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Zestimate doesn't accurately reflect my unit's value

Since purchasing a large unit in a recently renovated condo complex, I've added numerous amenities, including custom fir and walnut shelving and a custom kitchen. Units in our building that are half the size, have lower ceilings, and lack built-in kitchens and decks are valued by Zillow at $217/ sq. ft. while my unit is estimated at $134/sq. ft. What gives, Zillow? 
  • September 11 2012 - Montavilla
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Answers (1)

There could be two explanations for that.  One is that the fewer the recent sales in your building or neighborhood the less accurate Zillow's secret algorithm for computing their "Zestimate" is.  The second is that unless the work you describe was done with permits, your assessed valuation has probably not changed from when you purchased the unit, and I believe that is one of the numbers Zillow uses. 

Unless you're interested in selling or refinancing it probably doesn't make any difference.   If you're refinancing the lender will almost certainly require an actual appraisal.  If you're in Portland I'd be happy to run a no-obligation CMA for you.  Just drop me your address. 
  • September 11 2012
  • 0Yes

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