New Construction Purchase

[J Grant]

$386,039. This the highest sale with no supporting data for the additional $6500. The market place is stable to increasing. A builder bought a swath of land and put up 2 building with 18 units. There are no other condos within this city.

What were the prices of the other recent condo sales in building/ comps that you are using in the report...and what are the differences among the comps and subject ( other than upgrades) such as view, floor height and living area?

 

[J Grant]

I said competing markets. Data from competing markets is always relevant.

Data from competing markets is relevant, and that we always should do a reality check beyond our subject condo itself, th first thing I would have done is searched for another condo in competing area.

In this case, there are none, all he has are the building sales themselves. There was one high sale at $386k and change, the others are lower prices.. We know nothing, since the OP has not answered the questions, about the other sales. What if the highest price sale had a better view and/ or was larger than the subject, would your opinion change about subject value? What if the highest price sale was an older dated sale, and the lower priced ones newer contract dates?

Nobody, including myself asked him these question early on about the other units , we got sidetracked debating each other. Result is, he got opinions based on partial information.

Of course " appraising" over the internet is an exchange of ideas and the OP is the one with boots on the ground who has to decide. But in this case, he got specific advice based on a lack knowledge about the other sales- all we know is one sold higher than the rest, nothing else about them at all.

 

[J Grant]

I said competing markets. Data from competing markets is always relevant.

Data from competing markets is relevant, and the first thing I would have done is searched for another condo in competing area.

In this case, there are none, all he has are the building sales themselves. There was one high sale at $386k and change, the others are lower prices.. We know nothing turns out about the other sales. Are they all the same size and layout as subject? Different sizes, what about floor height, views, and how upgraded? What if the highest price sale was an older dated sale, and the lower priced ones newer contract dates? We know nothing about nothing...

If highest price sale was smaller, or on a lower floor, or inferior upgrades, would lend support for subject value being even more $ than that highest price unit. But again, we don't know..

None of us asked these questions early on, we got too involved with debating with each other and our own egos. And now unless OP returns with information about the sales, we will never know.

I suppose the moral of this story might be to be a bit cautious about giving, or receiving advice when the most important information is lacking.

 

[Webbed Feet]

<....snip.....>

I suppose the moral of this story might be to be a bit cautious about giving, or receiving advice when the most important information is lacking.

What in the world are you saying? Why this forum is plumb full of threads where the O.P. posted something vague while leaving out crucial information and that never stopped literally dozens of opinions about what to do or arguments about it before!