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I MLS search by age, GLA, lot size in the subdivision. Then a mile, then further if needed. I don't put in a price. If there is a pool, workshop, etc, I will search by that after my first search.
you might want to try it sometime - I never used to do it, then tried it a few years ago and found for some strange reason searching by a price range can find good comps on the MLS the other searches missed.- perhaps because some RE agents put in the wrong area or SF or even the wrong housing type.
My current assignment for a legal matter is a totally-gutted, partially-renovated luxury SFR with a huge partially-completed addition. I'm waiting on the builder to advise of the project cost, percentage completed, etc. I also just sent an email to 30 realtors with listings in the neighborhood (none of which are partial construction-in-progress) to ask for their perspective about the response of a typical, informed buyer to partial construction/renovation. Do peers consider their responses as an appropriate source for the downward condition/status adjustment in the SCA?
Yes. Surveys of market participants are considered an acceptable source of support for adjustments. As long as there is no better support out there waiting to be found.
Exactly. You mentioned a pool. If the subject had a pool and all your comps did not.... of course the red flags are going to go up.
actually it is just a trial and error variation thereof. Most of us did it in the grid by adjusting the factors to see which provided the lowest spread between the numbers.
A property manager-broker told me that 2 bed were hard to rent. But no one minded 4 bedrooms so long as the rents are not outrageous. So i never adjusted accordingly if I was adjusting by Square footage anyway. The only differences I found were in apartments where 2 and 3 bed homes were being rented. The additional rents reflected the fourth bedroom in part but the additional SF in part as well.
Again, only if you make a biased assessment of the market being only "local" and not regional. There is no reason to believe that a nearby cookie cutter has any market relationship to a 10,000 SF house. So you need to expand the search area to that of the market for large executive homes. Then analyze those independently to see if, in fact, an obsolescence exists. As for 'conformity' is that word in the neighborhood definition? "Neighborhood" implies a mix of shopping, schools, houses, and retail shops, not merely housing units.
Of the 40 [FORTY] agents with somewhat similar listings throughout similar upscale neighborhoods, within 10 miles, NONE NONE NONE responded, possibly because the brief survey guaranteed the confidentiallity of their responses, with a caveat that a jurisdictional authority might require me to disclose the source of my survey results being submitted to Fed BK court.
We had a builder go broke after completing about 50% of a large, "straw bale constructed" luxury home in the country. It took close to forever before another builder stepped-up who was willing to complete the project. It's hard to figure the appropriate entrepreneurial incentive for another builder to pick up where the previous one left off. Make sure & caveat your appraisal accordingly.
