You call those comps?

For those who never tire of finding fault with valuation sites like Zillow and Cyberhomes, here's another seemingly glaring example of just how easily they can be tripped up -- an unlisted oceanfront mansion in Naples that just sold for $40 million (see Naples Daily News story).

Zillow provides a value range of $15.4 million to $21.8 million. Cyberhomes seems to have even bigger problems with this property, offering a $3.6 million to $4.6 million value range. That, despite the fact that Cyberhomes and Zillow can tell you the property was assessed at $16.97 million in 2006.

When you look at the comps these sites offer up, most aren't oceanfront. Any thoughts on whether Zillow, Cyberhomes and their brethren are routinely stumped by oceanfront property?

Or maybe these sites are thinking too hard. Could it be that they get up, have breakfast, and surf the Internet for stats like those found in the recent report from Global Insight -- which called Naples Naples, Fla., the most overvalued market in the nation (see Inman News story).

The Naples Area Board of Realtors recently reported that there was 35 months of inventory on the market at the end of the first quarter, but said "Naples remains a strong draw for luxury second-home buyers and investors on the national and international level."

Hat tip to Rhona Sutter of The Pet Realty Network who noted Zillow's difficulties with this property on her blog.

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