Christopher D Cook

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UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF CALIFORNIA
In re 	)
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CHRISTOPHER D. COOK, 	)
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Debtor. 	)
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Case No. 11-30705 TEC
Chapter 7
MEMORANDUM DECISION RE DEBTOR’S MOTION TO AVOID JUDGMENT LIEN
The court held a trial on October 27, 2011 on Debtor’s motion
to avoid the judgment lien of Stephanie and Mike Rosen (the
Rosens). 	Raymond R. Miller and Bradley M. Kass appeared for
Debtor. 	Lawrence D. Miller appeared for the Rosens.
Debtor seeks to avoid the judgment lien on his residence at
1255 Millbrae Avenue, Millbrae, California (the Subject Property)
as impairing his homestead exemption. 	11 U.S.C. § 522(f). 	The
parties stipulated that the balance on the Rosens’ judgment lien
far exceeds any equity in the Subject Property in excess of
consensual liens. 	The court reserved for another time
determination of the exact balance of the consensual liens on the
petition date (February 25, 2011). 	The court heard testimony
regarding the value of the Subject Property, and makes the
-1-	MEMORANDUM DECISION
Signed and Filed: November 02, 2011
________________________________________
THOMAS E. CARLSON
U.S. Bankruptcy Judge
________________________________________
Entered on Docket
November 03, 2011
GLORIA L. FRANKLIN, CLERK
U.S BANKRUPTCY COURT
NORTHERN DISTRICT OF CALIFORNIA
Case: 11-30705 Doc# 109 Filed: 11/02/11 Entered: 11/03/11 09:50:13 Page 1 of
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following findings of fact.
(1) 	The fair market value of the Subject Property as of
February 25, 2011 was $1,175,000.
(2) 	The most useful comparable sale was that involving
1176 Millbrae Avenue, Millbrae, California, which closed on
January 14, 2011 for $1,113,000. 	Both appraisers utilized this
sale, and it was close in time to the valuation date. 	This sale
clearly indicated that the Subject Property is worth substantially
more than $1,113,000 for the following reasons: (a) both this
property and the Subject Property are on the same street; (b) the
Subject Property is substantially superior in view, location,
quality, and every other respect except size; and (c) the smaller
size of the Subject Property can be easily adjusted for, and does
not offset its other advantages.
(3) 	The second most useful comparable is that involving
26 Estate Drive, Millbrae, California. 	This is the only other
comparable both appraisers utilized, and both appraisers derived
similar indicated value for the Subject Property from this sale.
Debtor’s appraiser concluded that this sale indicated the Subject
Property was worth $1,235,000. 	Creditors’ appraiser indicated that
this sale indicated the Subject Property was worth $1,239,000.
(4) 	The sale of the property at 1248 Millbrae Avenue,
Millbrae, California for $1,000,000, although close in location, is
not very useful, because it was remote in time from the valuation
date (six months later). 	This time difference is important,
because the seller dropped the price by $300,000 shortly before the
sale.
(5) 	The other comparable sales utilized by Debtor’s appraiser
-2-	MEMORANDUM DECISION
Case: 11-30705 Doc# 109 Filed: 11/02/11 Entered: 11/03/11 09:50:13 Page 2 of
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are less useful, because each was different from the Subject
Property in one or more of the following respects: much nearer the
freeway, not a custom home like the Subject Property, showed signs
of being a distress sale (owned by a bank and/or vacant at time of
sale).
(6) 	The other comparables relied upon by Creditors’ appraiser
are less useful, because they were too remote in location from the
Subject Property.
(7) 	Creditors’ appraiser was generally a more persuasive
expert witness than Debtor’s appraiser.
**END OF MEMORANDUM DECISION**
-3-	MEMORANDUM DECISION
Case: 11-30705 Doc# 109 Filed: 11/02/11 Entered: 11/03/11 09:50:13 Page 3 of
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