How does Zillow handle the valuation of houses where the land is leased vs. houses that own the landIn Belvedere, on West Shore Road, about half of the homes are on land leases. The land sells for about $1,500,000. When those houses with leased land sell, the "value" is understated by about the same $1,500,000, thus knocking down the value of the houses that own the land.April 26 2011 - Belvedere0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.