Neighborhood VS. Subdivision

[Joyce Potts]

Market Area
Neighborhood
Development
Subdivision

In that order, for the most part. I would suggest your market area could include more than one neighborhood, if it had to.

Many vast developments are comprised of smaller villages, subdivisions or sub-sections.

These definitions have always overlapped in their definition. I don't think there's any one right answer.

Having said that, I like to search for comps from the bottom up; subdivision, development, neighborhood, and market area.

I call it the bottom to top funnel approach.

Those that select comps based on price to back into a value range and state that the all comps are from the same market area or neighborhood...........

.........probably have happier clients and a bigger bank account than I do.:new_multi: :new_multi: :new_multi:

 

[Mike Garrett RAA]

And the first blind man felt the elephants trunk and said..."an elephant is like a big snake". And the second blind man felt the elephant's leg and said..."an elephant is like a tree, a mighty oak. And the third blind man stood under the elephant just as the elephant had to pee...."damn" said the blind man, "an elephant is like a stinky warm shower".

Neighborhood - A geographical area delineated by geographical or political boundaries that is characterized by having complementary land uses.

Subdivision - A tract of land that has been improved with site improvements including streets, amenities, utilities, signage, etc. and divided into lots for sale as either residential, commercial, or industrial site.

Market Area - A geographic area or political jurisdiction in which similar property types compete on an economic basis for potential buyers, users, or patrons.

Language of Real Estate Appraisal, Fisher, Martin, & Mosbaugh. 1991

 

[MS Rebel]

And the first blind man felt the elephants trunk and said..."an elephant is like a big snake". And the second blind man felt the elephant's leg and said..."an elephant is like a tree, a mighty oak. And the third blind man stood under the elephant just as the elephant had to pee...."damn" said the blind man, "an elephant is like a stinky warm shower".

Are you saying the blind is leading the blind?



I vote for Mike.