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Re: Zillow 07307 market report
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Home away from home
 
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Yeah, Zestimates on individual houses are worth every penny you pay for them. On a 3 family property that I actually input the correct data for, their rent estimate was 1/2 of what I'm getting, and higher rent indicated higher value on any appraisal. But their market composites of sales I presume have a far lower margin of error, being based on data not guesswork.
Posted on: 2017/6/1 3:23
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Re: Zillow 07307 market report
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Home away from home
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2005/3/21 20:01 Last Login : 2020/9/5 14:18 From Exchange Place
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Do Zillow ?Zestimates? mislead home buyers? Lawsuit claims yes
http://www.marketwatch.com/story/do-z ... uit-claims-yes-2017-05-22
Posted on: 2017/6/1 2:36
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Re: Zillow 07307 market report
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Home away from home
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Umm, that's not making any sense at all. Abated properties are not being examined, appraised and reassessed as part of the reval that I've ever heard. When they come off abatement they will be given an assessment, presumably based on their value at that time.
Posted on: 2017/6/1 1:53
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Re: Zillow 07307 market report
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Home away from home
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Abated yes, but will be assessed according to the new reval next year
Posted on: 2017/6/1 0:53
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Get on your bikes and ride !
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Re: Zillow 07307 market report
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Home away from home
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I'd add that condo conversions are complex and expensive.
I don't know if it outweighs any theoretical tax benefits, but I doubt it. More likely is that they are making profits on rents, and assuming the properties will appreciate. Or, just turning a profit. Buildings like Portside Towers are still rentals, after all these years....
Posted on: 2017/6/1 0:51
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Re: Zillow 07307 market report
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Home away from home
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Sorry, I don't follow. Most of the new properties are abated and their taxes are not changing. If there is a general retreat of all property prices due to the reval (something I doubt) then they've lost money.
Posted on: 2017/6/1 0:08
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Re: Zillow 07307 market report
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Home away from home
Joined:
2007/7/4 16:37 Last Login : 2021/11/4 21:55 From Hamilton Park
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If I am not misguided, the interest for developers of doing rentals is for tax reason. Postponing the sale for several years allows to get a smaller property tax and, when selling, moving the profits to long term capital gains - at lower rate. As times goes, developers will eventually put their units on the market which should temper the current rise - which is also fueled by the stock market. The situation might be quite different a few years down the road...
Posted on: 2017/5/31 23:17
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Re: Zillow 07307 market report
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Home away from home
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Yep Demand is high, inventory is low. Not just in JC, but all across the US. (https://www.usatoday.com/story/money/2 ... housing-market/354486001/) After the financial crisis, home builders overcorrected (surprise!) and didn't build enough homes to keep up with demand. JC has been building, but most of the new units are rentals, and over 75% of units are rentals. Good time to own a home, kind of a sucky time to buy one....
Posted on: 2017/5/31 22:26
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Zillow 07307 market report
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Home away from home
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The median home value in 07307 is now $399,100, compared to $333,696 one year ago. Home values in your area are expected to increase 8.5% one year from now.
Holy crap.
Posted on: 2017/5/31 22:08
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