In My Neighborhood in 92264>Question Details

Dee Ann, Other/Just Looking in Palm Springs, CA

I would say $600 a month HOA on fee simple land isnt that great. I would rather pay $130 a month on lease land. & yes your numbers are way off.

Asked by Dee Ann, Palm Springs, CA Tue Sep 27, 2011

These sites are strange. like zillow. 2 identical Houses in a development, built same yr etc. 1 says 235K. the house nextdoor says 295K and its trashed inside.

Help the community by answering this question:


Some real estate sites do not have the most accurate information on for sale properties. If you are interested in a property it is best to contact a licensed real estate agent to get the true details. HOA fees can get expensive in the resort style living communities. Land lease does not mean that an HOA will still not exist. There are several communities that have both. If you would like more information regarding a property please feel free to contact us and we will be able to tell you what the monthly fees are and the price of the property.
0 votes Thank Flag Link Thu Jul 31, 2014
Dee Ann

You have a couple of answers already that give more guidance to the use of the numbers you find on various sites. It seems that buyers heavily weight price/foot as a true and strong factor in assessing the value of a home. In reality, it's only one of the, and one of the smaller values, that I use in that assessment. The true value, of course, is what a willing seller will sell for and what a willing buyer will buy for. Our effort here is to try and determine that value as accurately as possible so we have that seller and buyer coming together, sooner rather than later.

Most of our experience in real estate is built on many factors. The decisions that are made are based on a collection of information, not just one item. Whether leased land is right for you, or a single family home or a condo and community living, along with your budget, future earning power, your age, your famiily status - all are factors in making the home purchase choice.

So, keep your opportunities open by looking at all the components that makeup the whole.
0 votes Thank Flag Link Tue Sep 27, 2011
Sounds like you are referring to the "Zestimate" to me. And you can check out Zillow's own rating scale to see how accurate their "zestimates" are for the particular area. Just scroll all the way down and you can click on the "zillow report card" to check out how they rate themselves. They can be up to 70% off for some areas.

They pull their info for the zestimates from the public records. As an owner you can 'claim' your home and add edit the information to make it more accurate as well to reflect any updates you have made. But if someone has not done this then sites like this are basing on the previous sales and assessing per square footage.

If the home is ACTIVE for sale on the market by a licensed agent than the sales price is set by the seller, usual under counsel of the agent. As previously mentioned, it could be a strategy to draw multiple bids if it seems low. And if set high, it is likely you will see a price reduction or a sales price lower than the list price.
0 votes Thank Flag Link Tue Sep 27, 2011
You are referring to the "Zestimate" I presume. Nothing compares to a competent experienced agent and appraiser to determine the market value of a home. These types of sites typically use square footage of homes sold then uses that price per square foot to give a value on the next home. The human element is removed. Adding or subtracting for improvements, deferred maintenance, or other nuisances isn't a factor in auto values.

Those sites should be used as just one of many forms of information available to the consumer.
Web Reference:
0 votes Thank Flag Link Tue Sep 27, 2011
The sites aren't strange. Some of them are filled with junk information, depending upon what was input to them, but just because one house is priced at $235K doesn't mean the Seller won't get multiple offers, and close for above asking price, or that the other house, priced at $295K, won't sell for considerably less. Sellers - whether a lender or an individual - can list their property for whatever asking price they choose. Doesn't mean they'll get it - or that they weren't advised to do otherwise.
0 votes Thank Flag Link Tue Sep 27, 2011
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