CRMLS: Regional differences

[ZZGAMAZZ]

Most of my work is throughout the I.E. and Orange County so I kinda know what to expect and what to look for in a listing.

But i was surprised when I realized during a few jobs in and around Inglewood that 95% oif the sales don't describe the financing and/or the concessions and/or what the concessions are for, although I thought it was mandatory for a listing agent to report that info.

Then in La Quinta where All of the listings describe the living area sqft, bedroom/bathroom count, and existence of a Casita....but 95% of the listings fail to indicate whether the sqft and/or the bed/bath count include or exclude the Casita. It is very important info and I'm unsure whether local Coachella Valley appraisers contact each listing agent or just ignore the possible mis-informnation. [Another reason IMO that an AVM could be incorrect by up to 10%...]

 

[Joe Flacco]

Do you have floor plans?

Most of the listings have at least a cubicasa floor plan with interior SF broken down by floor. They might lump it all together in the listing but you can look at different sources and price it together.

 

[ZZGAMAZZ]

Do you have floor plans?

Most of the listings have at least a cubicasa floor plan with interior SF broken down by floor. They might lump it all together in the listing but you can look at different sources and price it together.

Interesting is that a few of the comparables I selected do indeed include floor plans from which I am able to reconcile the true, respective bedroom/bathroom counts but none jnclude dimensions [nor do any of the Casitas "fit" into the corresponding 1 car garages as I tried the round-peg-square-hole reconcliation protocol]. Trying to figure out how to send one email request to 1 realtor with 4 BC's although 5 different comp addresses are involved; and the degree to which my measirement of the subject cotresonds to its prior MLS listing, and to Realist, will provide insight into the prevailing local protocol, if market standardization exists, but even a perfect R1 correlation would not neccessarily reflect the specific comp info. But methinks the distiction can easily affect the OV by $150,000 in this upscale market, at which time a user-friendly Opinion, if adequately disclosed, is as appropriate as a conservative OV with the "business decision" coming in to play. Scenarios like this also remind me that our role in the microeconomic environment is hefty...

 

[CCAAMO]

From Inglewood to La Quinta? How do you make any money when most of your time is driving?

 

[J Grant]

Do you have floor plans?

Most of the listings have at least a cubicasa floor plan with interior SF broken down by floor. They might lump it all together in the listing but you can look at different sources and price it together.

Only a small amount of the listings in my area MLS include a cubicasa floor plan.

 

[Vermonter]

Only a small amount of the listings in my area MLS include a cubicasa floor plan.

Most in mine do now but it's layout only. They use the living area from assessment records.

 

[ZZGAMAZZ]

From Inglewood to La Quinta? How do you make any money when most of your time is driving?

In this scenario, granted that the distance is brutal but not as frustrating as the routine 90 min drive from anywhere to anywhere on the 15, 60, 91, 215. Took an atypical route today for 1st time in about 18 months within 10 miles of home in riverside.... saw at least 10,000 new SFR, condo, apts! OTOH the 2 jobs for 2 very lucrative clients will earn me $1100 that in my old school perspective is a lot of money.... compared to the damn $90 Monthly [monthly] 2027 SS increase...

 

[CCAAMO]

If they pay enough to cover the drive time, and your back can put up with the drive, its a good deal. The $90 SS increase may look pretty good if they cut your payout 25% in a few years

 

[ZZGAMAZZ]

If they pay enough to cover the drive time, and your back can put up with the drive, its a good deal. The $90 SS increase may look pretty good if they cut your payout 25% in a

 

[Sandra Koutsopoulos]

I think we appraisers in SoCal should chat with the IE board and CRMLS in Orange County regarding some of these issues.

I brought up the ADU thing a few months ago, and CRMLS in Anaheim did have a speaker last month on that. Since she was an agent pushing her profit-making ADU design/building crew it was unfortunately more about sending prospects to HER than actually illuminating much re: ADU's. Her pricing put adding an additional unit at about $215,000, so where the heck is the profit/ROI for the property owner? Other than that, she provided good sources for the SB9 legislation which, in many highly populated areas, enables the property owner to expand to 4 units legally on a SFR lot with very little gov't interference. I had the opportunity to interact with some agents there about more practical matters related to the ADU's, like for goodness sakes put the square footage of the ADU on the data sheet along with actual rents. Often it's a guessing game. I told them that if they want their deals to close, and Buyer needs rental income to qualify, they handicap appraisers by keeping that info a secret because those comps are hard to find. Might be time for Sellers to prove to the agent they have permits, or to declare the work is unpermitted, in which case agents should caution Buyers to be aware and have plumbing, electrical etc inspected for safety and compliance. (I doubt agents will do that, but it falls within their fiduciary duty)

I found the Hemet office to be somewhat open to having a speaker at their meetings (who will bring the donuts!). They've had title reps, home warranty reps, L/Os etc, so it might be a good opportunity to pitch the idea of bringing in an appraiser to illustrate to the agents how they can help themselves get to closing by disclosing ADU sf & rents, for example. Some agents have said they are reluctant to include those things because they are not certain the owners went through the full permit process. The fact remains, the structure is there with tenants inside, and the agents are promoting the property as having helpful income.