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  #1  
Old 11-02-2009, 09:39 PM
Sheridan Sheridan is offline
 
Join Date: Oct 2009
State: Florida
Professional Status: Certified Residential Appraiser
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Default No good comps.

Need your help.
I'm appraising a property that was purchased in 2006, 1250sf, updated, on a small lake (no power boats allowed). Surround sales are non-lake, no nearby lake sales.. the subdivision next street over does not have the same appeal as subject's..what do you suggest?
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  #2  
Old 11-03-2009, 12:02 AM
OSU Beavers's Avatar
OSU Beavers OSU Beavers is online now
 
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Go back more than a year for a fourth comp.
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  #3  
Old 11-03-2009, 05:02 AM
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maybe 5th & 6th, but you will need something (lake front) similar......do what you need to do to gather the data and explain why
  #4  
Old 11-03-2009, 08:39 AM
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Mike Garrett, RAA Mike Garrett, RAA is offline
 
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Consider other locations with same amenity.
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  #5  
Old 11-03-2009, 11:46 AM
panappr panappr is offline
 
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Have to agree with Beavers first..... and Mike second.... I'd go back 1 year for that 4th comp then consider leaving the area. Had a similar situation on a golf course where I did both.
  #6  
Old 11-03-2009, 05:24 PM
MDAPPR MDAPPR is offline
 
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Try no comps in 5 years in a rural area and the next town is over 20 miles away.
  #7  
Old 11-03-2009, 07:32 PM
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Metamorphic Metamorphic is offline
 
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Go back to whenever you have a good selection of lake comps. Do an analysis by the method of you choice comparing subjects lake sales with sales from where you have them now. Next do the best possible analysis of market trends far enough back to catch the last two lake sales.

Now grid the two lake sales and use the market data to adjust for time. Grid the 2 best non lake comps from the last year or 18 mos, then grab the two most recent sales from the non lake area and adjust them based on the location adjustment. That's about the best you can do.

Last edited by Metamorphic : 11-04-2009 at 08:31 AM. Reason: Fixed iPhone typing errors.
  #8  
Old 11-03-2009, 11:29 PM
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kimcha kimcha is offline
 
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Others here will not agree with me, and name call or whatever, it's alright. But my advice would be to walk away from the assignment. I've had to do it a few times in the past 26 years, and sometimes it's the best course of action.
I assume you are doing the asignment for a lender, and so at the end of the day, you have to put three comparables on the Fannie / Freddie form. If there are none, or only one, you just can't do it. Oh, you can explainand explain why there are none available, and try using listings and pendings, or solds from very different areas and making all kinds of crazy adjustments, but unless you are comfortable defending one of those in court, I wouldn't do it.
I had one this spring, which sounds very similar to the one you are doing, and I walked away from that assignment. It's the first one in 5 or 6 years, but it happens.

Last edited by kimcha : 11-04-2009 at 11:40 AM. Reason: spelling error
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