Wednesday, July 11, 2007
Zillow.com still is not accurate with house prices based on my scientific and highly biased survey by myself of my house. About an 18% below market valuation of a simple track house in Menlo Park, CA. What would I have said if the valuation was 18% higher than what I thought the value was? Maybe not blogged this issue. Like I said, it was a very biased survey. I hope nobody makes buying decisions based on Zillow. I sure won't list my house based on Zillow!
In the Bay Area, I know that available lease space is hard to come by if you have an automotive use (read dirty - as in auto repair, smog, tires, muffler, etc) The difficulty in finding lease space, due to neighborhood issues, zoning, averse landlords, etc. makes lease rates higher and keeps occupancy very high. This seems like a good niche to invest in. I agree. Expect to pay more though in lender margins and the cost of a Phase 2 environmental report on each sale or refinance. My mantra is - people make money doing what other people won't. Mechanics do and landlords that rent to mechanics do.