A Quick Look Into the Inaccuracies of Zillow Home Zestimates in Santa Barbara

The LA Times recently examined Zillow‘s price inaccuracies, where Zillow CEO, Spencer Rascoff, remarked that their “Zestimates are a ‘good starting point’ but that nationwide they have a ‘median error rate’ of about 8%.” This is of significance considering that Zillow is one of the most popular real estate information sites. “Shoppers, buyers, and sellers” alike often quote these estimated value prices to real estate agents, and discrepancies can sometimes lead to disagreements. The disparity can be especially significant in regards to luxury homes, where that “small” percentage can translate to hundreds of thousands of dollars – possibly even more in market areas where inaccuracy percentages are even higher. (Read the full LA Times article here)

So, we decided to do a little bit of our own research about the Santa Barbara area including Carpinteria, and Montecito. We compared the sales price of 10 different homes that closed since January 1, 2015 to current Zillow Zestimate prices. Differences ranged from +/- 3% all the way up 31%, with the majority of discrepancies being between +/- 3% and 11%; the average deviation from actual closing sale price was 11.8%. Although it would be a stretch to assume this is the average for the entire Santa Barbara housing market, it does give us a general idea of the extent to which Zestimates are flawed. Fortunately, it seems Santa Barbara does not suffer from drastic price discrepancies, but it is a factor that home buyers, sellers, and shoppers should be aware of.

Lesson to learn from all of this: online home estimates should be used for general reference, and not treated as factual or explicit. Buyers and sellers are encouraged to trust the valuations of real estate professionals and appraisers.

For more information on Santa Barbara real estate, or the luxury enclaves of Montecito, Hope Ranch, the Riviera and Beaches, please contact Riskin Associates, the top producing real estate team in Santa Barbara.

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Riskin Associates of Village Properties Sells Mediterranean Estate in Montecito for $15,000,000

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LuxuryRealEstate.com, “a compendium of the finest residential real estate firms from around the world,” has published a press release regarding the recent sale of one of Riskin Associates‘ exceptional properties in Montecito. The two-story Mediterranean estates which prides ocean- and mountain-views, a six bedroom main house, two bedroom guest cottage, pool and cabana, tennis court, and lusciously manicured gardens, was sold for $15,000,000.The press release from LuxuryRealEstate.com contributes to the recognition of Riskin Associates as a prominent figure within the Who’s Who in Luxury Real Estate network; we genuinely feel inspired and motivated to continue striving toward our goals! If you would like to browse more closed sales by Riskin Associates, click here, or if you would like to view more of our available listings, click here.

To read the full significant sale article click here or on the picture below

New Listing! Tranquil Montecito Retreat

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Nestled on a tranquil, gated acre, this captivating Montecito home has been impeccably updated with outstanding design elements, top of the line finishes, lush landscaping and abundant character throughout.

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Wonderful indoor/outdoor living is enjoyed through vibrant, spacious rooms including an airy living room with a whitewashed brick fireplace, large windows and charming built-ins. The dining room’s pitched ceiling and skylights enhance the airy feel of the room while a wall of French doors open completely to the patio for extraordinary entertaining. 

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The spacious family room’s French doors open to a soothing waterfall.

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The state-of-the-art Bulthaup kitchen boasts Miele and Sub-Zero appliances, a generous chef’s island with abundant storage and a charming built-in breakfast nook with skylights. French doors open to a beautiful deck and garden, welcoming lovely sunlight into the heart of the home. A powder room conveniently serves the home’s public spaces.

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Luxuriously appointed, the master suite is warmed by a corner fireplace and gorgeous garden views through French doors. 2860EValley_Bath

A sumptuous ensuite bath is outfitted with floating teak cabinets, Brazilian marble, a vast walk-in rainforest shower with linen tile and a freestanding spa tub surrounded by lush outdoor greenery.

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Three additional light-filled bedrooms are welcome retreats for guests. Two bedrooms share a pristine bath while a third spacious suite boasts a dedicated bath and custom built-in storage. A sizeable pine-paneled art studio (the converted garage) sits apart from the main house, inspired by garden views and magnificent skylights.

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Enjoying a rural creek-side Montecito location, mature Oaks tower above enchanting gardens, whimsical paths, colorful specimen plants, native boulders and numerous outdoor patios. Zen-like serenity is achieved with a stunning waterfall feature, cascading into a stone pond adorned with banana trees, palms and lily pads.

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Refined design is met with unassuming comfort to create a truly exceptional property.

2860 East Valley Rd
Montecito, CA 93108

Click Here to view more incredible properties available at Riskin Associates