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Mike2020 wrote:

This might explain why Zestimates for Merced, CA are way too high...

Response
I just watched a house sell for $1.1 million in Almaden Valley that is listed with a Zestimate of $1.6 million.  Zillow won't change it.  Zillow still lists it as $1.6 million and it wasn't a distressed sale.  The house was on the market for a year and it wasn't a short sale/foreclosure.  The seller just wanted to sell and couldn't get a buyer after one year to pay more than that.  Unrealistic sellers are pushing inventory up by listing at prices that are too high and the rapidly rising inventory is going to make the finale of this unfortunate drama quite dramatic indeed.  The inventory problem is an unrealistic seller problem.  Once the inventory gets big enough, you get structural adjustments like people doubling up and more people per housing unit. When inventory gets too big even a big drop in prices won't clear it because the structural changes take years to resolve.
August 19 2008
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Zestimates Are Wildly High in Bay Area
Is the exclusion of foreclosures, the data lag of closed deals from the time the bargain is struck, or what, but Zestimates are wildly high in most of the Bay Area. There's a property I watched close for $1.1 million with a Zestimate of $1.6 million. The agent listed it for $1.6 million more than a year ago.  They dropped it to $1.55 million, then $1.5, then $1.45, and finally $1,299,000. No buyers. The sellers paid $8K to stage the house and it looked good. 3,800 square feet on 1.8 acres near the Los Gatos San Jose border Almaden Valley I think they call it. Very pretty with a pool and sauna and oak trees on the property. They were about to pull it because the 14 months of having to vacate on the weekends for open houses and keep the house immaculate for showings at any time. Just before they pulled it an agent showed an offer of $1.1 million and they took it. The sellers have ample income and savings. It wasn't a distressed sale. They wanted to move and didn't think the market would get better in the next 36 to 48 months. The $1 to $2 million price range is getting hammered with prices 30% lower than Zillow thinks they are. Part of the sales volume problem is sellers thinking that their houses are worth a lot more than they are. This results in listings being too high and nobody selling anything. Agents know this is bad because it's better to get 6pct of a dramatically reduced sales price than to get nothing. If sellers had more realistic expectations and understanding about what people can afford all the way from $400,000 condos to $2 million houses, by afford, I mean pay amortizing principal and interest from real current income, they'd price more realistically and the market would clear and life would go on. With inventory building, a catastrophe is building that may result in abrupt price drops. A market isn't what a seller expects, a market is what a seller and buyer agree to close at. The gap between the two is disturbingly large.
August 19 2008
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How do you update incorrect information for a neighboring property?

Response
Prices in the $1 million to $2 million range are falling fast.  And I don't think it's possible to spend $2 million to build a 5,000 square foot structure unless you pay more than triple construction costs. I just watched a place sell in Los Gatos for $1.1 million that shows a Zestimate of $1.6 million and was listed for $1.6 million more than a year ago.  The sellers dropped the price gradually to $1,299,000 and were about to take it off the market because keeping it immaculate and vacating weekly for open houses was driving them nuts after more than a year.  They were about to pull it when an agent showed up with an offer of $1.1 million and they took it.  The place is on almost two acres.  It wasn't a distress sale because they could have stayed there, they just didn't want to.
August 19 2008
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Will be auctioned Thursday, September 18, 2008 by US Treasury
http://www.treasury.gov/auctions/treasury/rp/losroblesdrive.shtml
August 16 2008
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What gang territory is the property in?
What gang territory is the property in? I would consider tge asking price depending on the street gang my children would join up with.
July 22 2008
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Could you correct a double post
Dear Zillow - could you correct a double post I unfortunately made when posting a Q&A to 2808 Roesh Way, Vienna, VA? Unfortunately, right now when you post a question, the web browser does not update to say "The post has been submitted" or show the Q&A as having a new post. This lack of feedback led me to push submit twice and unfortunately spam the Q&A with a double post. You can keep one of the posts, just remove the second duplicate copy please. Thank you.
July 02 2008
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Sign of greater value?
Just noticing that this home and another recently sold home nearby - 2957 Hunters Branch Rd - seem to be part of an interesting trend. While prices are down from their high a year ago, at the time of my post they seem to have stopped their decent and in some cases their Zillow Estimates have picked up a bit. Any insights into why? Previously undervalued by Zillow? Near Metro? Other attributes not captured in the Overview? Neighborhood improvements?
July 02 2008
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Comps
Are there any comps in this neighborhood to check out? Confusing b/c everything appears to be older and priced well lower on a $/sq. foot basis. Thanks.
June 08 2008
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Price seems ambitious doesn't it?
Plus over $300k in one year! Have you heard the market is down? The remodel must be pretty darn remarkable. Let's hope the seller doesn't need more than $450k to break even or they're in trouble.
June 02 2008
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Heat Map

Response
Wow you guys totally dropped the ball on this one. The heat maps were my only reason to ever visit Zillow, and now they're not there anymore... and this information was WAY too difficult to find. I'm extremely frustrated right now, mostly because it was so difficult to find this information. All the pages on your site that refer to heat maps still pretend as though they still work. I hope you guys do a better job of communicating with us next time there is major feature downtime.
June 01 2008
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