Why is house next door valued so much higher?

Profile picture for herman13
We own 2 properties that according to zestimate are valued so differently than a neighboring home with same features. Same sq. footage.  We know the market is all over the board.  But if someone buys a home for a lot less.  Either that persons value should go up, or everyone else's should come down.  But not so on zestimate.  Why is that?  The 2 properties are 6984 Hepburn Rd Middleburg Hts, Oh 44130 and 1600 Long Grove Dr #911 Mount Pleasant, SC 29464
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January 31 - Middleburg Heights
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Answers (2)

Profile picture for White Picture

The purchase price and tax assessment are ones of the facts that Zillow uses for its home value calculation, Zestimate is most likely overestimate on your neighbor condo and it is correct on the 1600 Long Grove, since the #911 is newly purchased, also the recently sold condos in same complex support for the Zestimate figure.
http://www.zillow.com/advice-thread/Zestimates-Price-History-Tax-History/415515/

http://homesand.net/QuickComps.aspx?1600+Long+Grove+Dr+UNIT+911+Mount+Pleasant+SC&citystatezip=29464.?Map=1

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Profile picture for Pat Pribisko
Zillow readily admits that its Zestimates are merely estimates based upon public records.  Some time ago, I decided to look at the Zestimate for the home we have lived in (in Westlake, OH) for 28 yrs (with updates) and the Zestimate was the purchase price from 28 yrs ago. 
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January 31
 

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QuestionWhy is house next door valued so much higher?
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