Jeannie Niles Real Estate Investment
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Zestimator
My son emailed this link to Zillow’s Zestimator this morning. I also read the article in the Wall Street Journal about how amazing this site is.
I must admit the comments in the Wall Street Journal saying this site would do to Realtors what Expedia did to Travel Agents got my attention.
I have never thought Real Estate Brokers would be indispensable because a good broker does so many more things besides just pricing a property. It’s always the old rule “you get what you pay for.”
Here are the results of my “test run” with the zestimator:
A condo I own in San Diego on 6th Ave, facing Balboa Park was priced at $815,000 – $100,000 more than what it is actually worth.
A property a client of mine owns in North County San Diego was valued at $949,000 – It’s actually worth $1,300,000.
A home I own in Desert Hot Springs was valued $267,000, which is almost exactly correct.
The above demonstrates that individuals using Zillow alone could be disappointed, or possibly confused. For example, my condo on Balboa Park is identical to all the others in the building, except for the floor it is on, and the interior design. But estimates vary by up to $200,000, even between condos on the same floor. Would spending $10,000 on remodeling raise my condo’s value by $100,000?
Zillow brings together a lot of interesting information in a pretty package, but it has some work to do before I retire.
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Income property has once again become “Income property”.
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There are many small income properties available in the area. Prices here have declined over 50% since the peak of the market late 2005/early 2007.
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It’s possible to obtain some great apartment financing. 25% down payment and interest rates at 6% or slightly below.
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Cap Rate is an investment tool for analysis that enables an investor to compare one investment to another.
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Cap Rate is the best tool for determining the value of an income property.
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Some of the most outrageous episodes in property ownership that the owners lived to tell about.
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Only 5% sales agents or brokers actually own investment property, and only 10% actually sell a property.
Every investor's situation is unique, and I have over 25 years experience solving problems. Use the form below to ask me about your unique needs.
Jeannie Niles Real Estate Investment
P.O. Box 317
Palm Desert, CA 92261
P: (760) 360-4020
F: (760) 340-9069
E: jniles@realestate-investment.com
