Black couple settle lawsuit as home value at $500k below real price

[Tiffany Gibbons]

HEY

Is this the first time that we are finding out that the same appraisal company Miller and Perotti Real Estate Appraisers completed both of the low and high appraisals???

That's how I read it too. That would explain a great deal, IMO.

 

[John Hassler]

I have appraised in Marin City. Their value from their first appraisal seems suspiciously low.

I don't know what the effective date of the first appraisal was but I do know the GLA of the homeowner's place.

There are two sales from the past 12 months that were well over $1million and they were both in dated to very dated condition. Those sales were both significantly smaller in size.

I am extremely familiar with Marin County and Marin City having appraised there since 1984. I also had a sales desk in the adjacent town of Mill Valley in the 1990s and 2000s. Here's what I found in MLS for "pole" homes in Marin City over $1m in the past 12 months:

81 Buckelew Street. Sold for $1,300,000 on 10/17/2022. Three bed, two bath, 2,302 sq. ft. Dated interior but lot is moderate upslope per photographs. Agent comments: "This beautiful Sausalito home is ideally located to explore the Bay Area and Northern California. Enjoy immediate access to Highway 101 and being only about 7 minutes from the Golden Gate Bridge, 10 minutes to San Francisco, 50 minutes to Napa Valley and having access to a selection of multiple beautiful beaches. 81 Buckelew has direct access to the Marin Headlands Trails at the end of the block, is a close distance to Sausalito's bay front, Sausalito's downtown waterfront, the Sausalito/San Francisco/Pier 49 Ferry, Mill Valley, shopping, restaurants and so much more. This is truly a rare opportunity to own property in Southern Marin with amazing views (including water) for this price and completely make it your own."

23-25 Buckelew Street. Sold for $1,250.000 on 7/27/2022. Four bed, four bath, 2,272 sq. ft. Appears to be set up as two units. Lot is upslope but has level access to parking. Nicely updated per photographs. Agent comments: "Fabulous home with great views of the Bay from many of the rooms. There is a spacious dining room, gas fireplace in living room with a walkout deck, office/media space on main level. Vibrant mature trees, flowers and a lemon tree in the garden with the home completely fenced in. Flat space on the upper west side that makes a great kid play space and can lounge/BBQ on the spacious wrap-around deck. Three car garage and very large patio too. A great investment as it comes with a separate unit for extra space or rental income, vacant now and previously rented for $2200 (separate meters). The home qualifies for the First Republic Bank Eagle Community Loan program. The program applies for Primary Residences with interest rate currently at 3.25% and moves up to 3.75% on July 1st, 2022. First Republic offers a one-time per property closing cost credit up to $7k! Endless possibilities here with the space, the views, and proximity to San Francisco."

There are also two "pole" homes currently offered for sale in MLS.

31 Park Circle. Asking $1,389,000, 253 DOM (reduced from $1,489,000). Four bedroom, three bath, 2,053 sq.ft. Nicely updated home with usable rear yard with lawn per photographs. Agent comments: "Stunning home, two levels, great location, minutes away to San Francisco. Great investment property. remodeled in 2018. Attached mother-in-law suite. Big back yard beautiful views from backyard, balcony, from deck on first level, back deck, mature trees, beautiful landscaping, spacious. Seller is a California licensed Real Estate Agent."

14 Burgess Court. $1,295,000, 71 DOM (no price reductions). Four bedroom, three bath, 2,352 sq. ft. Updated home on upslope site but has level access to parking per photographs. Agent comments: "Conveniently located just a 10-minute drive from the Golden Gate Bridge, a 13-minute bike ride to Marinship/New Town Sausalito, a 20-minute walk to Richardsons Bay, and next door to Tennesee Vally and Fort Cronkite/ Rodeo Beach, this move-in ready home has water views, a guest suite, decks, and a great backyard. The guest suite and upper level each have private balconies with water views. There are 4 bedrooms and 2 bathrooms with washers and dryers in the upper main level and the guest suite. The well-equipped guest suite has an office or bedroom with its own exterior entrance and private deck. There is a large backyard with plenty of room to entertain, garden, or improve. And a detached garage."

 

[Dale Floyd]

I don't know but "same company" may refer to the AMC.

That's how I took it, because if the two varying value opinions had come from the same appraisal firm, we would have heard that very loudly, and very quickly. Or there would have been a settlement long before now.

 

[George Hatch]

In my experience the overall appeal of a home that was designed and built at 2000sf is different than when you take a 1000sf home and add another 1000sf in bedrooms/baths.

 

[OSU Beavers]

I don't know but "same company" may refer to the AMC.

The quote from the article is "Miller and Perotti Real Estate Appraisers, who had two different employees appraise the Marin City home within a few weeks of each other in 2020."

https://www.dailymail.co.uk/news/article-11833203/Black-couple-settle-lawsuit-against-realtors-valued-home-500-000-market-rate.html

Of course that may not be the actual fact due to the typical journalist malfeasance or a lack of real estate lending understanding on behalf of the homeowners.

BTW Miller and Perotti Real Estate Appraisers has been trashed on Google with 29 FAKE One Star reviews.

The defendant is 77 years old and probably said "Screw it I am retiring!"
Yet our local Skippy got to retire last year completely unscathed at the age of 79 after overvaluing thousands of properties across his 25+ year career!

Unfortunately this is just going to encourage other grifters to play the race card in the future.

 

[ucbruin]

Maybe at 77 she got sloppy with her phraseology....
SPNB & BofA appraisers were warned back in the late 80s / early 90s....
But she probably wasn't taught to be careful....

 

[shrubberyvaluation]

HEY

Is this the first time that we are finding out that the same appraisal company Miller and Perotti Real Estate Appraisers completed both of the low and high appraisals???

Probably an error, I highly doubt this is the case.

 

[shrubberyvaluation]

I am extremely familiar with Marin County and Marin City having appraised there since 1984. I also had a sales desk in the adjacent town of Mill Valley in the 1990s and 2000s. Here's what I found in MLS for "pole" homes in Marin City over $1m in the past 12 months:

81 Buckelew Street. Sold for $1,300,000 on 10/17/2022. Three bed, two bath, 2,302 sq. ft. Dated interior but lot is moderate upslope per photographs. Agent comments: "This beautiful Sausalito home is ideally located to explore the Bay Area and Northern California. Enjoy immediate access to Highway 101 and being only about 7 minutes from the Golden Gate Bridge, 10 minutes to San Francisco, 50 minutes to Napa Valley and having access to a selection of multiple beautiful beaches. 81 Buckelew has direct access to the Marin Headlands Trails at the end of the block, is a close distance to Sausalito's bay front, Sausalito's downtown waterfront, the Sausalito/San Francisco/Pier 49 Ferry, Mill Valley, shopping, restaurants and so much more. This is truly a rare opportunity to own property in Southern Marin with amazing views (including water) for this price and completely make it your own."

23-25 Buckelew Street. Sold for $1,250.000 on 7/27/2022. Four bed, four bath, 2,272 sq. ft. Appears to be set up as two units. Lot is upslope but has level access to parking. Nicely updated per photographs. Agent comments: "Fabulous home with great views of the Bay from many of the rooms. There is a spacious dining room, gas fireplace in living room with a walkout deck, office/media space on main level. Vibrant mature trees, flowers and a lemon tree in the garden with the home completely fenced in. Flat space on the upper west side that makes a great kid play space and can lounge/BBQ on the spacious wrap-around deck. Three car garage and very large patio too. A great investment as it comes with a separate unit for extra space or rental income, vacant now and previously rented for $2200 (separate meters). The home qualifies for the First Republic Bank Eagle Community Loan program. The program applies for Primary Residences with interest rate currently at 3.25% and moves up to 3.75% on July 1st, 2022. First Republic offers a one-time per property closing cost credit up to $7k! Endless possibilities here with the space, the views, and proximity to San Francisco."

There are also two "pole" homes currently offered for sale in MLS.

31 Park Circle. Asking $1,389,000, 253 DOM (reduced from $1,489,000). Four bedroom, three bath, 2,053 sq.ft. Nicely updated home with usable rear yard with lawn per photographs. Agent comments: "Stunning home, two levels, great location, minutes away to San Francisco. Great investment property. remodeled in 2018. Attached mother-in-law suite. Big back yard beautiful views from backyard, balcony, from deck on first level, back deck, mature trees, beautiful landscaping, spacious. Seller is a California licensed Real Estate Agent."

14 Burgess Court. $1,295,000, 71 DOM (no price reductions). Four bedroom, three bath, 2,352 sq. ft. Updated home on upslope site but has level access to parking per photographs. Agent comments: "Conveniently located just a 10-minute drive from the Golden Gate Bridge, a 13-minute bike ride to Marinship/New Town Sausalito, a 20-minute walk to Richardsons Bay, and next door to Tennesee Vally and Fort Cronkite/ Rodeo Beach, this move-in ready home has water views, a guest suite, decks, and a great backyard. The guest suite and upper level each have private balconies with water views. There are 4 bedrooms and 2 bathrooms with washers and dryers in the upper main level and the guest suite. The well-equipped guest suite has an office or bedroom with its own exterior entrance and private deck. There is a large backyard with plenty of room to entertain, garden, or improve. And a detached garage."

12 months from now or 12 months from the original appraisal in 2020? This could be wildly different. That 2nd one looks like it was near the height of the market with the interest rates still at 3%. The OP house was probably appraised before the market shot up or at the beginning of it when rates went down. I think I may of read they actually got a better rate because they used the 2nd appraisal so it may of been before the rates went down.

 

[djd09]

HEY

Is this the first time that we are finding out that the same appraisal company Miller and Perotti Real Estate Appraisers completed both of the low and high appraisals???

that is how dishonest these crooks are, we do not even know who did the second appraisal...if there is even one?

 

[shrubberyvaluation]

that is how dishonest these crooks are, we do not even know who did the second appraisal...if there is even one?View attachment 73367View attachment 73368View attachment 73369

Probably is one. Someone here claimed the 2nd appraiser used 2 sales in Marin City and 6 in Sausilito I believe.