Profile picture for Wild Frank

Why is this house (4843 South Pt, Discovery Bay CA 94505 ) valued so low on a per sqft basis?

Comparable homes in Discovery Bay, CA are valued in the $200-230 range; this home is at $151.  It is only a few years old, but much larger than other homes in the neighborhood.  Does the Zillow valuation algorithm reduce the per square foot value if the home is oversized relative to comparables?  Is there really an "oversized discount" that we should be aware of as buyers or sellers?   
  • May 10 2009 - Byron
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Answers (6)

Profile picture for Wild Frank
The last answer to this question from Zillow staff suggests the square footage data is the issue.  The public data Zillow is using is correct.  Why then is there such a low per square footage value for this home?  Is it oversized for the neighborhood (typical house 2,000-2,500 sqft).?
  • May 27 2009
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Wild Frank -

The price per square footage - on Zillow - is calculated as, the current Zestimate of the property, divided by public square footage - if we have the edited information, then we use that data.

As such, the price per square footage varies as we update the Zestimate - which we normally have 3x a week - as we receive new data about the property - coming from the county or inputted facts.
  • May 11 2009
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Hi Frank,
Spencer from Zillow here.
I've asked someone to look into this and get back to you here.
Thank you.
  • May 11 2009
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Profile picture for space_acer
Why do you equate values with zestimates?

Why do you feel zestimates are accurate or useful ?

If another website had estimates of home values, which would you use?

Why people even look at zestimates as some guide is beyond logical reasoning.  Its all marketing nonsense gone haywire! 

  • May 10 2009
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Profile picture for Wild Frank
I will try again with the question-- you seem to have misunderstood me.  I am not questioning that home prices have declined significantly in this area.  The issue is--- recent (2009) home sales in this area indicate a price per square foot in the $200-225 range.  The Zillow valuation of the home I referenced shows a price that equates to $151 /sqft.  This is a new but large home (compared to nearby neighbors)-- 5,500 sqft vs 2,000-2,500 sqft.  Why the discount? 
  • May 10 2009
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Profile picture for space_acer
LOL!!  Frank... so are you saying that 2006-8 prices are legitimate ?

Dont you feel its odd that on a sq ft bases places like Discovery Bay where were around $125/sq ft than doubled bas $250/sq ft and now has headed back down because no one can afford 200-230/sq ft.


http://www.housingbubblebust.com/OFHEO/Major/NorCal.html
  • May 10 2009
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