Subject Is Best Comp

[Peter LeQuire]

If the prior sale of the subject is timely and conforms to all of the criteria of the definition of value that pertains, it is the best comparable (in terms of similarity to the subject property).

And while I don't have an opinion about it - I've heard people whom I regard as very knowledgeable about USPAP who argue that the favored way to "analyze" the prior sale of the subject (or of a comparable, for that matter) is to analyze it as you do the other sales/listing information and report the results of that analysis on the grid of the SC analysis of the URAR.t

 

[J Grant]

Peter, since there are no adjustments of the property to itself, how does putting on the grid the subject at its own comp help, analyze the subject prior sale better ?

This is a current date appraisal, not a retrospective appraisal vetting the prior price.

The property attributes are already on the grid ( as the subject). The price of its prior sale is already analyzed off the grid. Including the subject as a comp can affect the market value opinion $ amount, since one assumes it will be weighted/considered in the reconciliation.

. If it makes sense to use it as a comp, use it, if not. don't use it. Since invariably its more dated than the other comps, it is not always a "best" comp, simply because it needs no adjustment. The more current comps adjusted to the subject shows where subject ranks with a value emerging from comparing negative and positive attributes of competing/similar properties. A subject as comp with no adjustments serves to move value direct closer to the prior sale price.

 

[normando]

Throughout my career, I never used subject as additional comp. This is first time because of lack of good comps forcing me to use subject. It was the good "comp" and I felt it helped in supporting the current value. Everything went well with client requesting it to be 4th comp.