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Sunday, 14 November 2021
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235 Colt Drive, Nashville TN 37221

3BR, 1BA, 1308 sq ft

$309,977

*Charming single family home in convenient Bellevue location

*One-level, all brick ranch on tucked-away street with no through traffic and no HOA

*Hardwood floors and open floor plan

*Stainless steel appliances & wood burning FP

*HVAC 2014, water heater and windows 2013, roof 2012

*Enormous detached garage, recently stained large deck, and level fenced-in backyard

*Minutes from One Bellevue Place and other shopping and restaurants, and convenient to the interstate and Percy Warner/Edwin Warner parks

*Call/text Mike with questions or to schedule a showing. 615.414.3270

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Posted on 11/14/2021 7:10 PM by Tiffany Olson
Wednesday, 10 November 2021
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Zillow's home-buying debacle shows how hard it is to use AI to value real estate

By Rachel MetzCNN Business

Updated 7:32 AM ET, Tue November 9, 2021 

 

foreseeable future panel orig_00014414(CNN)In February, Zillow appeared so confident in its ability to use artificial intelligence to estimate the value of homes that it announced a new option: for certain homes, its so-called "Zestimate" would also represent an initial cash offer from the company to purchase the property. 

The move, touted by a company exec at the time as "an exciting advancement," was intended to streamline the process for homeowners considering selling to Zillow as part of its home-flipping business. Zillow promoted this option as a way to make it convenient to sell a home while minimizing interactions with others during the pandemic. Just eight months later, however, the company is shutting down that business, Zillow Offers, entirely.

The decision, announced last week, marks a stunning defeat for Zillow. The real estate listing company took a $304 million inventory write-down in the third quarter, which it blamed on having recently purchased homes for prices that are higher than it thinks it can sell them. The company saw its stock plunge and it now plans to cut 2,000 jobs, or 25% of its staff. 

 

The fallout from this business venture doesn't just point to the challenges in buying and selling homes for profit, however. It also highlights how hard it is to use AI to help make expensive, real-world decisions, particularly in an ever-changing market that can be hard to predict months or even weeks out, and with prices that can be based as much on feel as on clear data points. Zillow CEO and cofounder Rich Barton explained the shuttering of Zillow Offers by citing "unpredictability in forecasting home prices" that "far exceeds" what the company had expected.

The "iBuyer" model used by Zillow and other other real estate companies entails purchasing homes directly from sellers and then re-listing them after doing minor work. For Zillow, one of the first steps in its decision to purchase any home is the "Zestimate" — a machine-learning-assisted estimate of a home's market value that is calculated by taking into account oodles of data about the property gathered from sources including tax and property records, homeowner-submitted details such as the addition of a bathroom or bedroom, and pictures of the house. Rival platforms such as Redfin have their own estimates that take similar data into account.

"The Zestimate, facts you provided, and comparable homes nearby are used to calculate an estimated sale price," Zillow explained on its Zillow Offers webpage to homeowners who may be interested in selling their property to the company. (The page now notes the company is "winding down" the service, and isn't making new offers on homes.) After that estimate, the page explained, Zillow conducts an in-person evaluation of a property, determines the amount it deems necessary for repairs before it could resell the house, and then makes a final offer. Zillow has bought tens of thousands of homes since the launch of Zillow Offers, but has sold many fewer than it snapped up: according to its quarterly results, it purchased 27,000 homes from April 2018 through September 2021, and sold nearly 17,000.

Zillow declined a request for an interview with Krishna Rao, the company's vice president of analytics. In a statement, Zillow spokesperson Viet Shelton told CNN Business the company used the Zestimate for Zillow Offers "the same way we encourage the public to use it: as a starting point."

"The challenge we faced in Zillow Offers was the ability to accurately forecast the future price of inventory three to six months out, in a market where there were larger and more rapid changes in home values than ever before," Shelton said.

Indeed, since Zillow entered the home-flipping business in 2018, real estate markets have changed in wildly unpredictable ways. The pandemic led to a temporary housing market freeze, followed by a supply and demand imbalance that caused an unprecedented rise in home prices. This may only have complicated the company's decision to include the Zestimate — which Zillow points out is not an appraisal, but a "computer-generated estimate of the value of the home today, given the available data" — as part of the Zillow Offers process in more than 20 cities.

Artificial intelligence can look at far more information, far more quickly, than a single human could when considering a fair price for a home, weighing factors like comparable home sales in an area, how many people are looking in a specific neighborhood and so on. Still, "you can have a real estate agent look at a house and in one second pick out one critical factor of the valuation that just doesn't exist as ones and zeroes in any database," said Mike DelPrete, a real estate technology strategist and scholar-in-residence at the University of Colorado Boulder. 

Zillow took a $304 million inventory write-down in the third quarter, which it blamed on having recently purchased homes for prices that are higher than it thinks it can sell them.

The Zestimate has been a key part of Zillow's brand since the company first launched its website in 2006. The term is featured prominently on millions of Zillow's home listings; it's trademarkedby the company; and it's mentioned 61 times in its IPO paperwork from 2011.

"Three times a week, we create more than 500,000 unique valuation models, built atop 3.2 terabytes of data, to generate current Zestimates on more than 70 million US homes," the company wrote in a securities filing in 2011. More than 10 years later, the company publishes Zestimates for more than 100 million US homes. 

If you're looking up homes on Zillow's website or app, the Zestimate is featured prominently in each listing, whether the home is for sale or not. If the house is currently for sale, a red dot is shown next to the words "House for sale," and the Zestimate, if it's available for that home, will appear on the same line.

Though the company points out that the Zestimate is not a home appraisal, the feature's accuracy has been called into question over the years. For example, it became the subject of a lawsuit brought by homeowners in 2017. (That suit was dismissed.)

Zillow has spent years improving the Zestimate, going so far as to run a multi-year data science competition to improve the accuracy of the algorithm behind it. The company awarded a three-person team the $1 million prize in early 2019.

The Zestimate currently has a median error rate of 1.9% for homes that are on the market, Shelton said, meaning Zillow's estimates for half the homes on the market come within 1.9% of the actual selling price. That percentage of error is much higher -- 6.9%, according to Shelton -- for off-market homes. Being off by as little as 1.9% on a property with a Zestimate of $500,000 is still nearly $10,000; that figure multiplies over many, many homes in different cities across the United States.

It's one thing to build a model on a website that's often reasonably accurate. It's another to then try to use that model in the real world to make very costly bets — and do so at scale, according to Nima Shahbazi, a member of the team that won the Zestimate algorithm competition and CEO of Mindle.AI, which helps companies use AI to make predictions. For instance, if any homes Zillow purchased had hidden problems — such as a missed crack in the foundation — the Zestimate would not be able to predict those issues, he said. 

"There are many different parts between a very decent model and deploying the model into production that can go wrong," he said.

Zillow was using the Zestimate to help it make purchasing decisions for homes it hoped to make a profit off of over time. But Nikhil Malik, an assistant professor of marketing at the University of Southern California, said algorithms tend to be good at making fine-grained, short-term predictions, such as for predicting stock prices a second in advance. But there simply isn't enough data for an algorithm to learn about longer busts and booms, according to Malik, who researches algorithmic pricing and has studied the Zestimate in particular. 

There are also many unquantifiable aspects of putting a price tag on a home, DelPrete noted, such as the value of living in the same neighborhood you grew up in or down the street from your parents. These can vary from person to person, which makes it even harder to outsource a home valuation process to a computer. 

"It's a good tool for what it is," DelPrete said of the Zestimate, but it's a mistake to think it can be used to accurately predict house prices now or in the future. He sees it as "almost a toy," meant more for piquing your curiosity when looking up your home or your neighbor's home online. 

"If you want to do iBuying and you're going to make thousands of offers every day you have to be really good at valuing homes, not only today but three to six months in the future," he said. "And that's an art and a science." 

— CNN's Anna Bahney contributed to this report.

https://www.cnn.com/2021/11/09/tech/zillow-ibuying-home-zestimate/index.html?fbclid=IwAR32yBfzcndkKO-9OsU8FMOEWFM-PdbyQtH-jqKjkex1JLgVGtC5z-5gDww

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Posted on 11/10/2021 5:11 AM by Tiffany Olson
Tuesday, 09 November 2021
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Contact BEN LAPP with questions or to schedule a showing. 315-694-0401

https://www.realtor.com/realestateandhomes-detail/706-Britton-Springs-Rd_Clarksville_TN_37042_M71010-09233?cid=soc_shares_ldp_fb&fbclid=IwAR3mKC_5mzc1KBiO5XJHycUbQr9Mc9tVRF_v9w4MYgUL7JZhdF43tTx29mI

Porch yard featured at 706 Britton Springs Rd, Clarksville, TN 37042

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Posted on 11/09/2021 5:14 AM by Tiffany Olson
Saturday, 30 October 2021
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Contact BEN LAPP with questions or to schedule a showing. 315-694-0401

House view featured at 1317 Silver Creek Rd, Lewisburg, TN 37091

https://www.realtor.com/realestateandhomes-detail/1317-Silver-Creek-Rd_Lewisburg_TN_37091_M80638-75805?feedbacklink=4a4bb315-4672-48fa-bd1a-44986a9c56bc&cid=soc_shares_ldp_fb&fbclid=IwAR0g7K2YvyzhVIaLiDN6_gGyJuxnkg-jPLm514bwSaUBcRUhbGT_pE2LlQc

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Posted on 10/30/2021 7:16 AM by Tiffany Olson
Saturday, 23 October 2021
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320 E Power Street, Glendive, Montana 59330

c.1900. 3710 square feet. Lot 9147 sqft. $234,000! Thanks to Paula for sending this one in!

Looking for a unique property for your storefront? This historic church built in 1900 may be just what you are looking for. Currently, the upper level is used as a consignment store for antiques and a lunch counter with a beauty salon in the basement. The upper level of this property could be used for numerous business fronts with an income from the current tenants in the lower level. The church's original character has been maintained with its vaulted dome ceiling, pulpit, belfry, lancet windows, and original hardwood flooring. There is a full kitchen complete with new cement countertops, 6 burner gas stove, refrigerator and antique counter stools. The upper level is completed with a full bathroom, storage room, and handicap lift. The lower level of the building has access from the upper level and its own separate entrance. The current tenants use most of the space as a beauty salon and have multiple rooms in use or for storage. There is a full bathroom, original tin ceilings and hardwood floors. If you are looking for a new location for your business, office or eatery this may be the place for you and comes complete with a tenant for instant income.

☎?United Country Montana Dakota Real Estate (406) 365-7974

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Posted on 10/23/2021 8:52 AM by Tiffany Olson
Wednesday, 20 October 2021
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Fortune

These markets are expected to be the hottest for real estate in 2022

 

https://finance.yahoo.com/news/markets-expected-hottest-real-estate-164532714.html

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Posted on 10/20/2021 12:09 PM by Tiffany Olson
Monday, 18 October 2021
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Cha-ching! Nashville experiences largest increase in six-figure jobs in US

Cha-ching! Nashville experiences largest increase in six-figure jobs in US

https://www.wkrn.com/news/cha-ching-nashville-experiences-largest-increase-in-six-figure-jobs-in-us/?fbclid=IwAR0_MqVaCXHYYA_jm3DkU4gzXu7wqYTHAbVhQ3zkMurONXeeKy67FY5fgCo

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Posted on 10/18/2021 12:05 PM by Tiffany Olson
Friday, 15 October 2021
Friday, 15 October 2021
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Contact Ben Lapp at 315-694-0401 for more info or to schedule a showing.

Property featured at 5705 Brentwood Meadows Cir, Brentwood, TN 37027

https://www.realtor.com/realestateandhomes-detail/5705-Brentwood-Meadows-Cir_Brentwood_TN_37027_M86611-71029?cid=soc_shares_ldp_fb&fbclid=IwAR3Qg86fauEub0QxIkFXL7EyFkm01oSjMwnFpatm0EJxA6Cr4nTDOxXt5o0

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Posted on 10/15/2021 11:58 AM by Tiffany Olson
Tuesday, 28 September 2021
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201 Jefferson Drive, Franklin TN 37064

4BR, 3.5BA

2,607 sq ft

$699,977

- Zoned for some of the best schools in middle Tennessee: Hunters Bend Elementary, Grassland Middle, and Franklin High

- 4 bedrooms, 3 1/2 bathrooms, and a bonus room with its own entrance that could be a mother-in-law suite or 5th bedroom

- House has recently been freshly painted with new carpet. HVAC 2019. Roof 2014. Water heater 2018

- Still needs some TLC and is sold as-is but it is currently one of the lowest priced single-family homes in the Grassland area. Less than 3 miles to downtown Franklin

If you would like to see it or have any questions, please call or text MIKE at 615-414-3270

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Posted on 09/28/2021 12:22 PM by Tiffany Olson
Monday, 27 September 2021
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America’s first waterpark is 250 acres of abandoned decay, selling for $11M

By 

September 24, 2021 4:27pm 

 

America’s first waterpark is 250 acres of abandoned decay, selling for $11M

Can this eerie, thrice-closed abandoned park sell for $11 million? 

Lake Dolores Waterpark, considered America’s first waterpark, hit the market asking $11 million in August — and it is 250 acres of eerie, abandoned decay, new photos by Raise the Stakes Photography show. 

It has been almost two decades since the Mojave Desert, California park was abandoned in 2004 after three attempted launches and closures over the past 60 years.

Continue reading at

https://nypost.com/2021/09/24/famed-california-waterpark-is-250-acres-of-abandoned-decay/?utm_source=facebook_sitebuttons&utm_medium=site%20buttons&utm_campaign=site%20buttons&fbclid=IwAR1JP1j5isJx7WmAmuZ1NXQyyRhKIQ0LhZzPZInMpzJmpU7xlJyA64DL5IA

 

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Posted on 09/27/2021 12:19 PM by Tiffany Olson
Friday, 17 September 2021
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Posted on 09/17/2021 3:39 PM by Tiffany Olson
Friday, 10 September 2021
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Nashville named among best cities to buy rental property

Nashville is among the nation’s best markets for buying and owning long-term rental properties, according to a new national study.

https://www.bizjournals.com/nashville/news/2021/09/01/nashville-named-among-best-rental-markets.html?ana=TRUEANTHEMFB_NA&utm_campaign=trueAnthem%3A%20Trending%20Content&utm_medium=trueAnthem&utm_source=facebook&fbclid=IwAR3Iyc--ae2TU5nZlG7WnNBM4NVT_c6F8-7ZIXKbYHi5205ZMFauceCemKY

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Posted on 09/10/2021 6:23 AM by Tiffany Olson
Friday, 27 August 2021
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Call Mark Dunham at 615-428-1889 with questions or to schedule a showing.

3105 Demetros Pl, Nashville, TN, 37217 | realtor.com®

https://www.realtor.com/realestateandhomes-detail/3105-Demetros-Pl_Nashville_TN_37217_M86930-28488?cid=soc_shares_ldp_fb&fbclid=IwAR0Ty5aJ29FYcBlA6jQpXAjcVBBc7EDPJTEUoL5tPX2Avm_O6SVAs_tKLVo

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Posted on 08/27/2021 3:20 PM by Tiffany Olson
Friday, 27 August 2021
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Renovated duplex for $219K. Contact Ben Lapp at 315-694-0401 with questions or to schedule a showing.

Porch yard featured at 706 Britton Springs Rd, Clarksville, TN 37042

https://www.realtor.com/realestateandhomes-detail/706-Britton-Springs-Rd_Clarksville_TN_37042_M71010-09233?cid=soc_shares_ldp_fb&fbclid=IwAR1p28owenEEuZjrO2nXhWK0Goe_XYj6FhD1a7If0ymBRhG35dTdYZ2BzeM

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Posted on 08/27/2021 3:18 PM by Tiffany Olson
Wednesday, 18 August 2021
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The 3,500+ Units In The Wedgewood-Houston Pipeline In Nashville

Robert Looper IIIby 

Updated

Wedgewood-Houston (WeHo) is located a few blocks south of Downtown, Nashville. An area once known for its old factories and warehouses which drew several artists and makers; has become one of the most organized and fastest developing urban communities in Nashville. There are a number of both adaptive reuse & brownfield conversion sites that will transform the core of Wedgewood-Houston. Additionally, it will extend the walkability of the existing residential sectors. It’s also worth noting that the developments are almost entirely through Opportunity Zone investments. 

Continue reading at

https://nashvillenownext.com/2021/08/09/the-3500-units-in-the-wedgewood-houston-pipeline-in-nashville/?fbclid=IwAR1AmmnEkbQA_uH6GMnCz_nzk3KXCFV0bWwWYraDzBamHYs44yUbr0ZE5d8

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Posted on 08/18/2021 5:16 AM by Tiffany Olson
Friday, 13 August 2021
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Looking to buy a home? Here are this year's top 10 hottest housing markets in the US

USA TODAY

Even as the COVID-19 pandemic continues, so does the booming housing market.

Millennials want more space for their money and they are willing to commute to stretch their dollars, according to Realtor.com’s annual list of hottest ZIP codes in the country, released exclusively to USA TODAY. 

This year’s top markets are giving homebuyers more bang for their buck in suburban areas, including Rochester, New York; Manchester and Concord, New Hampshire; Worcester, Massachusetts and Columbus, Ohio.

The only two suburbs of major metropolitan areas are Peabody, Massachusetts (near Boston) and Farmington, Michigan (near Detroit).

A few factors contributed to the growing popularity of this year's hottest ZIP codes. They include strong job markets, a better price per square foot, easy access to metro areas.  And 46% of the homebuyers are millennials, the report shows.

Continue reading at...

https://www.tennessean.com/story/money/personalfinance/real-estate/2021/08/12/hottest-housing-markets-united-states-zip-codes/5518357001/?fbclid=IwAR2cuOY3u8Rrxys19uKJK8fbSzzgcRAn2gjTie45kxyFg4HuJUFQsZUg9IQ

 

Looking to buy a home? Here are this year's top 10 hottest housing markets in the US

Keira Wingate
USA TODAY
 

Even as the COVID-19 pandemic continues, so does the booming housing market.

Millennials want more space for their money and they are willing to commute to stretch their dollars, according to Realtor.com’s annual list of hottest ZIP codes in the country, released exclusively to USA TODAY. 

This year’s top markets are giving homebuyers more bang for their buck in suburban areas, including Rochester, New York; Manchester and Concord, New Hampshire; Worcester, Massachusetts and Columbus, Ohio.

The only two suburbs of major metropolitan areas are Peabody, Massachusetts (near Boston) and Farmington, Michigan (near Detroit).

A few factors contributed to the growing popularity of this year's hottest ZIP codes. They include strong job markets, a better price per square foot, easy access to metro areas.  And 46% of the homebuyers are millennials, the report shows.

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Posted on 08/13/2021 5:57 AM by Tiffany Olson
Tuesday, 10 August 2021
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 Contact Mark Dunham at 615-428-1889 for more info or to schedule a showing.

Beautiful brick/stone home on 1/2 acre! 2 bedrooms down & 2 up plus bonus room. Fantastic kitchen w/ double ovens, gas cooktop, a huge pantry & keeping room w/ a fireplace. Formal dining, 3 car garage, great yard & so much more. Convenient location to Hendersonville, Gallatin & easy commute to Nashville w/ quick access to the By-pass.

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Posted on 08/10/2021 4:35 PM by Tiffany Olson
Sunday, 08 August 2021
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NASHVILLE, Tenn. (WKRN) — For the first time, Nashville is welcoming the Grand Prix, which is one of several events this summer growing Nashville’s economy.  

“An international event like the Grand Prix here in Nashville, it projects globally, it attracts people globally and that hospitality community is really important,” Nashville Area Chamber of Commerce CEO Ralph Schulz said. “A lot of visitors come here, pay taxes, and help fuel and fund services and growth in Nashville.” 

As the U.S. economy bounces back after the deep dive it took with pandemic restrictions, a new report from Stessa ranked Nashville as having the most economic growth in the U.S. 

 

https://www.wkrn.com/news/report-nashville-has-the-most-economic-growth-in-the-u-s/?fbclid=IwAR2ioB_7e7VnAhS7yx6choRV1Fw9yLb3THTB75bsI4xKdffHAVJRyAK8htQ

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Posted on 08/08/2021 4:33 PM by Tiffany Olson
Saturday, 07 August 2021
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166 Pleasant Avenue Apt 1, Portland, Maine 04103

c.1898. 1825 square feet. 2 bedrooms 2 baths. $647,000! Thanks to Pete for sending this one in!

Welcome to the Captain Matthew House. This unit has been thoughtfully renovated while honoring the building's original features. Step back in time and enjoy high ceilings, expansive windows and custom millwork. Three fireplaces and multiple built-ins add to the charm and sense of history. Step out onto your own private wrap around porch or explore the parks and restaurants nearby. Unique to this unit is a two car garage and an additional uncovered designated parking spot. With ample parking, private entrances, dedicated outdoor space, historic charm and renovations by the current owner this unit is turn-key and ready for you to move in and enjoy!

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Posted on 08/07/2021 4:31 PM by Tiffany Olson
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