Profile picture for sonofabeach

Why does Zillow price estimating overlook recent sale prices?

Check out your own listing of the La Playa Street, Monterey CA prices.  Those units recently sold have sold for $1 million or more.  Those that have not recently sold you list at $500K - $700K, way under what the units are really going for.  You have totally underestimated the worth of these beachfront properties in a desirable area.  You need to take into account the California Coastal Commission disallows further construction on its beaches.  So what's there now is all there ever will be.  They are rare items and the $1 million sale prices indicate that rarity.
  • July 30 2009 - Monterey
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Answers (3)

The sold prices take awhile to update, sometimes several months.  And as others have mentioned, Zillow estimate are only meant for a general guide. To get a better idea of home value, talk to a Realtor.

Richard Schulman
Keller Williams Realty
  • June 24 2010
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That is why zillow calls it a zestimate. It is not even an estimate.  Zillow does not take many things into account when giving out zestimates but it sure is fun to see what they give out. 
  • June 24 2010
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Profile picture for angelicablatt
I don't have an official answer. But I suspect that Zillow pulls data from public records i.e. county records and they are not always updated..to say the least.
  • January 14 2010
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