Profile picture for audgr

Our lot size is now greater due to a street vacation but home value has not changed for the better.

This has enhanced our lot significantly.  We believe it has added approximately $100,000 to the value of our lot and home.  How does Zillow reflect this?
  • March 06 2010 - Roseville - Fleet Ridge
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Answers (4)

Best Answer

Does Zillow reflect the new square footage yet?   I would think if this happened recently this might not reflect on your property profile.

Even if it does reflect, I expect your decline is more an overall reflection of the Roseville/Fleet Ridge area.   The affluent markets are always the last to topple in a real estate correction.

Point Loma is not an area where an automated valuation (Zestimate) can be relied on.  Views and property condition are the main factors for values and it is not uncommon for one house to be a seven figure difference in value to the house right next door.

Trust your appraisal and your agent for value estimates.
  • March 08 2010
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Profile picture for real estate mike
Why would zillow? have you updated the lot size in your properties facts? where do you come up with $100k, have you spoken with an appraiser or seen solds for that size lot in your area? Unless it's beachfrontage, mountain view or similar exceptional land I doubt seriously that your value went up $100k. But I'm not in your area, seek out a local professional. best of luck
  • March 08 2010
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Profile picture for audgr
Thanks for the response and I'm sorry to confuse.  Street Vacation is another name for Right-of-Way Vacation which was passed at a City Council Meeting, Certified and Recorded by the City Attorney. Our lot is now about 11,500 sq feet.   Before the ROW, it was just at 8000 sq feet.  Instead of our zestimate going up at this change, it actually went down.  I'm just wondering about that.
Yes, we have had a formal appraisal.  I'm thinking that maybe Zillow uses tax bills to estimate -- but our taxes have not gone up due to the ROW Vacation.  They will go up upon sale of the property.
I'm just curious at how things work and would, of course, like to see our property reflect a more current value.
  • March 08 2010
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What's a street "vacation?"  I'm left to guess this and HOW you estimated the increase in value --- by FORMAL APPRAISAL?
????
  • March 08 2010
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