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Real Estate Land Values -- Broadland Vs Brambleton

Discussion in 'Broadlands Community Issues' started by Capricorn1964, Dec 20, 2021.

  1. Capricorn1964

    Capricorn1964 Well-Known Member

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    I was doing some research this evening regarding land assessments between Broadlands and Brambleton and Im finding an interesting difference between the two communities.

    I found that our land assessments are lower than Brambleton's. For Broadlands owners whose land size are smaller than Brambleton --the dollar assessments are equal to Brambleton's. For example: .19 of an acre in Broadlands would be assessed the same value as .16 of an acre in Brambleton! I am loath to believe this is because they are closer to the town center of Brambleton which pushes up the land values a bit more than in Broadlands. Am I reading into this correctly?

    Does this make sense? Or is the way Loudoun County assesses land between Brambleton and Broadlands screwy?

    Another quirky thing I found that the home values that Zillow and Redfin assigned (estimated) between my house and my neighbor's house are different although we both have the SAME model name, same square footage, same lot square footage, same finished basement size, same number of bedrooms and bathrooms-- only thing different between us is the address number and that I have a small balcony and the neighbor doesn't. What gives that we have $40K difference in estimated house values between each other. I'm not really understanding why there is that much of a difference between the two of us when all things are equal between each other (Landscaping, from what I am told isn't really a factor in the home values-) :confused:

    Can someone knowledgeable about loudoun assessments and real estate estimated values shed some light on this confusing matter? Would like to better understand how land assessments work between Brambleton and Broadlands works (especially when the Silver line is CLOSER to us than to Brambleton!) as well as the real estate values assigned to similiar homes by Redfin and Zillow.Com-

    Thanks!
     
  2. PDILLM

    PDILLM Well-Known Member

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    I can only speak to the estimated values assigned by Redfin\Zillow\Opendoor. There are problems with their estimation algorithms, and is part of the reason why OpenDoor and Zillow got completely out of the house buying/flipping business in the last month-6 weeks. From what I read regarding Zillow, the algorithm was able to discern trends fairly accurately, but wasn't able to discern location specific nuances. So while everything was going up they were able to buy and flip and make substantial profits, but as some markets softened (primarily out west), they often had to hold the homes for longer than they wanted and then had to sell them at a loss to offload them. At one point Zillow had around 7,000 homes to offload.

    If you google "zillow offers" you'll see the various news reports on it. Most of them are somewhat "spin" as they mention a pause, but they have ceased this operations and are exiting the business in its entirety as is OpenDoor.

    Where Zillow succeeds is it sells the aggregated data to local realtors who understand the local market and can sift through the nuances. As any realtor will tell you, don't believe the estimates on any of these sites.
     
  3. woopity

    woopity cdubs ya know!

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    Maybe it's the value of being located near such a fine park in the shape of a phallus :D
     
    jmr0023 likes this.

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