How come the huge depreciation here???

joycepeerlane
Contributions:9

Know the market is currently slow, but come on, $22,000 decrease in just these few months?? Really would like to know basis. The Four Seasons hotel, across the street, is opening next week. A Hard Rock cafe is coming, once again, across the street to the north. The Symphony and the Art Museum are also just across the street. The Pike Place Market is in full view and around the corner. This whole area is in a huge revival uptick and we are the center of it. The building itself is undergoing remodeling. With the sudden downturn in condo building slated not to pick up and inventory low, really cannot figure the rationale for the low valuation. View property right in the middle of town is very rare, and getting rarer. So what is up here? Must be more in play than the current swoon in the credit market.

Question refers to 1415 2nd Ave UNIT 909, Seattle, WA 98101

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November 04 2008

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Answers (2)

Christopher Braxtan, "Braxtan Real Estate"
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Hi Joyce,

Zillow's zestimates are frequently inaccurate. They can be used to track trends in neighborhood values with some degree of accuracy, but the values for individual properties need to be verified by a person. Zestimates don't consider the subjective criteria that add value to your property; things like the quality of the view, finish quality, how well your home is presented when listed for sale and many other criteria that cannot be plugged into the zestimate algorithm.

That said, a new condo project in South lake Union was announced last week. That project will put more than 300 additional units ont he market. While SLU is not your neighborhood, it's close enough to compete with yours and homes there will compete with homes in the core of downtown. There is already an over-supply of condos in Seattle.

Let me know if you would like a more accurate pricing opinion on your condo. I would be happy to provide one for you. Just drop me a line at christopher@braxtanre.com.

Best,
Christopher

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July 07 2009

seniorita
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Amen! I live at 98 Union, RIGHT ACROSS THE STREET from the Four Seasons, SAM and 1 block from the symphony--plus have stairway access to Pike Place Market. Absolutely a fantastic location. Yet the valuation seems to drop every time I look at Zillow.

Also, units with fewer bedrooms and no water view are valued higher than my unit. No property is offer for sale at Zillow's low valuations.

I'm not surprised there are no answers to your very valid questions.