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Old 03-19-2018, 03:00 PM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 3 days ago)
 
Location: Cary, NC
43,073 posts, read 76,614,383 times
Reputation: 45393

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What's a million and a half between buds?

https://www.seattletimes.com/busines...ms-gone-wrong/
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Old 03-19-2018, 05:54 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,676 posts, read 29,593,959 times
Reputation: 33222
1. Not Zillow's fault. 3rd party data input error.

2. Friends of mine bought their house in July 1989 for $185,000.00. But the City & County of Denver recorded it as $18,500,000 in the database. The taxes were based upon the correct assessed market value. No one noticed the error until I looked at on Zillow a few years ago. I sent an email to the Assessor's Office and it was corrected.
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Old 03-19-2018, 06:47 PM
 
1,528 posts, read 1,577,724 times
Reputation: 2062
Quote:
Originally Posted by davebarnes View Post
1. Not Zillow's fault. 3rd party data input error.

2. Friends of mine bought their house in July 1989 for $185,000.00. But the City & County of Denver recorded it as $18,500,000 in the database. The taxes were based upon the correct assessed market value. No one noticed the error until I looked at on Zillow a few years ago. I sent an email to the Assessor's Office and it was corrected.

Don't ruin his fun. Let him have his

O.....M.....G


moment.

That thread with 192 pages of people listing their Zestimates punctuates with this. Let him bask. Why won't you let him bask?
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Old 03-19-2018, 09:26 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,676 posts, read 29,593,959 times
Reputation: 33222
—-

Last edited by davebarnes; 03-19-2018 at 10:36 PM..
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Old 03-19-2018, 09:28 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,676 posts, read 29,593,959 times
Reputation: 33222
Quote:
Originally Posted by MikeJaquish View Post
...buds
Where I live, this is buds.
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Old 03-19-2018, 09:40 PM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 3 days ago)
 
Location: Cary, NC
43,073 posts, read 76,614,383 times
Reputation: 45393
Quote:
Originally Posted by davebarnes View Post
1. Not Zillow's fault. 3rd party data input error.

2. Friends of mine bought their house in July 1989 for $185,000.00. But the City & County of Denver recorded it as $18,500,000 in the database. The taxes were based upon the correct assessed market value. No one noticed the error until I looked at on Zillow a few years ago. I sent an email to the Assessor's Office and it was corrected.
When does it become Z's "fault?"
How many months are they free to go, blindly and irresponsibly posting crappy data from vendors, without any audit of ludicrous pop appraisal valuations that they proudly post as "a starting point?"

"The Zestimate for this house is $242,572, which has decreased by $1,561,424 in the last 30 days."
IOW, without any form of quality process, they carried that valuation from end of August to the end of February.
6 months in this case, but acting only because the owners pushed them to clean up their mess.

As that great contemporary American philosopher, Larry the Cable Guy, might say:
"If you think that's not funny, you don't belong here."
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Old 03-19-2018, 09:59 PM
 
Location: Kansas City North
6,784 posts, read 11,422,103 times
Reputation: 16952
There you go talking about “pop appraisals” again.
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Old 03-20-2018, 04:12 AM
 
11,025 posts, read 7,766,385 times
Reputation: 23700
Perhaps their algorithms should be modified to crosscheck data if their "Zestimate" is in the vicinity of 700% of similar neighboring homes. Or maybe a bunch of old guys with sleeve garters and green eyeshades could pencil-whip the data before it's published.
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Old 03-20-2018, 04:55 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 3 days ago)
 
Location: Cary, NC
43,073 posts, read 76,614,383 times
Reputation: 45393
Quote:
Originally Posted by Okey Dokie View Post
There you go talking about “pop appraisals” again.

"It's a rotten job, but someone has to do it."


Quote:
Originally Posted by kokonutty View Post
Perhaps their algorithms should be modified to crosscheck data if their "Zestimate" is in the vicinity of 700% of similar neighboring homes. Or maybe a bunch of old guys with sleeve garters and green eyeshades could pencil-whip the data before it's published.
I like the latter...


Last edited by MikeJaquish; 03-20-2018 at 05:07 AM..
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Old 03-20-2018, 08:30 AM
 
3,754 posts, read 4,179,441 times
Reputation: 7773
LOL

There is a Zillow estimate in the neighborhood next to mine that is way off... and it was a realtor's fault.

The zestimate had been $415k. The house was put up for sale in Nov/Dec, and they were looking to list for $399k. Well, some realtor got a bit greedy and loose with the numbers, and they listed it for $3,990,000.

That sent the zestimate up to almost $4 million. They corrected the price after a few days, and the house sold almost immediately, as we're in a hot area. So the house is now off the market, but the zestimate never caught up with the change in price and immediate sale thereafter. So now there's this one house valued at like $3.6 million a couple street over, and it goes down by about $100k a month or so.

It will go back to normal over time as the algorithm works each month, but the initial zestimate was quite close to market value.
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