Zillow Is Only $22,957,376 (that’s millions) Off With Their Zestimate

40milThe Naples, Florida home of Miles Collier, heir of the Collier County’s founder, was recently sold for $40 million dollars.  According to property records it appears to be the highest price home sold in Collier County to date but in Naples one never knows because a private sale may have taken place on another property in exchange for another residence, a boat, a plane or 80,000 nights at the Ritz Carlton. 

The sale never even made it to the MLS system and therefore lucky for Real Estate agents that they never had to rely on Zillow that gave a Zestimate of $17,042,624 with a value range of between $15,338,362 to $21,644,132 as of today.  Even though Naples is not your average market when it comes to the sale of prestige properties I can only assume that Zillow is not geared for this end of the market.  I would just like to know where Zillow’s statistics are really coming from and perhaps the Buyer and Seller should think twice before relying on any estimates of the property’s value.  Welcome to Naples, Zillow.

It is still a Buyer’s market in Naples and there should not be more $40 million sales in the next few months. However, it is encouraging that without all the marketing hype and bells and whistles significant sales are beginning to take place once again along the Gulf of Mexico.

 

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