Wednesday, July 9, 2014

Zillow estimates verses actual appraised or sale value - Mary Cummins Real Estate Appraiser in Los Angeles, California with over 30 years of experience

I was going to do a comparison of my recent appraised value of properties verses the Zillow estimates. I instantly realized that I cannot share my work product with anyone but the client. I then decided to compare Zillow estimates to actual recent sale prices of homes near me.

Ellen DeGeneres' the Brody House at 360 S Mapleton, Los Angeles, CA. Sold few months ago for $35M. Just resold for $50M. Zillow estimate $16M or 68% less than what it sold for.

Gisele Bundchen listed her home at 12780 Chalon, Los Angeles, CA for $50M and it sold for $40M. Zillow estimate $15M or 63% less than what it sold for.

Fleur de Lys at 350 N Carolwood, Los Angeles, CA just sold for $102M. Zillow estimate $27M or 72% less than what it sold for.

Below is a link to all homes for sale in 90077 Bel Air where I live. Notice the listed prices verses Zillow estimates, huge difference. The Zillow-estimate is meaningless.

http://www.zillow.com/homes/for_sale/Los-Angeles-CA-90077/96058_rid/days_sort/34.141433,-118.3885,34.064677,-118.516388_rect/12_zm/0_mmm/

Below is a link to all homes which recently sold in 90077. Again, huge difference. I'm amazed they list the Zillow-estimate which just shows how unreliable it is.

http://www.zillow.com/homes/recently_sold/Los-Angeles-CA-90077/96058_rid/days_sort/34.141433,-118.3885,34.064677,-118.516388_rect/12_zm/

When it comes to higher priced custom homes on custom lots Zillow estimates mean nothing. Zillow takes into consideration the average and mean sales price per square foot of improvement. I don't think it takes into consideration the entire lot size, view, uniqueness or quality of construction and amenities. At best Zillow-estimates might work with average tract homes in average areas.

Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary Cummins-Cobb, Mary, Cummins, Cobb, real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, single family, condo, pud, hud, fannie mae, freddie mac, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls,
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