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Why is the Zestimate of this home dropping dramatically?

Hi there,
My question is in regards to this home:
97 Saint James Street, Kingston NY 12401

The Zestimate on this home has dropped over 60K in about 2 months.  I was wondering why the zestimate for this home has fallen SO drastically.  Is it due to the low listing cost?  

I thought about investing in this property but the zestimate has dropped so low I am unsure if I will be able to make a profit off my investment.

Thanks,
Jay
  • March 07 2012 - New York
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Answers (8)

Probably, Zillow overestimates the subject's value before and they corrects its value to the actually market value.
The following link is for research, but don't buy a property that base on its estimate number, since the estimate maybe a wrong estimate.

http://homesand.net/QuickComps.aspx?97+Saint+James+Street+Kingston+NY&citystatezip=12401?Map=1

  • March 08 2012
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Thanks for all your feedback.  No one has been able to explain the cost of the zestimate dropping so far so dramatically.  

The only possible reason is the low listing price but then another responds contradicts this.

The one thing I know is that Zillow Zestimtes will not influence any real estate choices I make EVER.

THANKS!

  • March 08 2012
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As far as i know, Zillow maintains that zestimates don't change based on sales price.
  • March 07 2012
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Please rely on a Realtor to give you a true comparable for the property you are trying to invest in.
  • March 07 2012
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I agree 100% with surbiton...i wouldn't dare invest based only on a zestimate.zestimate.
  • March 07 2012
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It dropped $60k as a result of it being listed for $99lk. Remember, Zilliow is really 'zidiot' and doesn't comprehend the value of anything and is now reflecting ther listing price irrespective of the true worth. If buying as an investment i would be more worried about the $213k tax valuation and the tax assessment of $8,108 last year. Do you know what work needss to be done to the property? I would not invest $1 using any information from zidiot.
  • March 07 2012
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Yeah, but I saw the house - it needs 40K in more...that's why the old zestime was much more appealing.  why did it drop 60k in 4 weekend?
  • March 07 2012
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I think that it is good since the estimate is still $40K higher than the listing price.
  • March 07 2012
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