The big Zillow disconnect in Wynwood
News that major developers, including Related Group, are moving into Miami’s Wynwood area made me curious about what’s for sale there when it comes to existing residential.
What I found was a shocking disconnect between what owners are asking and what Zillow thinks the properties are worth. The neighborhood has small dated properties, but that isn’t stopping asking prices of $1 million and up.
Here are some examples:
- 276 NW 31st Avenue: The asking prices is $1.2 million for a 1,591-square-foot duplex that has two two-bedroom, one bath units. Zillow says it’s worth $299,866. It has been listed for 169 days on Zillow.
- 159 NW 31st Street: The asking price is $700,00 for this two-bedroom, one bath. Zillow says it’s worth $320,352. It has been listed for439 days.
- 3411 NW 1st Avenue: The asking price is $1.25 million for a 930-square-foot single family home with 2 bedrooms and 1 bathroom. The asking price is $1.25 million, but the Zillow estimate is $266,362.
- 225 NW 34th Terrace: The 1,634-square-foot property has a single-family home and a smaller separate residence. There’s no description of the number of bedrooms. It’s listed at $950,000 and Zillow estimates it’s worth $324,203. The listing says it won’t last, but it’s been listed for 259 days.