Homeowners in Denial About Value of Properties

That's a great post. There is a lot of denial out there.

http://streeteasy.com/nyc/talk/discussion/27573-of-course-ask-is-usually-more-than-bid

Loves how the new equation is for 'homeowners' if their asset is less than mortgage. It's not pay up bitch, it's let's do a shirt sale and stick it to the taxpayers.

Red alert. Red alert! Listen, when your neighbor does a short sale they are taking your tax money. banks are bankrupt wo govt backstop. Flmaozz

Yup, RS - and the article says as much. Just, not THAT much!

I find most of Zillow's zestimates to be 10 to 15% lower than actual closing prices.

I find that same inaccuracy in Zillow too. But in many cases, once a property is sold, like magic, the Zestimate is changed and reflects the sold price virtually dollar for dollar. Never mind the fact that the Zestimate was way off before closing.

zillow overestimates my house by stoopid amounts--id hit a bid down 20% from their num

I'd disregard Zestimates altogether except (literally) for tract housing on uniform-quality sites (i.e., not ones where some are waterfront, or have amazing views). Even for those, I'd only use it if the houses have reasonable resale history, and are not in areas that have transitioned from downscale to upscale, and have all-over-the-place renovation histories. Coronado Beach, I'm talking to you.

So basically useless altogether in NYC, all boroughs, even Staten Island, Riversider.

There is one house in my area in NJ that is bigger than mine, has a NYC view, a larger lot, and a private elevtor that has a zestimate of 50% less than my house, which does not have any of those features.

how can you even take something calle "zestimate " seriously anyways...lol..sounds like salad dressing