Profile picture for Blix

How do you update incorrect information for a neighboring property?

My neighbor's house is still listed as a 1,700 sq.ft. 2 BR house and valued low, when in fact they purchased the land for an exceptionally high price in 2005 ($1.4MM), tore down the entire house, and built a 5,000 sq.ft. 5 BR 4 Bath 3-story residence for over $2MM - completed in 2007!

The information is public record...and you even have the updated house image on your site. How do you go about updating this so you don't incorrectly skew the property values in the area?
  • August 18 2008 - US
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Answers (3)

Profile picture for Mike2020

Prices in the $1 million to $2 million range are falling fast.  And I don't think it's possible to spend $2 million to build a 5,000 square foot structure unless you pay more than triple construction costs.

 

I just watched a place sell in Los Gatos for $1.1 million that shows a Zestimate of $1.6 million and was listed for $1.6 million more than a year ago.  The sellers dropped the price gradually to $1,299,000 and were about to take it off the market because keeping it immaculate and vacating weekly for open houses was driving them nuts after more than a year.  They were about to pull it when an agent showed up with an offer of $1.1 million and they took it.  The place is on almost two acres.  It wasn't a distress sale because they could have stayed there, they just didn't want to.

  • August 19 2008
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Profile picture for Blix

Thanks for the reply Mike.  This does not answer the question entirely.  The house facts listed on Zillow are factually incorrect.  The house is listed as a 1,700 sq.ft, 1933 house when in fact it was purchased in 2005, torn down completely, and is a 5,000 sq.ft. house built in 2007.

 

Even the image on Zillow is of the new 3-story house.  A Title search (Chicago Title) shows that in fact $2MM was spent on the house.  That's $400/sf which is typical for a high end custom home.  This is on Toluca Lake, not Riverside Count...meaning the area is not cheap, and neither was the construciton of this house. 

 

The Zestimate shows $930,000...which is impossible if the land alone was purchased for $1.4MM and the construction cost was $2MM.

 

This is skewing the property values in the entire area.  How do we go about getting this changed?

  • August 20 2008
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Profile picture for dbhdbhdbh

Not possible to spend $2M building a 5,000 sq ft house?? Are you kidding? Depends on how much marble, granite, gold, teak, etc goes into it. Did you see the article in the Times about the unbelieveable prices people were spending building fancy houses in Greenwich- at least until recently?

 

To the original poster. By giving zillow the address you have started the process. It seems to take an unpredictable amount of time for them to update facts like this.

  • August 21 2008
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