The 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.
40 million dollars, naples florida, zillow13 Responses to “Zillow Is Only $22,957,376 (that’s millions) Off With Their Zestimate”
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Automated homevaluations should not be relied on as they can not take the place of an actual on site inspection or the help that a realtor can give in pricing and getting the price for your home.
HomeGain also has an instant homevaluation tool-had it on our web site from 1999-2001!.
What Zillow is doing is nothing new-just taking last millenium’s technology and wrapping it in a “z”.
Did you see Sellsius° Blogs entry about Zillow Doubt? It was a link to a site where a consumer questioned what they were paying for a property once they were in contract and saw what Zillow said it was worth.
It would seem that this property you write of here is “unzillowable” a word coined by the Sellsius° Real Estate Blog guys!
Back on the tour bus.
AR Blog Tour Bus…I love your post! I’m going to send it to my friend who sells in Florida. Unzillowable…now that is a mouthful!
I have a condo listing in an area which is densely populated with like kind properties. Zillow has Zestimated the 36 similar sized 2 bedroom units in the complex between approximately $250k and $425k, my listing at $313k, market value = $385k. I would say this building is Un-Zillowable! And yet buyers and sellers want to believe, but only when it works to their advantage. Perhaps will will have to get them reading blogs.
I have a second home there in Naples, so I’m ecstatic to hear they go that much! Now if I could only get 1 percent of that I’d be in the money.
AR Tour bus, great blog- love your website too. I’m a pet friendly agent, I’ll be signing up.
Zillow is always way off especially the upper end of the market. They had a $3million penthouse here for $300,000. I guess they dropped a zero lol. A $23 million mistake that’s not even a good guess-timate.
Louis – Thanks for your comment. I had only tried Zillow a few times and as it did not seem to work for the properties I knew so well I left it alone. When the $40 million sale happened I simply wanted to see what Zillow would make of it – and obviously they can not make anywhere close to an accurate estimate on waterfront properties in Naples. Perhaps they do better elsewhere?
Maureen – Always good to hear from you. Yes, I did see Sellsius’ comment but did not ever think to use Zillow until this major sale in Naples recently.
Moni – Thanks for stopping by. The post on your Blog about Summer in Hampstead, New Hampshire with the lovely photo makes me want to head north.
Laurie – You are absolutely correct about sellers and buyers wanting to believe Zillow. Hopefully more of them will understand that it is the current local market and Agents that have viewed the property and not a Web site making valuations from a great distance without having seen the home that can give a market valuation
Steve- Wouldn’t we all?
Mitchell – Thanks for your comment. I would hate to think what Zillow does to Manhattan real estate. Great to hear that you are a pet friendly agent. Whenever I am in NYC I love walking thru Central Park as it is marvelous to see everyone out playing with their dogs and Madison Ave seems to be the place to shop with your dog.
This is exactly what I expected to find out after reading the title s millions) Off With Their Zestimate. Thanks for informative article