$518k Zillow Estimated OC property sold for $275k

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momopi_IHB

momopi_IHB

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Thought you guys would get a kick out of this... the property is 1513 E. Spruce St Unit B, Placentia, CA 92870





It's 2 bed, 2 bath condo, 950 sq ft, with garage on bottom. Zestimate is $518k. It was sold on 7/9/2003 for $245k, then 4/13/2007 for $325k.





The property was auctioned by Williamsauction.com this week with starting bid of $50,000, the highest bid was $275,000:


http://www.williamsauction.com/propertydetails.aspx?propertyId=23803








p.s. don't buy condos in that tract... if you want to buy in Placentia, go look in Altura off Alta Vista. Much better!
 
I heard something about zillow being sued? They technically aren't using comp's to determine value, the algorithm is based on a yearly appreciation value so it can be off by a lot, such as in this case.


Anyone know what Im talking about?
 
momopi - I think I saw something about there being an enviromental issue with that tract. In other words no lender will lend on it without getting that cleared. I could be wrong too and just remembering some wierd dream.
 
<p>momopi,</p>

<p>1513 E. Spruce has a market value of $375K. The title went back to bank on 4/13/2007 at a buy back amount of $328,501 This home is also in pending sale according to MLS record, and the listing office is Century 21 Superstars with an asking price of $390K.</p>
 
NIR - Did you read the first by momopi and check out the auction website? The place sold at the auction yesterday for $275K. Unless the one you found is a unit other than B the market value is $275k.
 
<p>graphrix,</p>

<p>Yep, 1513 E. Unit B</p>

<p>I supposed it was sold at auction for $275K to recoup the first since the second lien got wiped out, or vice-versa.</p>

<p>If you can look up MLS #P492416 in pending. Hmm! What is going on here?</p>
 
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