your are right coop, but when you think of all the data, odds are an employee of zillow has never looked at it, they try but they are not a buyer and the buyers set the price in any market. In a few months, the shorts will close and zillow will adjust, it just takes months. I see almost every well priced home in my area that is getting visits from buyers is priced 20-50% below the zestimate, those listed at or near the zestimate, don’t get any shoppers.
dharma- a “fill in tract” is one that was not planned but when the market crashes and a tract goes belly up without finishing and another builder comes in and buys the remaining lots cheap and “fills” them in with homes. Sometimes they look nothing like the others, sometimes they try to match them but they often change them to what is selling. It hasn’t become prevalent in this market yet but it will happen. Last time around it happened at every tract that folded. It causes heartburn with the existing owners when the “fill ins” are much smaller. In sweetbriar’s case, I don’t remember if the same builder did it or another did it but I’m pretty sure the plan wasn’t to build a single street of 15 homes on giant lots within a tract of a few hundred small lots. Rori isn’t ghetto but it’s 15 years old and they are small (some are 1000 sq ft 3 br, those are crampt). Older tracts with tiny bedrooms tend to get outgrown and are kept by the owners as rentals, putting 1/2 to 1 acre lots in the middle of that is odd. There is a rule regarding real estate and outclassing the neighborhood in size or upgrades, it holds back value. An analogy is putting expensive rims on a pinto, it’s better to just buy a better car and have cheap rims. People buy the neighborhood as much as they buy the house. Also 2100 sq ft on an acre not zoned for horses is a poor match in Temecula (an acre of lawn in a desert is not wise), 2100 sq ft is an alley home or a psuedo condo here, anything on more than a 1/2 acre needs to be 3000 sq ft for the masses. Same goes for a 2500 sq ft 2br (which ive seen). Someone might want that but out of a hundred buyers, maybe two want it.
The only thing I can say is that residents must love it because out of the 12 or so homes, I could only find one that wasn’t an owner since 1994, which means people like living there, it’s an anomaly and zillow has a hard time with those.
