Can The Only Purchase In The Area Be An Indicator For Another Property's Value?

[RAA]

I have a client that is looking to list his town home for sale, there is only one smaller unit sold in the same project for an all cash buyer. The seller is looking for a value higher than the smaller unit sold and I am not finding another comp in the area that I can use, everything else is a BRAND NEW builder condos, the subject property is 40 years old, with 229 square feet bigger, one bedroom and one half bath more, and it has been completely remodeled inside. The cash purchase was at $545,000 all cash, I was thinking of listing at $565,000 to $575,000. This is in Glendora, CA.
I am looking for some expert opinion for help, I appreciate any answer you can give me.
Thank you

 

[Mike Kennedy]

https://www.trulia.com/sold/Glendora,CA/TOWNHOUSE_type/

 

[RAA]

https://www.trulia.com/sold/Glendora,CA/TOWNHOUSE_type/

Thank you Mike, but that doesn't really help, I have MLS access and I can't find good townhouse comps, all I get is the SFRs and condos...

 

[Mike Kennedy]

https://csi.glendaleca.gov/csipropertyportal/

without the subject's address - the link above isnt helpful either lol .
find the non-MLS sales at the Assessor's office no?

 

[RAA]

https://csi.glendaleca.gov/csipropertyportal/

without the subject's address - the link above isnt helpful either lol .
find the non-MLS sales at the Assessor's office no?

That sounds good, thank you I will try this

 

[gregb]

I have a client that is looking to list his town home for sale, there is only one smaller unit sold in the same project for an all cash buyer. The seller is looking for a value higher than the smaller unit sold and I am not finding another comp in the area that I can use, everything else is a BRAND NEW builder condos, the subject property is 40 years old, with 229 square feet bigger, one bedroom and one half bath more, and it has been completely remodeled inside. The cash purchase was at $545,000 all cash, I was thinking of listing at $565,000 to $575,000. This is in Glendora, CA.
I am looking for some expert opinion for help, I appreciate any answer you can give me.
Thank you

RAA, thanks for taking the time to pose your question on the forum. One sale does not make the market and, if your market in Glendora is stable or increasing, then the hunch that your property would command more in the market than the one sale, is sound, if it has a larger GLA and is in superior condition. In this particular situation, which is not uncommon in some markets, there is no reason you should not look for competing condo projects in similar locations to find recent sales of properties close to the subject in age, condition and bedroom, bath count. You may need to look beyond the city of Glendora for a similar comparable. Good luck.

 

[Tim The Enchanter]

Condo, townhouse, Active, Pending, "Active Under Contract", sold in last 180 days.
Seems to be a fair amount of data.

 

[J Grant]

I have a client that is looking to list his town home for sale, there is only one smaller unit sold in the same project for an all cash buyer. The seller is looking for a value higher than the smaller unit sold and I am not finding another comp in the area that I can use, everything else is a BRAND NEW builder condos, the subject property is 40 years old, with 229 square feet bigger, one bedroom and one half bath more, and it has been completely remodeled inside. The cash purchase was at $545,000 all cash, I was thinking of listing at $565,000 to $575,000. This is in Glendora, CA.
I am looking for some expert opinion for help, I appreciate any answer you can give me.
Thank you

That sounds like a very modest list price bump for California...was the smaller unit that sold was it remodeled or original or part upgraded? I dunno...you can always lower a price so might want to start with a bit higher list price maybe ask 585k...of course if it gets financed the appraisal has to be done so seems like a reasonable relation for the prior smaller sale.

 

[Deleted member 130081]

What I like to do for certain cases is take a hard look at historical data. This can be moot in cases where I have more data than I need, but I find it vital in cases where data is scarce. I find this especially useful for condos and usually do that as a matter of due course for all of them I do. I would pull up every sale and expired listing that EVER happened on the MLS in your project for starters. It takes a bit of work to compare them to the same dateline as other projects, however you will get a sense of where that one sale you do have stacks up against other projects and you will get a sense of what the differences in prices ought to be in your project. God help the appraiser who gets that one. Hope that helps. Good luck!

 

[glenn walker]

RAA, thanks for taking the time to pose your question on the forum. One sale does not make the market and, if your market in Glendora is stable or increasing, then the hunch that your property would command more in the market than the one sale, is sound, if it has a larger GLA and is in superior condition. In this particular situation, which is not uncommon in some markets, there is no reason you should not look for competing condo projects in similar locations to find recent sales of properties close to the subject in age, condition and bedroom, bath count. You may need to look beyond the city of Glendora for a similar comparable. Good luck.

I am located very close to Glendora- raised in Claremont - This is a very specific market area and a small community , so would need additional information , but we are currently experiencing lack of affordability because our prices have increased a lot in the last 3 years so - There are a lot of considerations and no easy answer !