Strange sale prices

3 Replies

Hello,

I hope this is in a good section, Its my first true post other than my introduction earlier today.

I have rentals in the central florida area and as such I scour Zillow and Realtor.com on a regular bases just to get an idea on pricing, sales and other rentals.

Mine are in a complex called Columbia Arms. When they converted from Apartments to Condos they sold from between $150,000 to $180,000. When the market crashed they plummeted to as low as $20,000-55,000. A bitter pill to swallow but they are on the rise now and have come up as much as $30k

Recently though there seems to be a rash of sales that are much higher then what current value would point to. I figure a 2/2 should be about $65,000 from the estimates on the site and what at least two people are currently listing their for sale properties at. But the link below shows that 5 condos have sold for $100,000-150,000. two or three of them looked to be bought by the same group, but I can't understand why all of these would sell for so much more then they are worth? I thought it was just an error but theres such a spread from different sites and dates that theres got to be more to it. Can any one shed some light on it? The first link is to zillow which shows the 5 in questions and then the address that follows is for a 1/1 condo that sold for $154,000, which is just mind boggling in this economy.

Thanks for any insight!

http://www.zillow.com/homes/for_sale/Kissimmee-FL/18847_rid/100000-155000_price/385-596_mp/days_sort/28.307511,-81.412105,28.306049,-81.413523_rect/18_zm/0_mmm/1_rs/ 1612 columbia arms cir 237, Kissimmee Fl 34741

The deed for the sale for Unit 239 also includes Unit 132 and Unit 237. So that's 3 units for $154K. Which keeps the value in line with the comps you are seeing. Additionally the recorder is referring to the transfer as a "qualified sale", so it may not be an actual arms length transfer. @Wayne Brooks What's a qualified sale mean in recorder terms in FL?

A quick lesson in why zillow comps can't be used for much. :)

Good catch, the devil's always hiding in the details.

Property Appraiser sites don't always note that multiple parcels may be involved in a sale, on their website.

"Qualified sale" in Fl Property Appraiser speak means the property appraiser's office has no reason to believe it's not an arms length transaction, and may be used for Their market comp.s when determining values. "Unqualified" would be the opposite.

Ahhhhhh, that makes so much sense now.

So much for flipping one of mine for a hidden mini fortune. Thanks! this site is already proving to be a great resource.

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