SOMETHING BREWING IN SOUTHAMPTON... AND PLEASE DON'T TELL ME WHAT ZILLOW SAYS ABOUT YOUR HOUSE!

Something Brewing.. time to change the label!

I can barley stand it!   It has some folks hops-ing mad!   Apparently the spuds will no longer be flowing on Bowden Square.   In spite of an announcement back in October that the Southampton Publick House would be staying put at the current location, word has gotten out that folks will soon have to fasten their beer goggles in a new location.    Since 1996 the brewery and restaurant have been a staple around town but it seems the new building owners have other plans.    According to some local insiders, the location will soon be home to a "high end Mexican Restaurant."     Now if you've ever read this blog before... that's a huge deal for me yet I hate to see an old favorite move to somewhere new.     While the Publick house will go on... like Celine Dion's heart.... it will according to insiders have to be in a new location.   Sometimes a little change will do you good.

Oh is that the blood rushing to your head?

Now for a little advice.   If you want to send any real estate agent's boiling blood further to their head just say the following sentence, "BUT Zillow said my house is worth X!"   It's the bane of many a real estate agent and brokers existence.   In fact, The Los Angles Times  recently tackled the issue of "Zestimantes" (Zillow's estimate) and how many claim they're wildly inaccurate.    In fact, I have to say part of the big problem with Zillow's "formula" is that it can't really take into account factors like condition and location (waterfront, south of the highway, village).    So how inaccurate are these "Zestimates?"  Well the CEO of Zillow was recently quoted as saying they're "a good starting point" and have a "median error rate of about 8%."   Obviously this error rate varies in different markets and Zillow even says so at the bottom of the Zestimates page.     While I couldn't locate the margin in our area, I can tell you that my own personal home fluctuated by about $5,000,000 in a period of 6 months.    Now, I know you think Hamptons Chatter just rakes in the money but the initial high estimate they gave my home
was crazy.   I'd move out in hours if I could get that number tomorrow!    Yep, I would guess their error rate in the Hamptons is a heck of a lot more than a 8%.   It's a big miss in the Hamptons... like an Ishtar big miss!  A "Missestimate" if you will.     So the take away from all of this... talk to an agent or do your homework (Zillow.com is a great source for closed prices) and don't try let some silicon valley geek tell you what your home is worth.   Besides,  how could you put a price on that "Sistine Chapel" painting on your master bedroom ceiling?