I am trying to value individual lots (vacant lots and land only. typical size 80 x 125) in subdivisions in Cape Coral, fla using Solds on Trulia.

Asked by Bob, Cape Coral, FL Thu Mar 18, 2010

I've plotted @ 25 props doing a rough estimate. In the same sq mile I'm gettiang valuations ranging from $29K to $130K, not on water, same size, all late January-early Feb sales. However, today I received a history of solds from the Mls, showing recent solds in the $7k-$14K.

Why is there such a discrepency here? How accurate is Trulia information on solds? It doesn't appear reliable. Is it? Could someone explain the problem to me?

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8
Mark Washburn, Agent, Cape Coral, FL
Thu Mar 18, 2010
Don't waste your time trying to use Trulia for this exercise. The Trulia database represents a very small subset of the entire pool of transactions. As others have mentioned, Realtors can slice and dice vacant land sold data for you based on wide variety of criteria.

There is another resource that I use on occasion for vacant land valuations. The Lee County Property Appraiser website has a reporting tool that will let you pull sales data for vacant lots. This database has every transaction, not just those involving a Realtor like MLS. This site is particularly helpful to analyze lot transactions that were sold outside of MLS like a bulk lot deal.

Here is how you can access this resource:
http://www.leepa.org ==>> reports ==>> online reports ==>> parcel list generator ==>> at this point you can select a zipcode, vacant land and your date parameter.

If you want to drill down further, you can search via strap ranges. Here is a blog post to learn about how strap numbers are derived: http://www.gulfreturns.com/2005/09/lehigh-acres-strap-numbers.html Although this post is about Lehigh, it works the same in Cape Coral.

Good luck with your research!
1 vote
Jane Grant, Agent, Aguanga, CA
Thu Mar 18, 2010
Trulia gets it's information on sold properties from the County Recorder's office. Any recording whether it is a sale or a document being recorded can show up as a "Sold", property.

Appraisers use the MLS and information from Title companies to get accurate information.

You need an agent who is familiar with the area to get you the most accurate information.
Web Reference:  http://www.soreal.biz
1 vote
John Bennett, Agent, Orlando, FL
Thu Mar 18, 2010
Bob, you need a Realtor in the area.
When my son moved to a town just 75 miles North of me, I found him a local agent to help him. I am able to sell him land, but for his benefit I found him a local that knows the area.
So If I pass up a commission there might be a reason - the reason is my son was better served.

John
0 votes
Bob, Both Buyer And Seller, Cape Coral, FL
Thu Mar 18, 2010
Thank you all for your answers. That really clears it up for me pretty well. I'm plotting the mls solds info I received today on a new map and on google earth. I'll also pull up from leepa as you suggest.

Thank you again!

Bob
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Thu Mar 18, 2010
Hi Bob,

As all the others have told you, the information in Trulia regarding "solds" is not accurate. Standard sized, off water lots are selling in the range you saw on the mls history you received. Prices will also vary depending on where the lot is located and if city utilities are already ran in the area or not.

Contact an agent that knows the area to assist you. In the market we are currently in you can purchase really nice waterfront lots for under 100k so the valuations you are seeing on off water lots on Trulia is way off base.

Terry McCarley / Remax Realty Team
cell: 239-707-4575
email: leecountyrealtor@earthlink.net
0 votes
Madeline Dav…, Agent, Cape Coral, FL
Thu Mar 18, 2010
No Trulia does not have up to date information. Your best bet is to contact a Realtor to get a true market value. There is no cost to you and any agent would be happy to help you.

Madeline Davis
Century 21 Sunbelt Reatly
Cape Coral, FL 33914
0 votes
Jay LaGace, Agent, Cape Coral, FL
Thu Mar 18, 2010
Trulia has a bunch of values in it that I do not beleive that anyone could explain where they get it from..
Like Danielle said, best bet is to contact an Agent who is familiar with the area, not just any agent, but an agent that is a producing agent who truly knows what is happening in our market and can provide you with realistic values.

Jay LaGace
LaGace & Whitt Partners
RE/MAX Realty Team
239-443-8795
0 votes
Danielle Sha…, Agent, Cape Coral, FL
Thu Mar 18, 2010
Bob,

Trulia is manually updated - there is no direct feed from public records or even the MLS. Even active property isn't necessarily accurate either.

I'm going to toss out the old cliche.........your best bet is to contact a Realtor to gauge market value. We all offer our services for free and would be happy to help you. Actually, there's an agent in my office who specializes in vacant land. Her name is Jessica Withers. I'd be happy to put you in touch with her.

All the best!
0 votes
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