Very informally, I have been tracking the estimated value of my townhouse in Fairfax. I captured the number most recently in September when things were in a bit of an uptick. I figured it wouldn’t last, so I conveniently forgot to check estimates over the past three months. That is, until I got a little flier in the mail today for some condominiums about a mile from my house:

One bedroom from $249,000
Two bedrooms from $379,000

Two bedroom condo for $379,000?? (Ack – no less than $379K, because of the “from” word). Okay, they are really nice condos. Great location, right next to several restaurants and a Whole Foods – a mini town center. A free gym too. But, golly – $379K? If people are paying that for a two bedroom condo, then my three story, four bedroom, 3 1/2 bath, 1700 square foot townhouse should be at least comparable. Shouldn’t it?

Well, there is the wallpaper in my house – but that is a whole other post.

I have been checking Zillow, Cyberhomes and Eppraisal. Let’s check those first:

* Zestimate: $376,500
* 30-day change: $-3,000
* Value Range: $338,850 – $406,620
* Last updated: 12/19/2008

A wide range for the estimated value (yow – 70K range). The $376K Zestimate is down almost $8,000 from the estimate of $384,000 in September. That is darn close to the $379K cost of a new condo (yes, I know – it is new and doesn’t have wallpaper…).

CyberHome Estimate: $367,539
Change over last month: $-11,009
Estimate Range: $330,785 – $422,669
Last Update: November 21, 2008 (hmmmm… not updated this month yet)

Boo. Down $9,000 from September (maybe even more, since the estimate has not been updated this month). Even wider estimated value range of $90K.

Eppraisal Estimate: $458,471
Estimate Range: $389,700 – $527,242

I wish! Eppraisal is showing a rise of $44,000! I have no way of knowing the date of the estimate – it is just the most recent. I have a sinking feeling that it is still based on the market at the end of the summer when values were rising a bit. No matter how much I would like this number to be true, I do not have much confidence that is is accurate. Even the lower end of the range is highly suspect at the end of December.

Bank of America Range of values High: $421,600 Low: $338,800

The Bank of America home value tool is new to me, but it came up with a wide, but probably valid range. The mid-range here is about $380K – a reasonable number.

Maybe it is time to go take a look at those condos to see how really nice they are…