robert higgins
Member
- Joined
- Jul 15, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Connecticut
Ok doing a non-lender, condominium Townhouse. Area is mostly multi families, other complexes in the area are old apartment style – inferior, high and mid-rise condominium’s – superior, not much to go by.
Subject is 1000 sq ft 2 bed, 1.5 baths average condition, sold 11/15/05 for $150k
All comps are 2 bed, 1.5 baths units, all in the same complex.
Sales over the last 12+ months:
1000 sq, ft unit 11/10/06 for 160k w/ 5k credit - 50 DOM
1256 sq, ft unit 12/18/06 for 165k - 52 DOM
1256 sq, ft unit 01/24/07 for 170k - 87 DOM
1256 sq, ft unit 02/08/07 for 160k - 78 DOM
1256 sq, ft unit 03/03/07 for 175k - 19 DOM
Pending
1000 sq, ft contracted on 10/22/2007 for 143k with 8k credit, net 135k. It was listed at 159k lowered to 149k 113 DOM. Talked to the agent, she stated unit did not have good foot traffic, but unit is in Avg./Good condition. Can tell in her voice market is not going well as buyers are having trouble getting funding just like this one and other buyers are just sitting on the sidelines waiting.
Therefore, what would you call it, declining, not much to go on as larger units are increasing but the smaller units are not, no other actives on either size units?
Thanks.
Subject is 1000 sq ft 2 bed, 1.5 baths average condition, sold 11/15/05 for $150k
All comps are 2 bed, 1.5 baths units, all in the same complex.
Sales over the last 12+ months:
1000 sq, ft unit 11/10/06 for 160k w/ 5k credit - 50 DOM
1256 sq, ft unit 12/18/06 for 165k - 52 DOM
1256 sq, ft unit 01/24/07 for 170k - 87 DOM
1256 sq, ft unit 02/08/07 for 160k - 78 DOM
1256 sq, ft unit 03/03/07 for 175k - 19 DOM
Pending
1000 sq, ft contracted on 10/22/2007 for 143k with 8k credit, net 135k. It was listed at 159k lowered to 149k 113 DOM. Talked to the agent, she stated unit did not have good foot traffic, but unit is in Avg./Good condition. Can tell in her voice market is not going well as buyers are having trouble getting funding just like this one and other buyers are just sitting on the sidelines waiting.
Therefore, what would you call it, declining, not much to go on as larger units are increasing but the smaller units are not, no other actives on either size units?
Thanks.