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).
Living Room Realty
*First reported by The Real Deal, with additional information sourced from Inman News.