2016-05-22 15.23.57

The weather was fantastic this weekend, and we had good traffic – 40+ people each day.  You know you have a specialty product in a mostly custom area when the zestimates are bouncing around.

Here is our zestimate history since Thursday.

BEFORE ZILLOW INPUT on Thursday night:



327 27

It has since come back to earth a bit:

zest may 23

I think buyers are putting more stock in the zestimates for a number of reasons – easy-to-find data point, it is somewhat reliable in tract neighborhoods, and it’s been around the longest.  Yet, I found myself having to explain to one visitor why was so far under our zestimate.

When the zestimate is within 10% of the list price, people might give it some credence. But when it is off by over 20%, buyers aren’t going to consider it as a reliable source.

In this case, the Z team used an oceanfront 2,000sf attached-home as a comp:



This is a recent sale nearby that is a better comp:


But Zillow doesn’t show it as a closed sale, thanks to the dispute between them and our MLS (it wasn’t uploaded manually).

Hence, their zestimate is only $2,142,343:


The Sandicor MLS people think they are doing us a favor by not negotiating with Zillow, but this is what we get – zestimates that are more unreliable than ever!

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