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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Srini who wrote (87264)	8/27/2007 3:06:47 PM
From: Lizzie Tudor	Respond to of 306849

yeah... my firm where I work is backing Mozilo which is a Zillow competitor so I try to look at Zillow from time to time just to give them feedback. I have never seen Zillow not catching a sale. They use county records for that so you might want to make sure your records are up to date. But the problem with Zillow that I have seen in my neighborhood, is for example they will have a house historically priced in some way.... for example one near me sold for $803K in late 05 (the peak)- its a 1250 sq ft semi-fixer. Then next year after what I considered to be a fairly steep decline from peak pricing in the bay area (that does not show up in the median prices)- a house across the street from the 803K house went for $810- except it is on the better side of the street, is 1788 sq feet totally rebuilt so a full 500 more sq ft and totally updated. Zillow has both sales. But somehow the initial sale of the $803 house makes Zillow's "zestimates" think that the 803K house is now worth $962K, which clearly it isn't..... while the $810K house Zillow has as $890K, which is probably about right. I can't figure out how they propogate this anomaly because they should have repriced the $803K house lower when the $810K sold.