- May 23, 2013
- Professional Status
- Certified Residential Appraiser
'Attached Image' has some relevant excerpts from 'Original Appraisal'. The Effective Date is in 'Last Week of September 2016'
Some Additional Information:
- 13% increase of general one mile radius is correct.
- Subject is single story and all the comps are single story.
- The actual age-range of subject and comps is 20 - 30 years
- Other adjustments (GLA, Bath etc) are very minor to impact as significantly as the 'Date of Sale/Time' Adjustments
- There is a new development within half mile radius of the subject, with new properties starting $450,000 and above
- Comps 1 and 2 are good comps and in the same subdivision as subject.
- Comp 3 is more than a mile, and as per OA, it has been used for its recentness; however there were more recent comps in the subdivision but two story with slightly higher GLA (adjusted sale price would have been less than that yielded by Comp 3)
- OA has made adjustments to Comp 1 and Comp 2, with respect to the 'Sold Date' and not 'Contract Date'. (Using contract date would actually further increase the adjusted sale price)
- If the days are counted for Comp 3, as the OA has done for Comps 1 and 2, both the 'Sold Date' and 'Contract Date' have a difference of more than 90 days with the effective date. (Effective- Sold Date difference 95 days and Effective- Contract Date difference 110 days), but yet no adjustment was made for Comp 3. (Even this would increase the adjusted value)
As always, feedback and suggestions would be appreciated.