Condo/High Rise Question

[Ariba]

So why do units still sell for more?

Don’t ask me, ask the buyer. Maybe it’s because the elevator takes longer to get to the top floor. Maybe the noise from the elevator. Maybe the unit is closer to the trash chute. Maybe it has a better parking spot next to the elevators. Who knows.

 

[Ariba]

I coming back!! Moving to your neck of the woods and doing appraisals for $190. LOL.

You mean I have to raise my fee?

 

[glenn walker]

You mean I have to raise my fee?

$190 too much

 

[glenn walker]

Wife - You retired ? Response : No I have just been waiting for two years to get some offers over $190 bucks. -Wife- Well $190 bucks is more than you have made sitting on your *** arguing with people on that AF that have no real names. Response: Yeah I know but I don't have to do any driving on those damn freeways- 2 hours each way to go 50 miles and I don't get a laundry list of stips from the AF members and just lots of hate mail and personal attacks . which I kind of enjoy sometimes. You know I am a leather-whips-chains and handcuff- kinda guy. Response: Yeah and a certifiable nut job too . Here is a grocery list and take the trash out when you leave.

 

[NC Appraising]

other than paired-sales within the building... how can you extract a "floor" adjustment (if no paired-sales)? Typically - my experience has been more of a premium for higher floors due to their views, etc.

Try big data from the MLS. At the very least, more supporting data. I use the single line view in the MLS to delineate the floors.

I am slammed today, but here is an example.

May have to expand to see:

Same building.
Floors 12-16


Floors 6-9 The GLA is slightly smaller, so derive your GLA adjustment, say $200 psqft.

[ChartFloor] Manhattan Price Per Floor Breakdown

Floor pricing has been the stumbling block for credibility with automated valuation models (appraisal replacement tools) used by banks and for services like Zillow. StreetEasy gets it right, in the way they display information - grouped by building so the patterns are apparent. Matthew Strozier...

millersamuel.com

 

[Ariba]

Try big data from the MLS. At the very least, more supporting data. I use the single line view in the MLS to delineate the floors.

I am slammed today, but here is an example.

May have to expand to see:

Same building.
Floors 12-16
View attachment 78605

Floors 6-9 The GLA is slightly smaller, so derive your GLA adjustment, say $200 psqft.
View attachment 78606

[ChartFloor] Manhattan Price Per Floor Breakdown

Floor pricing has been the stumbling block for credibility with automated valuation models (appraisal replacement tools) used by banks and for services like Zillow. StreetEasy gets it right, in the way they display information - grouped by building so the patterns are apparent. Matthew Strozier...

millersamuel.com

What happened to floors 10 and 11? Also, a total of 8 floors in your example and 23 closed sales? Hard to believe or just more BS.

Are you making a $65,000 across-the-board adjustment between floors 6-9 and 12-16? There is much more involved than just floor locations. Maybe the date of the closed sale, view, or is it just more BS?

To need and clean. What textbook did you these charts from?

 

[NC Appraising]

To need and clean. What textbook did you these charts from?

You momma.

 

[alebrewer]

I just picked a random building in Dallas that had sufficient sales - 27 over two years. Set up a multi-variate regression using date of sale, GLA, beds, bath, and floor, and got the following:

"Sale Price = -3594875 + 83.3 Sale Date + 60.9 GLA - 4352 Beds + 60390 Baths + 3794 Floor." The residual is pretty high, but for the floor variable, I got a T of 1.44 and P of 0.165...

 

[Ariba]

I just picked a random building in Dallas that had sufficient sales - 27 over two years. Set up a multi-variate regression using date of sale, GLA, beds, bath, and floor, and got the following:

"Sale Price = -3594875 + 83.3 Sale Date + 60.9 GLA - 4352 Beds + 60390 Baths + 3794 Floor." The residual is pretty high, but for the floor variable, I got a T of 1.44 and P of 0.165...

You forgot to put the DOW in your multi-variate regression calculation.

 

[alebrewer]

You forgot to put the DOW in your multi-variate regression calculation.

No, I didn't...