Big drop in zillow valuation?

Not sure if this is forum appropriate but has anyone else noticed something strange going on with Zillow recently?  I bought a Park Slope 2BR condo a year ago and have been regularly checking the Zillow “zestimate” of its price since.  After slowly drifting down from my purchase price for about a year, the estimate suddenly dropped by ~25% over the last two weeks, in a couple of big chunks.

I know this doesn’t mean anything but anyone have any insight into what’s going on?  I didn’t think Park Slope was hurting this much …

mattinnorthslope

in Appraisals 13 years and 10 months ago

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slopegirl | 13 years and 9 months ago

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I’d never been on Zillow before, but it seems like a piece of crap from testing my address. It lists our 4-story building as a 750 square foot one bedroom apartment and values it at $2 million or $2,666 a square foot. If you want to know what your apartment is worth, look at what’s for sale that’s similar and what things are actually selling for. Anyway, home value only matters when you sell. I don’t think condos have lost value since last year from what I’ve seen.

northofditmas | 13 years and 10 months ago

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They changed the algorithm.  http://www.zillow.com/blog/research/2011/06/14/upgrading-the-zestimate/

berniceshola | 13 years and 10 months ago

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Zillow is totally meaningless when evaluating an actual property. A house could be a shell for all they know. Purely based on s.f. and location, and whatever half-assed algorithm they run that through. But yes, it seems to have dropped a big chunk across Brooklyn in the last month. Has very little to do with reality.

landlord | 13 years and 10 months ago

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I noticed that too, on one property value went down 15% one week and up 18% the week after… it’s zillow, i woudn’t worry too much…

housepoor | 13 years and 10 months ago

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I just looked on Zillow and my house’s “value” went up 60%….in a week. I guess I’m not so housepoor anymore! Seriously, these valuations are now worse than the City’s real estate assessments. Unless someone really wants to pay $2,230 per sq. ft for my 3 family house.

pigthree | 13 years and 10 months ago

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I thought park slope has had the larges percentage drop in all of brooklyn.