Allegations of Appraiser racism

[George Hatch]

The most recent sales in this section of this neighborhood haven't exceed $1M. Almost all of them are smaller than the subject; most being the same size as the subject was when they bought it. Take note of the 01/2021 sale for under $1M.

I ran this search in public records (not Zillow) off the APN to see the sales history for this immediate neighborhood. These are all of the sales in proximity to this subject, no search filters applied. At least one of the sales on that list is a multi-family.

The adjacent neighborhood to the south consists of 1500sf paired homes on their own lots, those being built in the 1990s. They're topping out at $900k, too.

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[Joe Flacco]

That is not a good list of properties that are comparable to the subject.

22 Pacheco is land sale. 20 Pacheco, the subject of the article is better than 635 Drake which traded for $969k.

 

[Joe Flacco]

28 Buckelew which sold for $650k in June 2019 is probably most similar to 20 Pacheco before they put $400k into it.

 

[Joe Flacco]

Anyway whatever happened with the two appraisals is probably not because one appraiser is racist and the other is not. It's probably just a little bit complex.

 

[DTB]

The median household income in Marin City, CA in 2019 was $44,089, which was 82.4% less than the median annual income of $80,440 across the entire state of California. Compared to the median income of $71,306 in 2000 this represents a decrease of 61.7%. The per capita income in 2019 was $41,091, which means a decrease of 9.4% compared to 2000 when it was $44,962.

Read more: https://www.city-data.com/income/income-Marin-City-California.html

And this supports $1.4M houses how?

Around here, this is what $1.4M homeowners earn.

For the period 2009–11, the estimated median annual income for a household in the village was $117,526, and the median income for a family was $144,885. Male full-time workers had a median income of $107,768 versus $61,939 for females. The per capita income for the village was $64,759

 

[Joe Flacco]

Because the people buying are earning more than the median household income.

 

[DTB]

Because the people buying are earning more than the median household income.

Can't be for all of them. In fact nothing sold for the $1.4M in that market from what I saw.

 

[Joe Flacco]

You got these two down the street. One is smaller and one is bigger. Both are probably better houses on better lots that are higher up the hill.

 

[Joe Flacco]

This one was on George list and traded for $965k. This one is probably more similar house but small with older finishes on a more similar lot.

 

[DTB]

View seems to be a big value driver in the area. I saw no mention of "subject's" view. Street view sure feels like it's a different location. That's my analysis from 2,100 miles away-LOL