Home Selling in 95125>Question Details

Buyer in CA, Home Buyer in San Jose, CA

How did this house 2353 Winepol Loop San Jose, CA sell for 1.2M in a neighborhood full of houses worth around $300-400k?

Asked by Buyer in CA, San Jose, CA Mon May 21, 2012

How did this house 2353 Winepol Loop San Jose, CA sell for 1.2M in a neighborhood full of houses worth around $300-400k? Is there something special going on?

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11
Andrea Wince ~ Lic. 01439761’s answer
2353 Winepol in San Jose (95125) last market sale was in 2006. A mile radius from that address shows sold comparables going back 3 months in the $3-400k price range as you mention. I don't know where you saw a sale for $1.2m but it appears it is in error.
0 votes Thank Flag Link Mon May 21, 2012
BEST ANSWER
Thank you for your question homebuyer:

This was an intrafamily tranfer. This was not an arms length transfer.

This a good example of one of the reasons why you cannot rely on the internet for accurate information with respect to home sales.

This transaction is not reported on our Multiple Listing Service, although it was recorded with the Santa Clara County Recorder's Office back in April, and was reported on the internet. However part of the information is that it was an intrafamily transfer, not an arm's length transfer..

For an intrafamily transfer the price paid for the property is influenced by many other factors other than the true fair market value of the property. That is one of the reasons that we do not use intrafamily transfers to determine the true fair market value of a property.

Thank you,
Charles Butterfield MBA
Real estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
1 vote Thank Flag Link Mon May 21, 2012
See Allyson's answer.

When there is a transfer above market value it could be due to liens on other properties, business collateral, or any number of other reasons. When title has to try to convey a lien the holder of that lien will need to release it. That is the holder's guarantee they will receive what ever monies is due to them. It may not necessarily come from the subject property.

Communication Hill prices have come down significantly and you can get a relatively new property there below $500,000.

Have an amazing day!
Web Reference: http://www.terrivellios.com
2 votes Thank Flag Link Mon May 21, 2012
Well let me give you what I got. This a condo that is 2 bed 2 bath unit built in 2005. They bought the house in july of 06. What is funny is you are correct They did a intrafamily transfer for the amount of 1,185,00 in april of 12. This was NOT sold on the market but is a transfer of title from one member to another. Why they did it for this amount? I don't know, but it can't be for anything that is "above board"
I hope this helps, feel free to contact me with any questions.
At your service,
Allyson
408-705-6578
allyson@homesbyallyson.com
Certified Distressed Property Expert
2 votes Thank Flag Link Mon May 21, 2012
Thank you, for your question:

I am a former Real Estate Appraiser.

The answer is that intrafamily transfers do not influence appraised values. Only arm's length transfers are used for Real Estate Appraisals to determine the Fair Market Value of the property.

The reason that intrafamily transfers are not used in appraisals, is because there are many other factors other than the true Fair Market Value of the property involved in intrafamily transfers.

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
1 vote Thank Flag Link Tue May 22, 2012
Thanks for answering my question. I saw the data on zillow. Will this intrafamily transfer affect appraisals in this neighborhood?
1 vote Thank Flag Link Tue May 22, 2012
I went onto the Multiple Listing Service and that address does not show up, nor do they show anything on Winepol Loop that sold for more than $550K in the last 7 years. There must be a typo or input error somewhere.
0 votes Thank Flag Link Fri Aug 2, 2013
Intra-family transfers are not arms length transactions. That family had some other reason to inflate the value of the property.
0 votes Thank Flag Link Mon Oct 15, 2012
HI,

Are you asking about 2353 Villa Cortona?? my client bought that one........as the Winepol Lp complex does not have this house number...and these are Town homes in Willow Glen, off Curtner....my clients have bought several of these, and i am very familiar with them....and WHERE are you getting the $1.2M number from?? which website, thats completely wrong! You are right, those are in the $300-400 range.
Let me know if i can help in any way, TC,
Look for home on http://www.mlslistings.com
Thanks,
Nina Daruwalla
0 votes Thank Flag Link Mon May 21, 2012
That appears to be an error, probably the prior land value of the entire lot got attached to this property. You should expect homes around Communication Hill to be around $300-500K.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Mon May 21, 2012
I checked this address through the MLS and do not show any homes on this street selling in the range you mention. Please call me at 408 202 4460 if you require additional info on homes in this area or any other south bay properties.
Thanks
John
Intero Real Estate Services
0 votes Thank Flag Link Mon May 21, 2012
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