Coconut Grove Real Estate vs. Zillow
August 13th, 2008 | categories: Coconut Grove Real Estate
I have always believed that Zilllow is a completely inaccurate way to place a value on a home. But I was curious to put it to the test.
The best way to determine its accuracy was to compare actual sales figures with the estimate that Zillow provides. Because after all, your home is only worth what someone will pay for it.
I compared 5 recent sales in Coconut Grove with Zillow’s Estimate.
- 1780 Espanola Drive | Sale Price: $2,000,000 | Zillow’s Estimate: $930,000
- 3700 Battersea Road | Sale Price: $787,000 | Zillow’s Estimate: $813,000
- 3880 Hardie Avenue | Foreclosure | Sale Price: $1,000,000 | Zillow’s Estimate: $1,600,000
- 2643 Natoma Street | Sale Price: $1,050,000 | Zillow’s Estimate: $905,500
- 4180 Park Street | Foreclosure | Sale Price: $400,000 | Zillow’s Estimate: $553,500
It seems that my apprehension about Zillow’s accuracy was correct. However, to Zillow’s credit some of these homes were sold as foreclosures which Zillow would have no way of calculating.
That is a really good observation to make – while Zillow can be a neat site to check out, you just proved that it shouldn’t be considered accurate by any means.