Blog Stories Zillow Co-Founder Lists Personal Home For Nearly $8M Above The Company's Zestimate!

Zillow Co-Founder Lists Personal Home For Nearly $8M Above The Company’s Zestimate!

By Chad Meier, March 6, 2020

And in more Robot-Fighting news today… 
Spencer Rascoff, a co-founder and the former CEO of Zillow Group listed his Brentwood Park, Los Angeles home for $24 million on Thursday. This is nearly $8 million more than the most recent “Zestimate” (Zillow’s oft-maligned automated valuation model) said the home is worth.
The most recent Zestimate for Rascoff’s home pegged its value at $16.1 million for the property. That number was then revised for a brief period to $17.2 million (likely due to honest market fluctuations), but as of today…
 
THE ZESTIMATE HAS BEEN MYSTERIOUSLY REVISED TO SUGGEST A VALUE OF $23,630,769!
 
This controversial tool has drawn ire from some in the real estate industry, who feel it often puts them in the position of defending a legitimate CMA (arriving at Valuation through the use of a Comparative Market Analysis) versus a tool that hasn’t actually been inside the home. It’s also been at the center of an anti-trust lawsuit against Zillow.
 
Side Note: This is not the first time the Zestimate has failed to capture the value of Rascoff’s home; In 2016, Rascoff sold his Seattle-area home for $1.05 million, which was 40 percent less than the Zestimate said the home was worth at the time. This time however, it’s flipped (with the Zestimate valuing the home far lower than Rascoff’s actual real estate agent did). 
Chad Meier
Living Room Realty
503-709-9600
Chad@PortlandHomeBase.com
*First reported by The Real Deal, with additional information sourced from Inman News.

Chad Meier

Broker

Hello, I’m Chad: Licensed Real Estate Broker, native Oregonian, photography aficionado, lover of old houses, friend to all animals, and powered by analytical data. As a member of the National, Oregon and Portland Metropolitan Associations of Realtors, I'm proud that my profession allows me to use the tools I've acquired over the past 20+ years (client advocacy, sales & marketing, conflict resolution, et al.) to help people on a daily basis. Bottom line… I love the work! Through personal experience, I understand that buying or selling a home is more than just a business transaction; In fact, it can often be a life changing event! This is why I’m dedicated to providing exceptional service for my clients when it’s time for them to make their move. On the listing side; I believe that every home, no matter how modest or grand, deserves to make the best possible first impression on a would-be buyer. This is why I’m aligned with our area's preeminent independent real estate brokerage (Living Room Realty) to offer every property the most compelling & relevant marketing available. It also means that I’ll never represent your home online with a smartphone picture ;^) On the buying side; I personally work with every client - no handing you off to a junior team member of a team - to ensure that we work toward your goals together and don’t fall prey to some of the pitfalls that buyers can face in today's heavily weighted market. In short, I can help you win! Above all else, I pledge to be a strong advocate for my client’s interests and promise to work relentlessly to help them achieve their real estate goals. After all, I believe that if you’re not left with an amazing experience, I haven’t done my job. Speaking personally, I’ve been connected to this great city and its surrounding areas since childhood. Most recently, my family (wife Shawn, son Jakob, mother Glenna, and mutts Juno & Dizzy) have lived in the vibrant Sellwood-Moreland neighborhood for the past 14 years. When not at my desk or in the field helping clients, you’ll likely find me trying to capture a compelling scene behind my camera lens, playing basketball wherever I can find a pickup game, or combining these two passions by photographing my son’s high school basketball team in action (GO WARRIORS!). And on occasion, you may even find me at any number of our city's finer dining establishments, searching high and low for a bartender who knows the recipe for a perfect Roman Holiday ;^) Whether you have a plan to buy or sell (or simply need to develop one), please feel free to contact me. I look forward to understanding your goals and helping you achieve them! I can be reached at 503-709-9600 -or- Chad@PortlandHomeBase.com
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