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Market Conditions in Millbrae : Real Estate Advice

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Activity 5
Fri Dec 12, 2008
Victoria Lam asked:
Sat Dec 6, 2008
Cheryl Chapin Petrovich asked:
What happens if the statute runs? (applies to the ans. to my first question.) Does the county appraiser have to come and appraise each house asking for a devaluation? If so, isn't that quite…
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Sat Dec 6, 2008
Alan Tang answered:
Hi Cheryl,

I guess no one really can give you a good answer on that one. Fortunately I just found out an old friend of mine works in the Assessors Office and he's been swamp with all the forms they received. I asked him if there're any hints that the county will lean towards approving the reassessment and this is what he said:

"Hope that you get a sub par appraiser. If all else fails, file an appeal, and hope the office is so backed up that it goes past statute."

I am guessing that's as good an answer as anyone can give regarding the reassessment.

Check with the city regarding subdivision, and check with a tax adviser regarding using your home for a non-profit.

Good luck!

Alan Tang
CRS, GRI, Realtor
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Fri Nov 28, 2008
CJ Brasiel answered:
Cheryl -

According to different appraisers I have spoke with all sales are taken in account when considering value. It is a weighted average in the sense that if there are only a few foreclosure (or pre-foreclosures like short sales) then the effect is not as great compared to if there are many in the neighborhood. Most appraisers are working within 1 mile and 3 months to pull closed sales for comparison.

If a neighborhood has several foreclosures, it indicates a declining market situation and that can affect values of even the most updated home. Condition does play into it (dead grass, broken windows) but mostly it is a square footage of lot and building that sets the basic value.

CJ
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Sat Apr 5, 2008
Alan Tang answered:
Hey Kraig,

Number talks! Here're some stats of all of Millbrae for you:

Q1 of 2008:
Closed Sales: 14
Avg DOM: 74
Avg Sales: $1,011,582

Compare to Q4 of 2007:
Close Sales: 24
Avg DOM: 38
Avg Sales: $1,010,440

It certain is a stable market, though it has taken longer for properties to sell in the area. It's a highly desirable neighborhood because of the schools as Dave has already mentioned. I have clients still looking in the area simply because they would rather use the money they are paying for their kids to go to private school in SF on mortgage, and the kids will be going to good public schools.

Mills Estate's value continue to climb, which is now pushing prices up for the Highlands area, which is also a good area.

Email or call me if you have more questions or would like more stats!

Alan Tang, CRS, GRI, Realtor
Alan@AgentAlan.com / 650-266-9928
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