last sale of new construction

[PhiloFarnsworth]

When doing new construction where the subject's lot was newly created by the developer, what is the proper way to give the last sale date and price for the subject below the grid?
I have a client who is asking that I use the sale date of the entire development from 8 years ago. As this doesn't really apply to the subject (and $4,600,000 is a bit of a decline in price in 7 years), I would think this would be misleading.
Others must run into this all the time. Any answers?

 

[Meandering]

When doing new construction where the subject's lot was newly created by the developer, what is the proper way to give the last sale date and price for the subject below the grid?
I have a client who is asking that I use the sale date of the entire development from 8 years ago. As this doesn't really apply to the subject (and $4,600,000 is a bit of a decline in price in 7 years), I would think this would be misleading.
Others must run into this all the time. Any answers?

Underneath the last sale date box is a comment box. In the comment box comment that the previous transfer of the subject property was as a portion of the larger parcel that is now the subdivision. The subject property was not previously conveyed as a separate, individual parcel within the past 3 years.

Clears up any misunderstanding.


.

 

[Vermonter]

Usually put the date of the subdivision and "0" for price and of course an explanation. They record a "correction deed" here when the parcel is subdivided from a larger parcel. Have done what Marion said as well.

 

[Lee Lansford]

...

...I would think this would be misleading.
...

Two things:

1st, the obvious that an 8 yr. old sale of the underlying and larger parcel is outside of normal reporting requirements, but, I surmise that this reporting is a special condition of your assignment.

2nd, your reporting would be misleading only if you failed to explain, explain, explain.