Lora Brumett_Grandview Lake_11x17_OCT17

Lora Brumett

ATTENTION POSTMASTER Time Sensitive Materials

REALTOR® | RE/MAX Ability Plus CLHMS Certified RE/MAX Ability Plus Billion Dollar Club

812.350.8874 LoraBrumett@yahoo.com www.SellWithTheStars.com RE/MAX Ability Plus 11191 W Grandview Dr Columbus, IN 47201 812.350.8874

GRANDVIEW LAKE

2016

October 2017 Real Estate Market Report

Each Office Independently Owned and Operated.

Visit www.GrandviewLakeHomes.com Today!

FEATURED GRANDVIEW LAKE ACTIVE LISTINGS! ACTIVE

10881 W. Grandview Drive | 4 Beds | 3 Baths 4,056 Est. Sq. Ft. | List Price $1,195,000

ACTIVE

ACTIVE

11966 W. Glen Lane | 3 Beds | 4 Baths 3,141 Est. Sq. Ft. | List Price $629,000

ACTIVE

PRESENTED BY Lora Brumett 11411 W. Grandview Drive | 5 Beds | 4 Baths 2,528 Est. Sq. Ft. | List Price $598,900

10371 Pond Drive | 4 Beds | 3 Baths 2,558 Est. Sq. Ft. | List Price $542,900

Future Seller, For more information on these fabulous homes, or to have your home professionally marketed in my Grandview Lake publication, call me today at 815.350.8874.

Your Grandview Lake Real Estate Specialist

PREPARED ESPECIALLY FOR

FUTURE SELLER

Lora Brumett

GRANDVIEW LAKE MARKET REPORT

REALTOR® | RE/MAX Ability Plus CLHMS Certified RE/MAX Ability Plus Billion Dollar Club

Grandview Lake Homes Currently Listed

812.350.8874 LoraBrumett@yahoo.com www.SellWithTheStars.com Connect with me on 2016

Visit www.GrandviewLakeHomes.com Today!

Grandview Lake & the Zillow Zestimate ®

Have you ever perused Zillow for Grandview Lake homes for sale and noticed that nearly all of the Zestimates are much lower than the listing prices?

The Zillow Zestimate is a data point that has become a source of confusion, false pretense, and general misunderstanding in our niche market of Grandview Lake real estate. As both a Grandview Lake resident and real estate specialist, I’ll explain why the Zestimate and other Automated Value Methods, or AVMs, can be an unreliable tool for buyers and sellers when evaluating property values on Grandview Lake.

The Zestimate is Zillow’s proprietary AVM. AVMs are basically a giant math equation, or algorithm. The algorithm is designed to make adjustments and calculations based on data points like square feet, lot size, year built, and past sales. This complex mathematical equation is secret and non-transparent to those who seek to learn how the equation actually calculates a given home’s Zestimate.

Zillow claims that its “algorithm’s accuracy is within 4.3 percent nationwide, meaning half of Zestimates nationwide were within 4.3 percent of the final selling price, and half are off by more than 4.3 percent.” You can put Grandview Lake in the latter category, for the following reasons: The problem with AVMs on Grandview Lake is that there are so many property features and intangibles that Zillow can’t possibly know based on electronic data points. For example, Zillow’s AVM has no idea if a home has an elaborate boat house, whether or not the dock is made of wood or Trex, or if there’s a second kitchen in the home. Zillow’s AVM also has no judgement of value based on whether a home is located in the 7th addition cove,

®

or whether it is located on the main body of the lake. Zillow doesn’t know whether the water is deep or shallow, whether the driveway is steep, or if the neighbor’s boat house is blocking the view. Unless a home has undergone a major structural remodel adding square footage, Zillow doesn’t know to make adjustments for renovations.

So maybe you spent $100,000 renovating all your bathrooms and kitchen – Zillow has no ability to quantify that. Zillow can’t capture value in things like a new roof, new furnace, panoramic view vs. no view–there are many more examples, but you can understand the implications of these lake home features that aren’t quantified in black and white data points.

The AVM works well in neighborhoods like nearby Shadow Creek Farms, where all the homes are built on similar lots by the same builder, with just a few varying floor plans and selections. But on Grandview Lake – just cast the AVM data aside, as it’s most likely incapable of accuracy.

Future Seller, As your local agent who is immersed in the market both as a Grandview Lake resident, and as a real estate specialist, you can trust that I help you earn the most return from your invetment! Call me today at 812.350.8874 for a FREE, no obligation home assessment!

Sources: Zillow.com Howell, David. “How accurate is Zillow’s Zestimate? Not very, says one Washington-area agent.” The Washington Post 6/10/14 Fontinelle, Amy. “Zillow Zestimates: Not as Accurate as you Think.” Investopedia 9/15/17 Harney, Kenneth R. “Zillow faces lawsuit over ‘Zestimate’ tool that calculates a house’s worth.” The Washington Post 5/10/17

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Hl01400050

Status

Address

Bedrooms

Total Baths

Estimated Square Feet

List Price

List Date

Active

5181 South Poplar Drive

4

4.0

4,458

$1,278,000

08/28/17

Active

11861 West Grandview Drive

4

2.0

3,392

$629,900

08/21/17

Active

5461 South Poplar Drive

3

2.0

2,288

$599,000

08/14/17

Active*

10881 West Grandview Drive

4

3.0

4,056

$1,195,000

06/30/17

Active

4871 South Poplar Drive

4

3.0

3,580

$649,000

05/19/17

Active

5221 South Poplar Drive

5

4.0

4,192

$779,000

05/17/17

Active

11957 West Locust Lane

4

3.0

2,880

$707,000

05/12/17

Active*

11966 West Glen Lane

3

4.0

3,141

$629,000

05/03/17

Active*

11411 West Grandview Drive

5

4.0

2,528

$598,900

03/09/17

Active

11954 West Glen Lane

4

4.0

3,451

$781,000

02/24/17

Active*

10371 Pond Drive

4

3.0

2,558

$542,900

02/20/17

Active

11962 West Glen Lane

5

4.0

4,592

$765,000

05/30/16

Active

11151 West Grandview Drive

3

2.0

2,160

$620,000

04/30/16

Active

11881 West Grandview Drive

4

3.0

3,633

$675,000

08/02/14

Grandview Lake Homes Currently Pending Status

Address

Pending

10691 West Grandview Drive

Bedrooms

Total Baths

Estimated Square Feet

List Price

List Date

5

6

4,436

$869,900

02/06/17

Status

Address

Bedrooms

Total Baths

Estimated Square Feet

List Price

List Date

Sold Price

Sold

5391 South Poplar Drive

4

4.0

4,572

$1,395,000

04/01/17

$1,190,000

07/19/17

Sold*

5521 South Poplar Drive

3

3.0

3,528

$819,000

05/04/17

$798,250

07/18/17

Grandview Lake Homes Sold in the Last Year Sold Date

Sold

4201 South Poplar Drive

4

3.0

3,895

$739,000

04/15/17

$709,500

06/26/17

Sold

4170 South Summit Lane

3

3.0

3,400

$599,900

08/29/16

$568,900

05/26/17

Sold

3571 South Poplar Drive

3

3.0

1,807

$369,000

07/19/16

$355,000

05/12/17

Sold

3701 South Poplar Drive

5

3.5

3,814

$390,000

07/12/16

$360,000

02/14/17

Sold

4671 South Poplar Drive

4

3.5

3,972

N/A

N/A

$900,000

01/20/17

Sold

11561 West Grandview Drive

5

3.0

3,336

$629,000

08/28/15

$551,700

12/23/16

Sold

11791 South Grandview Drive

6

3.0

4,028

$595,000

03/24/15

$560,000

12/13/16

Sold

10651 West Grandview Drive

7

5.5

8,126

$2,295,000

06/13/16

$2,100,000

12/12/16

Sold

5611 South Poplar Drive

2

2.0

2,304

$425,000

06/17/16

$380,000

12/09/16

Sold

11965 West Locust Lane

3

2.5

4,180

N/A

N/A

$476,000

11/09/16

Sold

4121 South Summit Lane

4

3.5

3,880

$575,000

01/15/16

$560,000

10/31/16

Sold*

11551 West Grandview Drive

3

3.0

2,430

$819,000

09/28/16

$798,725

10/24/16

Sold

11451 West Grandview Drive

6

4.5

5,834

N/A

N/A

$1,300,000

10/24/16

Sold*

11970 West Glen Lane

4

3.0

2,988

$599,000

09/02/16

$599,000

10/14/16

Sold

11671 West Grandview Drive

3

2.0

2,150

$546,000

04/15/16

$505,000

09/28/16

Grandview Lake Lake Lots Status

Address

Acres

LF Frontage

List Price

List Date

Active

11281 West Grandview Drive

0.34

0

$69,900

05/19/17 05/19/17

Active

11271 West Grandview Drive

0.34

0

$69,900

Active

11954 West Glen Lane

0.66

100

$199,000

Status

Address

Acres

LF Frontage

List Price

List Date

Sold Price

Sold Date

Sold

4161 Poplar Drive

0.47

89

N/A

N/A

$215,000

05/10/17

Sold

10741 West Grandview Drive

0.53

106

$335,000

10/01/14

$320,000

01/05/17

Sold

10661 West Grandview Drive

0.61

100

$369,900

02/27/17

$345,000

04/13/17

Sold

4061 South Poplar Drive

0.55

80

$139,500

05/13/16

$125,000

06/27/16

Sold

10431 West Grandview Drive

0.47

110

N/A

N/A

$250,000

12/20/16

04/25/16

Lora Brumett, RE/MAX Ability Plus, and The RE/MAX Collection are not in any way affiliated with Grandview Lot Owners Association, nor is this in any way an official advertisement or publication of Grandview Lake. © 2017 The RE/MAX Collection. All rights reserved. This representation is based on sales and data reported by multiple brokers/agents to the MIBOR and Bartholomew County eGIS as of September 27th, 2017. Data deemed accurate but not guaranteed. Listings and sales may not be those of RE/MAX Ability Plus or The RE/MAX Collection. The National Association of Realtors®, MIBOR, and Bartholomew County eGIS does not guarantee the accuracy of this data, which may not reflect all of the real estate activity in the area. E & OE. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of an existing agency relationship. *Asterisk represents properties listed or sold by Lora Brumett.

Published by REAL Marketing (REM) | www.REALMarketing4You.com | 858.847.8631 | ©2017