Homes going up or Down in Price? (Edgewater, Stuart: sales, credit)

[equalrightsforeveryone]

Ah yes Zillow,

[prairie360]

Originally Posted by SWFL_Native

Since when did this become the Cape forum? Says FTM-CC so I woud assume this is the greater MSA so would include Lee County (Unincorporated, Lehigh, Sanibel, Captiva, CC, FTM, North FTM, Estero, Bonita, San Carlos... )

.... Arborwood, Gateway, South Fort Myers.

Seriously Nhkev, that was a terrific and informative post. Congratulations!

[nhkev]

Originally Posted by Twobeach

Hey Folks,, um,, I've got to put my 2 cents in,,Zillow,, IS SO OUT OF WACK,,I WILL NOT SUPPORT THEM IN ANYWAY! In NY they have my home at like 300's,,I am in the ballpark and way over the 400's,,,they are insulting and IMHO hurting the already badly bursed Housing Market. A Quick note to nhkev,,,we have a very "Unique" pc of Land in the NW,AG2,unlike the majority of "Plots" in the area, however we have other plans for that and are seeking 2 other "house properties". That 59,,sounded good,,up my alley and you know the story,,torn between Gulf and Fresh water,,really am spoiled here on Long Island with Jump in my Boat at Gilgo Beach in 15 mins,,this is hard to give up,,,but you know the story up here too,,Got some surgery going on later this month,,hoping to get up and get going asap,,and get down there! House going up as soon as I am able,,at a silly get me outta NY $$$..Its so over here! I know I have been on for years now saying I am coming,,and seriously I am no lunatic,,if you heard what the last 3 years in my life entailed,,I think I would having everyone believeing, "There is a Time& Season for Everythng" Truely I believe my time is now~ Still hunting in SWF,,lololol

zillow is limited to the information that it gets. Like trulia it gets it's info from the courthouse and assumes a lot of things. In some conditions it can be accurate but in others not even close. Zillow does not go out and visually inspect any house. It cannot tell that the house 2 doors down had chinese drywall, or was gutted, unfinished, poor condition,or the house across the street is gulf access and another is not, one has a swimming pool the other doesn't, one is on a main road and the other is a side st. the age of a house and the premium a buyer will pay for a newer house vs one that is 20 yrs old. it pretty much figures houses that sold in the area and computes a sq ft comparison. and the market moves so fast some times it usually lags with it's data. for example when I bought my property for $85k zillow said it was worth $146k . 3 brokers pricing opinions said it was worth $113k, an appraiser said $118k. now I think zillow says about 85k (mostly because what I purchased it for and then when I put it in a trust the same amount was recorded again) The house would still comp out around $110k now

When a certified appraiser views a property not only are they suppose to find the most recent and closest comparables, they should also contact the listing realtors of the sold comparables and determine if there was anything about the properties that were adverse or personal property included, any renovations that didn't make it to the tax card. They then make adjustments to reconcile some of the differences that would indicate that a potential buyer would pay more for one house over another. When the boom was going on many appraisers became just as unreliable as zillow but that's a different story. When I was selling my new hampshire house I had 3 seperate appraisers come to evaluate my property and not one was really even close to each other. We experimented with what they called desk top appraisals for a short time and they just didn't work.
When it all comes down to it ,,, your house is worth what someone is willing to pay for it combined with what you are willing to let it go for.

[coastal chic]

Originally Posted by nhkev

When it all comes down to it ,,, your house is worth what someone is willing to pay for it combined with what you are willing to let it go for.

So true.

[equalrightsforeveryone]

AP analysis: Foreclosures raise US economic stress
Full articleAP analysis: Foreclosures raise US economic stress - Yahoo! News (http://news.yahoo.com/s/ap/20110208/ap_on_bi_ge/us_stress_map - broken link)

[rikoshaprl]

Originally Posted by equalrightsforeveryone

AP analysis: Foreclosures raise US economic stress
Full articleAP analysis: Foreclosures raise US economic stress - Yahoo! News (http://news.yahoo.com/s/ap/20110208/ap_on_bi_ge/us_stress_map - broken link)

Another meaningless article in regard to local real estate conditions.

[equalrightsforeveryone]

Originally Posted by rikoshaprl

Another meaningless article in regard to local real estate conditions.

To you maybe, but to individual's that want to form an informed opinion about a business decision. All information is relevant and meaning full.
To make a decision without having all available information and considering all data is Foolish at best

[stahltkd]

Originally Posted by equalrightsforeveryone

To you maybe, but to individual's that want to form an informed opinion about a business decision. All information is relevant and meaning full.
To make a decision without having all available information and considering all data is Foolish at best

As been proven time and time again by other posters - SWFL is bucking the national trend. What is happening nationally is not happening in Lee County.

If you posted this on the Real Estate forum - fine no argument there, but you're posting on a area specific forum. Just because the "bigger" picture is a downward trend does not mean a concentrated area is following the same picture.

[hiknapster]

I want to point out that the entire country is not on a downward trend. Some areas are flat or going up. All real estate is local, sometimes right down to a neighborhood or street. Sweeping generalizations are not appropriate, especially in this economy.

[HonestOne1]

Here, lemme multiple choice it for you.

a) Prices are going up?
b) Prices are staying flat?
c) Prices are going down?
d) Prices are dropping faster than a turd from a cow.

I'll go with d), but 9 outta 10 realtors say now is a great time to purchase turds.