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525 Wheelock Parkway zestimate is very low compared to listed price. What can account for this?

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May 07 2011 - North End
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Answers (4)

Is it this property?
http://www.zillow.com/homedetails/525-Wheelock-Pkwy-W-Saint-Paul-MN-55117/2119390_zpid/

Zillow estimates a bit low for the property, try to make the offer from $260K to $280K.

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May 07 2011
Zestimates often have incomplete housing information and therefore can be wildly off.  This is especially true in cases where a homeowner has made improvements to the house that are not reflected in the valuation.

Just as with tax valuations, I tell my clients that they are best taken with a grain of salt.
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May 07 2011
It's possible that the list price is a bit high. The current owners paid $375,000 in 2005.
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May 07 2011
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If you check the facts for the property, click on "more facts".  This will show that the facts have been updated (probably recently) giving considerably more square feet than the public records.  The Zestimate hasn't yet adjusted for this fact correction (it can take several weeks to several months).      If you compare 525 to 505 Wheelock also with a large lot and similar square feet, you'll see the Zestimate on 505 is much closer (even higher) than the asking price on 525.  

A Zestimate is only a starting point for comparing properties.   CMA and/or appraisals can be a next step.

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May 07 2011
 
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