Specialist · Lancaster, PA · Member since 2018 · 152 posts · 66 votes
6y
@Pau Kha You could try piecing this together from platforms such as Loopnet and Crexi and your local Auction websites. That would be some of the only ways to my knowledge without having MLS access.
@Brett Peters thank you for responding. Looks like you need subscription for crexi. I tried loopnet but doesn’t show any recent sales and pricing in the area. I guess I’ll try searching some more.
Wholesaler · Sunnyvale, CA · Member since 2016 · 106 posts · 58 votes
6y
@Pau Kha how many parcels are you looking for? A resource like CoreLogic RealQuestPro has a ton of sold comp data in states that are disclosure states (like CA) some states (like TX) don't require you to disclose the sales price and sold comp data is hard. AgentPro247 is a similar product that you may be able to get a check subscription for or order property reports one at a time.
First though you may just want to try your county assessors office. If you can find the deed you can back out the purchase price from the transfer tax rate. Or sometimes it's just listed in the assessor's data. Likewise some GIS mapping systems have links to good data.
@Matthew Bailey thank you so much. This is great feedback and guidance.
I guess I'm looking for sales comp data because I'm hoping to be ready for what may be coming. I bought a property in a townhouse complex with only 12 units. The property and the complex is on prime land. The HOA is considering selling the land to a developer and thus the developer would "buy out" all the owners. HOA is working on rezoning the parcel.
The initial number mentioned that each homeowner would get seemed low based on the little I can find on loopnet for value for this size land in this location. I guess I’m looking for as much ammunition and research to understand what the developer may potentially pay for the property and what a fair price for me to ask would be.
Wholesaler · Sunnyvale, CA · Member since 2016 · 106 posts · 58 votes
6y
@Pau Kha gotcha, yea that probably doesn't warrant getting a subscription to a data provider. You need like sold commercial land over the past 2 or 3 years. You could ask brokers to pull comps for you but you're not a buyer so that's (frankly) kind of a waste of their time (in their eyes). You could always just insist that the HOA get it appraised before selling it, but be careful because appraisers aren't always great at appraising land. Plus it sounds like you'll have demo and mitigation costs that you won't be able to see that are factoring into the buyer's offer price.
@Matthew Bailey thank you. Totally makes sense. Yes, I will definitely ask HOA to do an appraisal to understand what it's valued at. Appraisals can be such a hit and mix though. I guess the HOA might be working on rezoning before finalizing any deals.
I have scoured the web over the last few weeks and can barely find data on sold land. I have not found any sold data on this street, which is THE street you to be on.
I know reaching out to broker could look like a waste of time to them, which is why I was hoping someone from here could chime in or could help pull comps.
I bought this property in this location with then intent of living here for the next 10-15 years and I would only accept an offer to get bought out if the offer is good enough for me to buy another property in the same location. The issue is, there are absolutely no townhomes in this area, just condos.
Wholesaler · Sunnyvale, CA · Member since 2016 · 106 posts · 58 votes
6y
@Pau Kha I suppose the bottom line is that you deserve to be paid, at a minimum, the appraised value of your townhome. If the HOA can improve the zoning of the land you live on then the value should go up, hopefully enough that someone could buy all of you out and the numbers still work for them. Maybe the simplest thing to do is to just get an appraisal on your home and say you want at least that much, plus something for your trouble