- Apr 1, 2008
- Professional Status
- Certified Residential Appraiser
Working on a field review of a "rehabbed" 2 unit on Chicago's south side. Severely declining area (50% over past 12 mos). Original comparables all over six mos. old and not reliable as two of three had same grantor/grantee and all three had same listing agent. Appraised value $350+. 56 sales in past six months, 238 actives. Problem is there are no sales of "rehabbed" bldgs. in the past 6 mos. All, with the exception of 3 others which sold under the circumstances listed above, are bank owned. Looking for opinions of using only listings as review comparables. Unorthodox, I know, but given the current condition of the market area, it seems to be the most reasonable approach. Your thoughts...