What's up with Zillow.com?

When my grandmother called me to tell me about a real estate website, I almost had a heart attack. This is my generation- the generation of technology... despite the shock, I checked the site out and think it is a pretty cool concept- one I surely wish I had come up with. It seems that some wonder if real estate agents see Zillow as an impediment or competition to our jobs. Questions the Sarasota Herald has been asking seem to indicate this.

Zillow is good in moderation, but what people have to realize is that it is a new site, and that the comparable sales are generated and picked by computer. I tried about 10 properties out and found Zillow to be a good bit off. To its credit, it was right on two parcels. Before you try to sell your based on the figure Zillow spits out, consider a few things:

1. Computers do not have nuances programmed in. Is your house on a corner lot? Does is have granite countertops? You get my drift.
2. Everyone in any given neighborhood know the general prices homes have been going for. Zeroing in on the exact dollar amount is more tricky.
3. Some of the comps Zillow found for me were months old. For instance I bought my home over two months ago and it was not updated. The market looks much different today than it did months ago.

My advice: Zillow in moderation- and consult an agent or appraiser if you want a more accurate price.

Palmer Ranch Market Update First Quarter 2006

Despite the external signs of the shift to a drastic sellers market, home and condo values are still on the rise in the Sarasota market in 2006. How ever, there is over 15 months of condominium inventory in the Palmer Ranch Market. Transactions are slowing, but market prices are maintaining their robustness with a very strong upward surge in Palmer Ranch home values- to the tune of 34%!

Here are the statistics:

Residential 2006 2005 Change
# of Listings Taken 161 80 Up 101%
# of Sales 28 54 Down 41%
Median Sales Price $557,500 $432, 500 Up 34%

Condominium
# of Listings Taken 156 60 Up 160%
# of Sales 18 35 Down 49%
Median Sales Price $284,950 $270,000 Up 6%

Even in a shifting market home ownership seems to pay a lot better than the bank. A word of advice to sellers. BE REALISTIC. Take a look up and down the street. If you see multiple For Sale signs, the market is competitive. Ask yourself what is that will sell your home. The answer is value. Buyers determine value by comparison shopping. Make sure your house stands out and priced well per square foot. No matter how much you advertise, if your house is overpriced, it will not sell. If you are wondering what your home is worth and how to get it to sell more quickly, give me a call or email me: drew@srqlife.com.

City Place at Pineapple Square- Sure to be a Good Bet

As one who did his undergraduate work in Palm Beach, I feel that I can speak with authority about the City Place concept- after all I spent a lot of my time there- eating at Cheesecake Factory, visiting at Starbucks, or studying at Borders. One of my former professors bought a condo at City Place in West Palm Beach and has seen tremendous appreciation on his purchase. I am excited about Sarasota getting a City Place for many reasons- and I think that Sarasota's version may even be more luxurious due to its proximity to the water. City Place will have condominium residences located convenient to the arts, entertainment, fine dining, and high-end retail. Preconstruction pricing is available now from the $400's to the $900's. Shoot me an email to drew@srqlife.com for more information on this up and coming Sarasota hotspot.