Auburn Drive 92105 Area appraisal at 50% of Zillow ??

[HLS]

For those who want to use Zillow to value their house…I have just received an appraisal that came in at 50% of what Zillow values the house at.

Here is a similar example, the house sold for less than 50% of Zillow value. Can anybody comment on this area in general ? Thx, HLS

Zillow value $312K,, sold for $130K ??

http://www.zillow.com/homedetails/4827-Auburn-Dr-San-Diego-CA-92105/17004245_zpid/

[Eugene]

Looks like Zillow got confused by the “resale” for 390k in 2007, reinterpreted it as a teardown & rebuild? If you look at the pre-2007 zestimate curve and continue it smoothly, it gives you a value around 150k.

The area is basically a ghetto, from what I heard. Heavy gang activity. 8 robberies in the last month alone within a 1 mile radius.

[Eugene]

Looks like Zillow got confused by the “resale” for 390k in 2007, reinterpreted it as a teardown & rebuild? If you look at the pre-2007 zestimate curve and continue it smoothly, it gives you a value around 150k.

The area is basically a ghetto, from what I heard. Heavy gang activity. 8 robberies in the last month alone within a 1 mile radius.

[Eugene]

Looks like Zillow got confused by the “resale” for 390k in 2007, reinterpreted it as a teardown & rebuild? If you look at the pre-2007 zestimate curve and continue it smoothly, it gives you a value around 150k.

The area is basically a ghetto, from what I heard. Heavy gang activity. 8 robberies in the last month alone within a 1 mile radius.

[Eugene]

Looks like Zillow got confused by the “resale” for 390k in 2007, reinterpreted it as a teardown & rebuild? If you look at the pre-2007 zestimate curve and continue it smoothly, it gives you a value around 150k.

The area is basically a ghetto, from what I heard. Heavy gang activity. 8 robberies in the last month alone within a 1 mile radius.

[Eugene]

Looks like Zillow got confused by the “resale” for 390k in 2007, reinterpreted it as a teardown & rebuild? If you look at the pre-2007 zestimate curve and continue it smoothly, it gives you a value around 150k.

The area is basically a ghetto, from what I heard. Heavy gang activity. 8 robberies in the last month alone within a 1 mile radius.

[analyst]

ZILLOW, while sometimes useful for certain purposes, can never be relied upon for a quick reliable indication of property value.

One must always examine the 10-year chart of Zestimates, and the maximum amount of previous sales data available. Even then, there will be numbers that just don’t make sense. This is such a case.

Prior sales:
1991 83K
2007 175K
2008 390K
2009 130K

In the sales history, asterisks indicate that the 390K sale was not included in Zestimate, and that the 130K sale was included in Zestimate. But the graph shows otherwise.

There is a logic error in the Zillow computer program that produces these displays under certain circumstances. I have seen this condition before.

Taking all the Zillow data into account, unless the property has been rezoned to significantly increase its value, one might be inclined to suspect collusion between seller, buyer, and appraiser to produce a sham sale for $390K in 2008.

[analyst]

ZILLOW, while sometimes useful for certain purposes, can never be relied upon for a quick reliable indication of property value.

One must always examine the 10-year chart of Zestimates, and the maximum amount of previous sales data available. Even then, there will be numbers that just don’t make sense. This is such a case.

Prior sales:
1991 83K
2007 175K
2008 390K
2009 130K

In the sales history, asterisks indicate that the 390K sale was not included in Zestimate, and that the 130K sale was included in Zestimate. But the graph shows otherwise.

There is a logic error in the Zillow computer program that produces these displays under certain circumstances. I have seen this condition before.

Taking all the Zillow data into account, unless the property has been rezoned to significantly increase its value, one might be inclined to suspect collusion between seller, buyer, and appraiser to produce a sham sale for $390K in 2008.

[analyst]

ZILLOW, while sometimes useful for certain purposes, can never be relied upon for a quick reliable indication of property value.

One must always examine the 10-year chart of Zestimates, and the maximum amount of previous sales data available. Even then, there will be numbers that just don’t make sense. This is such a case.

Prior sales:
1991 83K
2007 175K
2008 390K
2009 130K

In the sales history, asterisks indicate that the 390K sale was not included in Zestimate, and that the 130K sale was included in Zestimate. But the graph shows otherwise.

There is a logic error in the Zillow computer program that produces these displays under certain circumstances. I have seen this condition before.

Taking all the Zillow data into account, unless the property has been rezoned to significantly increase its value, one might be inclined to suspect collusion between seller, buyer, and appraiser to produce a sham sale for $390K in 2008.

[analyst]

ZILLOW, while sometimes useful for certain purposes, can never be relied upon for a quick reliable indication of property value.

One must always examine the 10-year chart of Zestimates, and the maximum amount of previous sales data available. Even then, there will be numbers that just don’t make sense. This is such a case.

Prior sales:
1991 83K
2007 175K
2008 390K
2009 130K

In the sales history, asterisks indicate that the 390K sale was not included in Zestimate, and that the 130K sale was included in Zestimate. But the graph shows otherwise.

There is a logic error in the Zillow computer program that produces these displays under certain circumstances. I have seen this condition before.

Taking all the Zillow data into account, unless the property has been rezoned to significantly increase its value, one might be inclined to suspect collusion between seller, buyer, and appraiser to produce a sham sale for $390K in 2008.

[analyst]

ZILLOW, while sometimes useful for certain purposes, can never be relied upon for a quick reliable indication of property value.

One must always examine the 10-year chart of Zestimates, and the maximum amount of previous sales data available. Even then, there will be numbers that just don’t make sense. This is such a case.

Prior sales:
1991 83K
2007 175K
2008 390K
2009 130K

In the sales history, asterisks indicate that the 390K sale was not included in Zestimate, and that the 130K sale was included in Zestimate. But the graph shows otherwise.

There is a logic error in the Zillow computer program that produces these displays under certain circumstances. I have seen this condition before.

Taking all the Zillow data into account, unless the property has been rezoned to significantly increase its value, one might be inclined to suspect collusion between seller, buyer, and appraiser to produce a sham sale for $390K in 2008.

[Author]

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