GLA discrepancy: Builder's MLS vs Realist vs My Measurements . . .

[ramrcdk]

By Now you are done. What did you DO?

 

[TMG]

Subject is 2018 year-built so builder info is sketchy, although I just emailed the 2018 builder rep who was the listing agent for the subject to ask whether he wishes to comment on the discrepancy (although I don't anticipate a response).

I would not put it past a builder to embellish GLA.

 

[ZZGAMAZZ]

By Now you are done. What did you DO?

Reported everything I learned.
Based the subject GLA on my own measurements.
Provided the most appropriate comps although all were larger than the subject.
Increased the GLA adjustment threshold to 250 sf rather than my default 100 sf.
Tried to interview listing agent of recent subdivision sales.
Did not impose any EA's.
Reconciled to the middle of the adjusted value range because of the uncertainties.
Caveat: No client stipulations received yet.

 

[shrubberyvaluation]

Reported everything I learned.
Based the subject GLA on my own measurements.
Provided the most appropriate comps although all were larger than the subject.
Increased the GLA adjustment threshold to 250 sf rather than my default 100 sf.
Tried to interview listing agent of recent subdivision sales.
Did not impose any EA's.
Reconciled to the middle of the adjusted value range because of the uncertainties.
Caveat: No client stipulations received yet.

How did you determine the market does not react to GLA differences up to 250 SF? This seems substantial for a house that is 1720 SF and I would be shocked if a typical buyer does not react to a ~15% difference in GLA. Adjusting to middle of the adjusted value range due to uncertainties is an accepted method?

 

[ramrcdk]

Reported everything I learned.
Based the subject GLA on my own measurements.
Provided the most appropriate comps although all were larger than the subject.
Increased the GLA adjustment threshold to 250 sf rather than my default 100 sf.
Tried to interview listing agent of recent subdivision sales.
Did not impose any EA's.
Reconciled to the middle of the adjusted value range because of the uncertainties.
Caveat: No client stipulations received yet.

Bet you will "receive" lots of questions. Sad the data in your area is so very BAD. Good Luck!

 

[ZZGAMAZZ]

How did you determine the market does not react to GLA differences up to 250 SF? This seems substantial for a house that is 1720 SF and I would be shocked if a typical buyer does not react to a ~15% difference in GLA. Adjusting to middle of the adjusted value range due to uncertainties is an accepted method?

Short of applying various Extraordinary Assumptions to the subject GLA and the comparables' respective GLA's, I knew of no other ways to do address the uncertainties, which IMO was a reasonable basis for the decision to grab from the center of the stack, although the adjusted range was acceptably narrow to the extent that a salient measure of market reaction was depicted. I wasn't entirely comfortable with these decisions but it was the best as I, or anybody, could have done, a scenario that--again IMO, which is the premise of the "Opinion"--was the basis of my decision to define the results as "credible". I came to the conclusions to a large extent upon advice n recommendations from the AF, who are my "peers," a factor that further legitimizes the protocol applied.

 

[TruJa]

Short of applying various Extraordinary Assumptions to the subject GLA and the comparables' respective GLA's, I knew of no other ways to do address the uncertainties, which IMO was a reasonable basis for the decision to grab from the center of the stack, although the adjusted range was acceptably narrow to the extent that a salient measure of market reaction was depicted. I wasn't entirely comfortable with these decisions but it was the best as I, or anybody, could have done, a scenario that--again IMO, which is the premise of the "Opinion"--was the basis of my decision to define the results as "credible". I came to the conclusions to a large extent upon advice n recommendations from the AF, who are my "peers," a factor that further legitimizes the protocol applied.

If you think it's credible, you are the expert in your area.

In a new construction development with cruddy MLS listings (data-wise & lacking photos) and listing agents who wouldn't respond, I've gone door knocking at the comps. It worked out great... more than half the people were home, and were very transparent about what kind of upgrades they did, and about how much they paid for those upgrades. I could do a through-the-front-door inspection and verify some of what they said. They were happy to help out when I explained what I was doing. Took about an extra hour, but I got a little exercise and felt better about the quality of my report. Should you knock doors, and ask to measure all of the comps?? Probably not, although if you bid enough it might be worth it.

 

[ZZGAMAZZ]

What an edifying and uplifting perspective!!!!

If you think it's credible, you are the expert in your area.

In a new construction development with cruddy MLS listings (data-wise & lacking photos) and listing agents who wouldn't respond, I've gone door knocking at the comps. It worked out great... more than half the people were home, and were very transparent about what kind of upgrades they did, and about how much they paid for those upgrades. I could do a through-the-front-door inspection and verify some of what they said. They were happy to help out when I explained what I was doing. Took about an extra hour, but I got a little exercise and felt better about the quality of my report. Should you knock doors, and ask to measure all of the comps?? Probably not, although if you bid enough it might be worth it.

What an edifying and uplifting perspective. As always the AF rocks, although it also debunks the concept of "one's peers," because there is no single peer perspective, about ANYTHING we do! LOL