upscale townhouse with no comps

[James Franco]

I'm sorry, I didn't post correctly-My bad. Anyway I'm dealing with an upscale attached townhouse with no available comps in the area. Are "patio homes" appropriate to use as comps? I would think that they are more appropriate than detached SFR's or condo properties. Any guidance would be much appreciated

 

[Wendy]

What would be the most similar/likely housing a buyer would consider? I'd start there.

To me - other attached housing would be desirable to have in the mix.

 

[ghrousseau]

I'm sorry, I didn't post correctly-My bad. Anyway I'm dealing with an upscale attached townhouse with no available comps in the area. Are "patio homes" appropriate to use as comps? I would think that they are more appropriate than detached SFR's or condo properties. Any guidance would be much appreciated

Your post is a little vague..............what's a patio home? My house in Virginia has a patio too. Did you consider if the subject project was over-improved for the area and that's why you were unable to locate comparables?

 

[stefan olafson]

Like kind of housing units is best, remember 'townhouse' is a broad category, you may have to expand your search geographically to find something similar...

 

[Ariba]

I'm sorry, I didn't post correctly-My bad. Anyway I'm dealing with an upscale attached townhouse with no available comps in the area. Are "patio homes" appropriate to use as comps? I would think that they are more appropriate than detached SFR's or condo properties. Any guidance would be much appreciated

IMHO, it is not appropriate to use detached patio homes, DSF, or condominiums for townhouse comparables. Go back in time and make a time adjustment based on market data. Also expand your market area.

 

[James Franco]

I agree. To add to my confusion, I was given a copy of a previous appraisal on this property and the appraiser "incorrectly" called it a detached SFR, which it is not, and used a town house and a detached SFR for comparables. I've been trying to understand the methodology, but it has just confused me even more. I've got two attached patio homes and two attached townhomes from the immediate subdivision. I think they are the most appropriate to use.