Zillow Zestimate of $1.5 million on an $8.5 - 9 million home!

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Real Estate Agent with HER Realtors

Columbus This week Real Living announced they are going to put all of the Real Living listings on Zillow now... 

Zillow Welcome Real Living (and their 14,000 daily listings) 

I've had a "love/hate" make that a  "luke warm acceptance / not fond of " relationship with Zillow since before Zillow was public.  I have flip flopped a few times...

Don't make me defend Zillow! 

On TechCrunch I read an  8.5 to 9 million dollar Columbus Ohio home is Zestimated at 1.5 million dollars? Really?  That's seriously out of whack.  That seller has certainly  been "Zillowed" huh? 

A comment on a TechCrunch post...about Zillow 

# Erick  January 10th, 2008 at 10:25 am

I have a friend who's parents own one of the most expensive houses in Columbus OH. They are selling it for 8.5-9 million dollars. Zillow zestimates it at 1.5 or so. That's REALLY lame. I dont understand the issue since the comparibles in the area are around the 4 to 5 million dollars i believe so 1.5 just seems real off.

 
On my other blog, ColumbusBestBlog.com I have a post about Zillow today, Lifestyles of the Rich and Famous title
edit title changed to:. Zillow values $8.5 - $9 million home at $1.5 million?   after watching my stats.  
We don't have a lot of homes in the 5 million plus price range in Central Ohio. The home Erick is referring to on TechCrunch is in New Albany Ohio, a suburb of Columbus.  In a later comment Erick says the home is in New Albany.
 
Real Living  - Zillow History 

February 2006 - The very first day that Zillow ever was...  there were Real Living ads on Zillow.com.  Not ads for properties, Zillow did not have ads for properties at first.   The ads were ads for Real Living Franchise. Good exposure.

September 2006 - Real Living started added Zillows AVM - Zestimates to their sites.  Zillow and Real Living were partners.  

December 2006 Real Living pulled the Zillow AVM off the company websites, when Zillow announced they were adding listings to their site, making Zillow a place for consumers to search for homes for sale.

January 16, 2008 Real Living announced they are putting all of our listings on Zillow for better exposure for our sellers. Change... I set up an account on Zillow on January 16, 2008.

TechCrunch last week... Erick and the 8.5 to 9 million dollar home in Columbus that is Zestimated at 1.5 million dollars?  Read more about it here...  Lifestyles of the Rich and Famous  edit title changed to Zillow values $8.5 - $9 million home at $1.5 million?  

Look for Central Ohio homes priced at 5 million dollars and above here: Search Central Ohio Homes

It's not a long list. You can pull the Zestimates yourself on Zillow, for the two New Albany Ohio homes on the market priced over 7 million dollars.  The Zestimates are low compared to the list prices of the two homes priced over 5 million dollars in Central Ohio today, but neither is Zestimated at 1.5 million dollars. Maybe the Zestimate was 1.5 million  dollars and was corrected but the Zestimates now are close to the auditors tax values of the homes.   The homes are valued over 4 million dollars.  That's a lot of money in Central Ohio.

Erik's Columbus Ohio Zillow story is a great story... but it's wrong. I hate to defend Zillow!

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Topic:
Real Estate Market Trends
Location:
Ohio Franklin County New Albany
Tags:
zillow

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Anonymous #16
Anonymous
Donna L. Hoffman
In my opinion, the Zillow Zestimates are seriously flawed.  Since Zillow doesn't reveal the algorithm for open scrutiny, we can't evaluate where the flaws are kicking in.  That, in itself, is cause for concern.

We've been following this over at the UCR Sloan Center for Internet Retailing, and so far, Zillow doesn't have a very good answer to the discrepancies.

See for yourself: http://sloan.ucr.edu/2008/03/09/why-are-zillow-zestimates-so-wrong/

Professor Donna L. Hoffman
UCR Sloan Center for Internet Retailing
March 17, 2008 10:47 PM
Rainmaker
1,385,898
Maureen McCabe
Columbus Ohio Real Estate
HER Realtors

 

Thanks Donna.  Oooooooooooooooooooh I see a new Zillow post coming on...

March 18, 2008 03:44 AM
Rainer
16,938
Nick Ruta
That's as bad as the "32 Bedroom" $180,000 ranch house I stumbled across recently on Zillow.
March 18, 2008 12:46 PM
Rainer
66,937
Rob Muller
Cherokee County Real Estate
ReMax Town & Country
I have heard this same story over and over again, yet still people wil believe anything the internet tells them
March 18, 2008 10:55 PM
Rainmaker
1,385,898
Maureen McCabe
Columbus Ohio Real Estate
HER Realtors

Nick some people are playing games on Zillow. Otherwise the auditor would also have a 32 bedroom house wouldn't it?  Coldwelll Banker Heritage? Dayton? I will have to click and see... 

Rob... Odd comment. Not sure I believe that is true of all people. Or has much of anything to do with this post. This post is about a fella questioning what the internet  tells him and the world about the value of a property. I  am not sure there are a lot of people who believe the Zillow zestimates. That like the values are all over the board. 

March 19, 2008 04:36 AM
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Rainmaker
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Maureen McCabe

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