What's it worth?

Profile picture for spamme665621
I saw this house when it was for sale in the spring of 2006 which was probably the peak of crazy house prices in Glen Ellyn. At that time the house was priced at 499,000, I still have the listing. The house sits on an oddly shaped/located house on the bend of a corner. It has a really nice front lawn and some nice trees on a sloping gradual hill but due to the positioning of the house on the property there is little in terms of what you would normally think of a "backyard". I am suprised to see that Zillow currently has this house estimated at only 349,000. Unless something about the house has dramatically changed in the last 2 years, I would think the house would be worth more than that but certainly no where near the 600,000 plus price the owner has estimated.

Nice house in a nice neighborhood but neither the Zillow price or the homeowner estimate see accurate on this one.
Question refers to 23W120 Red Oak Dr, Glen Ellyn, IL 60137
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May 26 2008
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Answers (3)

Profile picture for thomaspryan
I forgot to mention the "comps" - that was Zillow's as well - I picked the closest sales in the area. Last appraisal we had on this property was 2 years ago and it came in right at $550K - I assume $500K based upon market conditions, which remain pretty slow, as I'm sure you are well aware. House next store has been on/off/on the market for 2+ years, but one across the street recently sold quickly for around $500K.
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May 26 2008
Profile picture for spamme665621
Makes sense. The home had a lot of nice improvements, the kitchen and eating area were nice as I recall. For a 3/4 acre lot, the 500K price seems reasonable.
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May 26 2008
Profile picture for thomaspryan
You observations are insightful.

I believe the Zillow estimate is based upon property tax records. Our taxes have not increased appreciably in the last decade or so--fortunately. The 'owner claims' were based upon Zillow estimates for varied improvement categories (roof, kitchen, family room addition, recroom in basement, infratructure) - not the owner's individual $$ amounts.

I would expect that, given the current market, the value of the house is right around $500K.

If anything is wrong, it's Zillow.

Thanks for your feedback...
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May 26 2008
 

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