Duck Key Real Estate Home Valuations - 2007
Zillow Zestimates, Coldwell Banker Schmitt Real Estate Home Values and
the Coldwell Banker Home Price Comparison Index.
ZILLOW AND DUCK KEY
While a local real estate expert will give you the most accurate estimate of the value of your house, the website Zillow can provide you with some information on value should you be curious or plan on selling your house on your own.
Zestimates - From real estate data that Zillow collects they generate something they call the Zillow Zestimate, an estimate of the current market value for a home.
Zindex™ - A zindex is a home valuation index which shows the median Zestimate valuation for a given geographic area on a given day
The January 2006 chart shows a median estimate of a home valuation on Duck Key to be $1,170,739. This figure is contrasted to the median for Monroe County of $595,261. Zillow also computed an appreciation rate of 60.7 percent in 2004 and 14.4 percent in 2005.
By January 2007 the index estimate had increased to $1,212,323.
Zillow says that "the the median sale price is biased to the extent that the homes sold in a given period are not completely representative of all the homes in the area."
Screen shots of the index taken in January of 2006 and January 2007 shows the
The Median is the middle point with half the estimates for Duck Key below this number and half the estimates above it.
The estimates used to find the median include the several hundred villas, and condo properties on commercially zoned Indies Island, together with the approximately 400 homes on the residential islands of Duck Key.
Whether a valid estimate of a home's value is generated by Zillow depends on the information it collects. If a house sells on a street near your home the sale price of that home will influence the value Zillow estimates for your home. If incorrect information is collected a home's estimated value can be off by tens to hundreds of thousand.
Average Florida Keys Prices as determined by Coldwell Banker Schmitt Real Estate
According to Coldwell Banker Schmitt Real Estate, homes prices place the Keys among the most expensive markets in the nation.
|Average of "subject" homes
|Key Colony Beach
|Key West - waterfront
|Key West - non-waterfront
|Monroe County - 13 location average
Coldwell Banker conducts an annual comparison of similar homes in over 300 U.S. markets. As one might imagine the survey found Beverly Hills to be the most expensive housing market in the United States. $2,210,000 was the average price for a four-bedroom, 2.5-bath home in Beverly Hills.
A Coldwell Banker Press Release shows that "Eight of the top 10 most expensive markets in the U.S. are in California, but Greenwich, Conn., jumped from the eighth most expensive market a year ago to second this year ($2 million). Boston ($1.38 million) is the only other market outside of California to make the top 10 most expensive market list. In all, 16 U.S. markets exceed the $1 million average price for the surveyed home. Joining Greenwich and Boston on that list outside of California are Wellesley, Mass. ($1.19 million) and Ridgewood, N.J. ($1.01 million). Note: Manhattan in New York City was not included in the study because of the lack of comparable single-family homes."
To see charts and read the press release go to http://hpci.coldwellbanker.com/hpci_press.aspx
Coldwell Banker Home Price Comparison Index
The 2007 Home Price Comparison Index compiled by Coldwell Banker Real Estate allows you to find approximately how much your home might cost in any of over 300 markets across United State.
Type in a value, select the region closest to your home, and pick 3 locations to compare. What would a comparable home which cost $1,200,000. in the Keys cost you in Hawaii, Long Island or Virginia Beach?
The result shown below indicate a similar home would cost $1,243,636 in Hawaii, $829,091 in Long Island and $512,727 in Virginia Beach.
To try the Market Comparison Tool go to http://hpci.coldwellbanker.com/
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