Some Major Factors Would Be More Obvious Than Others
It may help to understand some of the nuances that an experienced Realtor takes into consideration when doing a comprehensive evaluation of a Palisades home, either from a seller or potential buyer’s perspective.
For example, certain neighborhoods are generally more desirable than others, such as the Huntington and other quite close to the Village area. Similarly, homes on a heavily trafficked street will logically be less desirable in general than those on quieter locations.
Value is affected by whether a house has a view or not, and how unobstructed and from which rooms the view can be enjoyed. Lots impacted by geological challenges or other environmental issues will be of lesser value. How much of the property is relatively useful, as compared with hillside locations that may substantially limit the usable yard is another factor.
What Legal Tract Are You In?
The legal tract a property is in can make a significant difference in value, depending on restrictions that may exist regarding the height or size of a house. For example, about over a third of the Palisades is located in Tract 9300, which has a unique set of conditions, covenants, and restrictions (CC & R’s). Many of the tracts in Marquez Knolls, much of the area between El Medio and Bienveneda, Castellammare, Pacific View Estates, and Sunset Mesa have restrictions protecting views. CC & R’s obviously help to preserve property values in some ways, while imposing some limitations that to a degree also may limit a site’s potential value.
Don’t Rely on Zestimate
Reliance on online evaluation systems may be useful in many other communities where far fewer variations exist between and even within neighborhoods like the Palisades. As has been noted, Zillow and other similar systems do not take into consideration whether a house is on a 5,200 or 6,500 square foot lot in the Alphabet Streets.
They also have no way to factor in the presence or quality of views that may exist, nor anything about the condition of the home or property. Moreover, those automated systems can vary as much as 10-20% from each other on the same property.
