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Market Conditions in 91403 : Real Estate Advice

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  • Local Info2
  • Home Buying5
  • Home Selling1
  • Market Conditions0

Activity 3
Fri Apr 6, 2012
Dot Chance answered:

Prices are definitely lower than a few years ago. I am available to help you find your new building. I can run comps for you as well. Contact me for more info.

All my best,
Dot Chance, Realtor®
Certified Distressed Property Expert – CDPE®
DRE License #01494182
Keller Williams Realty World Media Center

WHEN YOU THINK OF REAL ESTATE...Think! My business thrives from your referrals!
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Fri Jul 9, 2010
Tommy Lee answered:
Your question is a good one. However, you seem to ask if appraisers are downgrading and yet your example was an upgrade.

To put it mildly, yes, appraisers have been shooting lower. They really took a beating for estimating higher property prices in the market run up. So now they are much more conservative. This can help buyers. I had one property where we went to escrow at about 500k but the appraisal came in at 485k. So my clients signed an addendum that said the bank will only loan on that value. The sellers dropped their price and my clients saved 15k. Some listings now try to take the appraisal out of the contingencies to prevent that from happening.

But it is not the appraisers fault. They have a lot of pressure from regulators.

If you need help, please give me a call or send me an email.

Tommy Lee
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Mon Jun 21, 2010
Tommy Lee answered:
I have seen anywhere from 14 to 45 for regular retail and 22 to 54 for restaurant. That is, per square foot per year. A couple places I showed a client were in pretty sad shape and needed a lot of renovation. That was on the lower end. The upper end I showed a restaurant set up that was next to a coffee shop on the boulevard and it, of course was on the upper end.

If you are a home buyer, why the interest in commercial?

If you need assistance with anything, please call or email me.

Tommy Lee
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