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Old 09-22-2011, 12:03 PM
kristink kristink is offline
Join Date: Mar 2010
State: California
Professional Status: Licensed Appraiser
Posts: 8
Default using listings due to lack of closed sales

I am appraising a live/work unit and only have two closed sales in the last 18 months.
Does anyone have statement for giving weight to listings due to a lack of closed sales?
Would you use a couple of sales of "typical" condos to support value?
Any input is greatly appreciated!!!
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Old 09-22-2011, 12:16 PM
leelansford leelansford is offline
Join Date: Mar 2002
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 13,695

Assuming that the appraisal is for use in residential lending, not every situation lends itself well to a neat and pretty little package for delivery to the client.

As to what might be appropriate 'comps' (vs. mere 'sales') is up to the market to decide.

Good luck.
Lee Lansford, IFA
"My opinions & my opinions only!"
Old 09-22-2011, 12:57 PM
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CANative CANative is online now
Join Date: Jun 2003
Location: Ukiah, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 47,216

You may need a more robust data source such as LoopNet and/or CoStar.

You can PM me your contact information and I might be able to help.
You have been removed from this discussion.
Old 09-22-2011, 02:24 PM
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AnonApprsr AnonApprsr is offline
Join Date: Jan 2008
State: Massachusetts
Professional Status: Certified Residential Appraiser
Posts: 6,285

Expand your search in the 3 possible ways: style/type of property, date sold, and location.
Anonymous Appraiser
Certified Residential
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Old 09-23-2011, 02:51 AM
Mile High Trout's Avatar
Mile High Trout Mile High Trout is offline
Join Date: Feb 2008
Location: -
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 12,734

They can list to the moon, but what they get for it, is oftentimes a completely different story.

The answer lies in the data. Are the listings reasonable from the shoes of a buyer? Does the principal of substitution apply to the data and results that data would indicate? Is there nothing else?, because listings as primary front page examples is a last resort, and possibly something you'd pass on in leu of an alternative to the market approach or some other extreme measure like cross comparing dissimilars and extrapolating adjustment benefit, then justifying out of range net gross.

You'll often find that one high listing in so many markets, as well as super short pricing now and then. Don't forget to kick out skewed data if it's appropriate to do so.
This forum is packed full of hopeless corporatist drones.
Old 09-23-2011, 10:17 AM
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Terrel L. Shields Terrel L. Shields is offline
Join Date: May 2002
Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
Posts: 40,665

Check out Mark Ratterman's article in the Summer issue of Appraisal Journal - he addresses such situations.

Residential Appraising
Could Sherlock Holmes Find Clues to Market Value in This Market?
by Mark R. Rattermann, MAI, SRA
"Bigamy is having one wife too many. Monogamy is much the same." Oscar Wilde
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