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When is Zillow going to take OCEANFRONT into consideration when giving Zestimates?

Here in La Jolla California Zillow lists OCEANFRONT homes' values in the 1 million dollar range, when you will not find a SINGLE Oceanfront home in La Jolla for under 3 million and most are in the 6-25 million dollar range.
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March 13 2009 - La Jolla
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I just appraised a property I valued at $25mil, Zillow had it at $6mil. I dont think any less of Zillow, or any more of the property I did. Zillow is just an estimate, nothing more, and in the real world its not your value of your home, its just what a computer says it might be......
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May 10 2010
I just got back from a Zillow seminar and they were saying that once there are more closed sales the Zestimate would become more accurate and thus will carry more weight. I grew up in La Jolla and own a home here as well. As we both know all markets are local, but this is ecspecially true for La Jolla. There are just too many variables and simply not enough La Jolla Oceanfront sales lately to make this
Zestimate remotely accurate for Oceanfront investments. From what they have explained the Zestimate is fully automated and based entirely off of historical data. It would be nice if they had someone dedicated to each local market to vouge for the acuracy, but I did not hear them mention this as part of their future business plan.

Anyways, I hope this helps you and of course we would also be happy to shoot you over a BPO (Broker Price Opinion) or sit down with you and talk about where we think your home value is going in todays market.

Sincerely,

Bobby Graham with the Graham~Lombardi Real Estate Team
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May 06 2010
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Zillow does not have a way to do this that I can see. Your best shot is doing an owners estimate to reflect the extra value for waterfront, but honestly if someone is looking to buy in La Jolla I wouldn't think that the price on Zillow would concern them that much. Most of the folks in that price range have more money than time to look through Zillow values. I'm jealous at just the thought of that. :)
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March 14 2009
Zillow is a flawed, its just a computer using very historical values.  If you need a home estimate shoot me an email and I will send you some comparable for your home. 

John
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March 13 2009
That's the problem with generalized estimates from public records.  They can't take into consideration a unique property.  Don't sweat a zestimate, get a CMA from an agent if you really want a home value.
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March 13 2009
 
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