I spent some time and did research to answer your question specifically. The short answer is that the house in the golf course, shows well, and is updated which raises the price above the "zestimate" which is just a general #beds, #baths, sq ft appraisal and does not calculate views and upgrades.

There is another home that sold last year on 496 Muirfield, same subdivision but no views, house was vacant, and looked abandoned to some extent. It sold for $417k in March of 2008. There are larger (2400-3400 sq ft) more luxurious houses on the other side of Dahlia that are on the golf course with prices ranging from $749 - $900k.

Is the property over priced? Maybe but not by the $80k that zillow suggests, I think this house will go for around $525 - $545k but there are very few homes on the golf course in this area so we won't know until it sells.

I hope this helps, I have the information on the recent solds and actives around the coal creek golf course if you are interested.

Dave@stellarproperties.net
303-442-5001

Trying to gage the value of a home based on Zillow is hard. Sometimes Zillow is low, sometimes high.
I believe Zillow gets it info from public records. Not the sold data off of the MLS. Zillow is a good tool to look around the neighborhood and can give you a rough Idea.
It looks like it is inline with the other homes in the Coal Creek Ranch subdivision.
On a quick glance the average price per foot looks like about $214 per foot and this one is about $214 per foot and seems to be close.