I have to agree with SD Appraiser. Zillow is all over the place — high in some areas and low in others.
It is worthless as far as giving an accurate picture of value is concerned, especially in a market such as we now find outselves. Total rubbish.
The home next door to me just went into escrow at a sale price that was more than $ 300,000 above the current Zillow value. I’m sure when that sale closes in a few weeks, the value of my home will magically increase and jump another $ 300,000 (or more).
Here’s another example: Scott Street and San Antonio Place in Point Loma have a row of houses right on the bay. Zillow lists two properties I am interested in (not on the market) one at $ 801,000 (a double lot) and another at $ 1.13 Million.
Both properties have a private dock (there are only five homes on San Diego bay with a private dock) and the minimum value of either of them is easily north of $ 6 Million (I would buy either one of them at that price in a New York minute).
Those values Zillow has for that area are probably based on very old sales (because no one sells in that area except maybe once every few years). The last listing on San Antonio Place was a new home (which was recently pulled off the market – why I have no clue) which was listed around $ 7 Million and another spectacular home to the west was listed at $ 9.95 Million (off the market also).
The most recent comp I have in the area with access to a private dock was a home that sold about two years ago for $ 5 Million plus in overbid. That homes shares a private dock. Zillow has the home next to it valued at $ 1.01 Million. I WISH I could buy that home at that price.
Zillow isn’t even close in value on any of the homes in that area, which number in the dozens.
