[pianogal]

Copied from today's Orlando Sentinel


Orlando 3rd in fastest-growing home values

From Sentinel Staff Reports
Posted November 8, 2006, 4:37 PM EST
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Home values in metro Orlando and two other Florida markets were among the nation's fastest growing in the third quarter, according to an analysis by an online real estate research company.

Zillow.com estimated that Orlando area existing home values in the quarter rose 17.6 percent from the previous year, trailing only Jacksonville, at 19.1 percent, and Portland-Salem, at 17.9 percent. The Richmond-Petersburg, Va., area was fourth at 16.2 percent and Tampa-St. Petersburg fifth at 15.9 percent.

[Muggy]

Zillow's accuracy is questionable. Even the company itself admits that it's system has "many problems."

From Zillow's own website "The Zestimate home valuation is Zillow's estimated market value for a home, computed using a proprietary formula. It is not an appraisal."

http://www.zillow.com/corp/Questions.htm#zest (broken link)

It's great to find out taxes and sale info. But beyond that, it's throwing darts.
It's really ridiculous that a newspaper would cite zillow as of source a real estate info.

[sunrico90]

Originally Posted by Muggy

Zillow's accuracy is questionable. Even the company itself admits that it's system has "many problems."

From Zillow's own website "The Zestimate home valuation is Zillow's estimated market value for a home, computed using a proprietary formula. It is not an appraisal."

http://www.zillow.com/corp/Questions.htm#zest (broken link)

It's great to find out taxes and sale info. But beyond that, it's throwing darts.
It's really ridiculous that a newspaper would cite zillow as of source a real estate info.

Zillow's 'Zestimates' often inaccurate, says complaint

Have you ever checked out the satellite photos and market value estimates of homes in your neighborhood on Zillow.com -- the Internet real estate site that offers "free, instant valuations and data for 67 million-plus homes"?

Zillow was launched with major media fanfare last February, backed with a reported $57 million in venture capital. It is one of the most popular real estate sites on the Web -- visited millions of times a month by sellers, buyers, agents, lenders and homeowners. It also has begun distributing its free "Zestimates" through Yahoo.com and real estate brokerage sites.

But now Zillow is coming under harsh scrutiny. In a complaint filed Oct. 25 with the Federal Trade Commission, the National Community Reinvestment Coalition charged that Zillow knowingly deceives the public by presenting its property estimates as accurate, whereas in fact they are frequently far off the mark.

http://www.heraldtribune.com/apps/pb...611050689/1010

[pianogal]

I agree that I don't put alot of stock in what Zillow says...but I am seeing the houses in my neighborhood start to move again. I am in a new neighborhood that had alot of investment activity so for awhile we were averaging 20-30 homes for sale in a small subdivision of about 300 homes. Just in the last few weeks, for sale signs are disappearing and we currently have 12 homes for sale. My neighbor is a realtor and told me that 8 homes in our subdivision have sold over the last 2 weeks - all for close to asking price. Is this a sign things are turning around? I don't know, but it sure is a nice change.

[alexito68]

what do you guys believe is a good web site (if any) for good estimates on housing?

[Prichard]

There are two sets of sources: The Property Appraiser's websites for each county, and the MLS. For residential property the data is all there for you to run a market comparable analysis. You just need to know how to make the proper adjustments to the comparables to get your estimated values. Unless you know how to do this, there is no "easy button" website that will give you a value on a house.

[MyHomeIsInOcala]

alex,

Prichard is correct; there is no easy button for an estimate.

The best way to do it on your own is to search the local sales, via tax records, of area homes... or call several RE agents and ask them to provide you with an estimate. BUT, even with agents, you will run into price differences many times.

[firemed]

Originally Posted by MyHomeIsInOcala

alex,

Prichard is correct; there is no easy button for an estimate.

The best way to do it on your own is to search the local sales, via tax records, of area homes... or call several RE agents and ask them to provide you with an estimate. BUT, even with agents, you will run into price differences many times.

The Herald Tribune reports from Florida. “A downtown Sarasota property once slated to become a luxury condominium sold Thursday for $555,000 at a no-reserve, open-air auction. That price was nearly $200,000 less than the developer paid two years ago for the same piece of dirt and probably half what the land might have commanded during the peak of the real estate boom.”

[MyHomeIsInOcala]

Originally Posted by firemed

The Herald Tribune reports from Florida. “A downtown Sarasota property once slated to become a luxury condominium sold Thursday for $555,000 at a no-reserve, open-air auction. That price was nearly $200,000 less than the developer paid two years ago for the same piece of dirt and probably half what the land might have commanded during the peak of the real estate boom.”

I can’t believe it!!! Oh, wait, yes, Yes I can!

[tallrick]

I can see no downside to falling property values, only more opportunities for business, and less taxes for the government to waste and steal. I wish people would stop getting upset when bubbles deflate.