscape for the $10k, that is a much better use of your money.
October 08 2013
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is this home for sale

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Which home are you asking about? There's no link attached to your question.Thanks,
March 31 2013
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Do you have historical data? I need estimated value for 11/7/2011

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Anthony, I can send you some comparable sales information if you e-mail me directly at cabramson@baileyproperties.com.Best regards,
February 09 2013
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Why is 16 acre property w similar sq footage valued less than closest neighbors?

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My pleasure. Here is what the website says about "Zestimates":http://www.zillow.com/wikipages/What-is-a-Zestimate/Hopefully this will clarify their process for you.I understand what you are saying about negotiation and pricing, and buyers' desire to rely on any information that supports the value of their offer. That's only natural, as is the seller's corresponding desire to maximize value. This is where good real estate professionals add value to the process. By providing their respective clients with accurate and insightful information about the market, the seller's and buyer's agents help them understand what fair market value is at the point in time the negotiations are taking place. We also help bring some objectivity to the negotiation process without compromising our client's interests, and help our client distinguish the real buyer or seller from the one who is just out toying with the marketplace, and has no real intent to buy or sell.My experience, especially in a market like the current one, is that if the house is appropriately priced and marketed well, there are other buyers to compete with for the house. SV has been very active with buyers recently. The real buyer will make a solid offer with the intent to close a deal and get the house they want.
October 24 2012
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Why is 16 acre property w similar sq footage valued less than closest neighbors?

Answer
OK, that's helpful. It looks to me like there is a range of values in the immediate area (Apple Valley) from about $600k to $1.5m, and that this property is close to a median at the Zillow estimate of $934k. Quite a few are in that $900k-$1m range. An interesting thing about acreage is that unless it can be subdivided or it has some other income-producing characteristics, having more acreage doesn't usually add that much value to the home. I'd also comment that Zillow is by no means the best way to determine value of your property. It's useful for discussion, and for getting info about recent sales activity on other properties, but there is no ability to factor in upgrades, unique features, views, etc. There are mysterious calculations they use unknown to any of us, involving recent sales, square footage, and other details about the homes probably including the quality rating included in the tax assessments. There's lots of room for error.An appraiser can give you their perspective, but it will cost you $4-500. Your best bang for the buck: A seasoned local realtor will help you determine probable market value of your home at no charge, and can share info about other recent sales as well. If you are thinking about selling, this is a good way to evaluate listing agents. I'd also comment that no real estate professional considers the values in Zillow to carry any weight. There is no potential negative impact for you from these valuations.If you'd like more detail about any of this, feel free to contact me. I'm happy to chat!
October 23 2012
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Why is 16 acre property w similar sq footage valued less than closest neighbors?

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It's pretty difficult to answer this question adequately without more detail about the properties in question. can you supply an address for us to look at?Thanks!
October 23 2012
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What do you do when you know the zest inmate is completely wrong?

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Hi K,Hopefully by now you've concluded that the Zillow estimate for your home is of no importance in the scheme of things. I think I know where your home is and if I'm correct, this is the most whacked out price gap I've ever seen on Zillow, if that's any comfort to you.If you'd like to see what recent sales in the area might indicate the value of your home is, I'd be happy to work up that information for you from the MLS - send me a message or call me if so. But please rest easy; no one who matters pays any attention to what Zillow says is the home value. It will eventually correct itself.Regards,
October 14 2012
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My homes price-worth set value is way out of line with same-similar houses in the neighborhood.

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May I say how refreshing it is to hear from a homeowner who seems to have a realistic view of their home's value? Seriously, though, in Zillow's as well as an appraiser's view, they can only utilize history to compute a home value. You could say they are looking in the rear view mirror, not the windshield. One would think that would lead to a lower than realistic value, given the recent run of high activity and increasing prices we are seeing in some markets, but as others have mentioned, the "algorithms" are working....If you are considering selling, definitely ask some experienced local real estate professionals to give you their perception on value, as well as how to maximize the return through smart preparation and presentation of your home. If that is not your current plan, then relax about Zillow pricing - it is very fluid, and what you see today may adjust drastically tomorrow. Whatever your plans, thanks for bringing the subject up and for bringing a smile to my face today!
September 29 2012
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Need Some Advice, Help, Ideas

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Well, the first thing I'd say is that it isn't a perfect world, especially the real estate world nowadays. It's almost impossible to give a reasonable estimate of value without getting a look at the property, since the cost of repair can be so variable. If you give me a call I'd be happy to come by and give you a ballpark estimate of current value vs. fixed up, as well as what the lot value might be.
February 28 2012
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Need Some Advice, Help, Ideas

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The $300k is not the margin, it's what the lot is worth. If you sell the lot, $300k is all gravy for your parents, but let's say instead you enter into an agreement with a builder to build a 2000 sq. ft home on this new lot. You might offer to split the profit, since he would need to fund this project. There's no hard and fast rule on profit, but if they're putting up the money, they'll want as much as they can get - for you it's about your parents' quality of life, for him it's just a business deal. A reasonable cost for medium quality construction is $250/ sq. ft. That's $500k to build this home. His margin on that cost might be 10% if he's good, so that's $50k for his work. If you and the builder sell this home for $800k, which is generous for the neighborhood your parents' home is in, the profit is still $300k. Now you're splitting that with him, so the funds available to fix up your parents' home is $150k. Any selling price that is less reduces that. Plus, you've taken the risk of finding a partner with access to funds, capable of building a spec home, and you've spent the time, which is at least 12 months if not more. The long and short of it is that in our current market and for the foreseeable future, there isn't sufficient profit in building a spec home to justify all this risk. The value is still in the lot, not the building.
February 28 2012
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