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

[shrubberyvaluation]

Look at the 2 similar homes in Marin City that haven't sold. One townhome pending

For Sale
$1,389,900
4bed 2.5bath
2,053sqft
9,500sqft lot
31 Park Cir,
Sausalito, CA 94965
253 DOM

For Sale
$1,295,000
4 bed
2,352sqft
8,651sqft lot
14 Burgess Ct,
Sausalito, CA 94965
100 DOM

Pending - Townhome
$1,150,000
3bed 2.5bath
1,730sqft
700sqft lot
252 Bay Vista Cir,
Sausalito, CA 94965

use your big appraiser brains to form an opinion on which value is closer to a supportable MVE

Are property prices much higher than the time of the original appraisal.

 

[Sadie]

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."

Thank you

 

[Sadie]

Are property prices much higher than the time of the original appraisal.

Yes I think so. Per available data. The CA appraisers will know more.

 

[Sadie]

"The Austin family bought their home in 2016 for $550,000."

"The couple carried out $400,000 of significant renovations in the five years since buying the home including a brand new floor which added 1,000 sq feet of space, a fireplace, new appliances and an outdoor deck.

But when it came to listing the property they found it had increased in the home's value by just 10 per cent."

"Paul and Tenisha said the first estate agent who appraised the house"

Was this in fact an appraisal, or a CMA done by a real estate agent? If the first "appraisal" came in at $945,000, where is the 10% increase figure coming from when they have $950,000 invested in the home?

Maybe they tried to sell and the CMA came in at $550k + 10%=$605k.

 

[TJSum]

"The undisclosed settlement victory for Paul and Tenisha Tate Austin includes compensation from Janette Miller, the appraiser, and her business, 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."

If both appraisals came from the same Appraisal Company, their own quality control should have been aware two assignments were received for the same property within weeks of each other, and made sure the second report was not in major conflict with the first report before sending off to the client.

 

[Tiffany Gibbons]

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

As many as it takes, lol

 

[OSU Beavers]

The market around here dipped in March/April of 2020 until people figured out that this was all BS and went about business as normal. After that prices shot up.

"The undisclosed settlement victory for Paul and Tenisha Tate Austin includes compensation from Janette Miller, the appraiser, and her business, 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."

If both appraisals came from the same Appraisal Company, their own quality control should have been aware two assignments were received for the same property within weeks of each other, and made sure the second report was not in major conflict with the first report before sending off to the client.

We are thinking that the homeowners are confusing AMC with appraisal company.

 

[Tiffany Gibbons]

The market around here dipped in March/April of 2020 until people figured out that this was all BS and went about business as normal. After that prices shot up.

We are thinking that the homeowners are confusing AMC with appraisal company.

Yes, we already found out it was that same AMC when the AMC settled last year. You'd think they'd be bragging up the "non racist" appraiser yet we still don't know who that was. Must be a staff appraiser or Zillow "expand search parameters".

 

[Sadie]

"The undisclosed settlement victory for Paul and Tenisha Tate Austin includes compensation from Janette Miller, the appraiser, and her business, 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."

If both appraisals came from the same Appraisal Company, their own quality control should have been aware two assignments were received for the same property within weeks of each other, and made sure the second report was not in major conflict with the first report before sending off to the client.

Maybe the author got it wrong and it was the same AMC?

 

[CGinMN]

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."

Thanks, that’s great info.

Do you see any relevant pole sales from period prior to the Miller appraisal, which was completed in Jan 2020?