Profile picture for MCordaro

Why do you not account for water front vs non water front properties/

my house estimate is 100k less due to the non-waterfront homes around me. Why does zillow not account for this?
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August 31 2011 - Town 'n' Country
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Answers (6)

Profile picture for MCordaro
This is my point. Zillow is using its own data as a suppliment to the data obtained from the sales of neighboring homes. My home, specifically in question is listed by zillow at 237k (roughly). By your explainantion, zillow uses the estimates it created from the homes around mine to assign value, further it uses the value it assigns to assign more values to other homes. I recently had my home appraised for 325k (I understand this is just outside the higher end of your scale). This is roughly a 90k difference.

If I am missing the point please help, from where I am standing my home is worth 90k (not 100k) less than its value assigned by an appraiser.

Additionally, property located at the attached link was not sold. The owner sold his condo and zillow attached it to his house. Condo sold for 35k, his house is worth 350k...http://www.zillow.com/homedetails/8458-Flagstone-Dr-Tampa-FL-33615/44876356_zpid/#{scid=hdp-site-map-bubble-address}
Please correct.
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September 06 2011
Profile picture for Pasadenan


Yes, absolutely what I stated... look at the general trend, and where the specific property machine opinion of approximate value trend lies... clearly higher than the general area, due to "location"....

And as mentioned, Zillow's modeling has no means of obtaining information on maintenance condition or "improvements" from the county records since purchase, so the "opinions" need to be manually adjusted for such things by the USER's of the data.

And how do the numbers really compare to the neighbors???

$237.6k estimate for the property in question..
neighboring "water front"...
$224k, $223k, $199k, $208k, $216k, $224k, $224k, $183k, $206k, $192k
$261k, 248k, $263k, $191k, $186k, $224k, $164k, $189k, $193k, $225k
$189k, $180k, $203k, $248k, $192k, $218k, $221k, $216k, $233k

And the "range" for the estimate in question?
$176k to $316k

waterfront estimates in vicinity

And the "non-water-front" neighbors...

$119k, $110k, $183k, $84k, $101k, $151k, $136k, $133k, $164k, $80k, $121k, $78k, $131k, $140k, $98k, $115k, $158k, $152k, $111k, $152k, $125k, $114k, $116k, $115k, $156k, $165k, $136k, $176k, $153k, $120k,
$109k, $102k, $129k, $116k, $187k, $144k, $111k, $82k, $150k, $106k,
$140k, $116k, $118k, $119k

Non waterfront estimates in vicinity

Clearly, there is a substantial difference in the estimates for "waterfront" as compared to "non-waterfront".  One can easily run the statistics on their own.
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September 06 2011
Profile picture for MCordaro
Please review my property address and see if your theory holds. 8708 thornwood lane, tampa fl 33615
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September 06 2011
Profile picture for Pasadenan
The "value" for the water font is factored into the estimates by two of the variables included in the modeling...
1) Tax assessed value adjusted for local rules
2) Last sold price adjusted for last sold date.

Including waterfront or not in the estimate modeling will not substantially change the numbers.  That is not where the large deviance in the numbers are coming from.  It is mostly coming from unknown maintenance condition, unknown improvements since purchase, and unknown neighborhood changes since purchase.  And then there are a few obscure ones that don't fit the database well at all, such as having two separate tax parcels with separate tax parcel numbers for one residence.

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September 04 2011
Profile picture for MCordaro

FEMA requires this to accounted for...additionally if any county or state agency thinks they can tax you on it, they will. Our taxing authority uses certain types of land classifications to accomplish this. Zillow provides a service, it may be for free, but it serves as an compendium of information for the general public. Lack of specificity is not cause for alarm, but when your 100k off, you're missing the mark entirely and are degrading the value of the home and possibly causing the owners damage, especially if they are trying to sell. By providing the service, Zillow has a duty to be somewhat accurate, as it is foreseeable for the inaccuracy can cause damage to the owners and currently they are breaching that duty. Wonder if they will satisfy this error?  

Thanks for the response

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September 03 2011
Profile picture for wetdawgs
My best guess (as I'm not a Zillow employee) is that water front vs non-water front are not information that are consistently available through public data sources, and therefore are difficult to get accurate data for a statistical model.  I did some checking of public records of waterfront homes in my neighborhood and the records do show waterfront, but then I checked in another county in the state (a few miles north) and don't see any mention of waterfront or not.  Then I check another state, and also don't see it in public records even though I can see it on the map.



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August 31 2011
 
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