Using Subject Prior Sale as a Comp

[Abester]

It must be nice to live in the residential world where there is always comparable data.

 

[Webbed Feet]

<snip> ..... Please don't worry about what we know, stick to the topic of the subject sale being the best comp or not--which it is. .....

Mr. Roscoe,

Just so people know my stand on if a prior subject sale is always "the best" comp or not, my answer is "It depends." Not that it always is the best comp.

Webbed.

 

[uncle fish]

That does not make sense!

 

[DWiley]

That does not make sense!

What about the one I am working on right now. It sold 3 months ago, but now has been renovated. The prior sale is not a good comp at all, much less the best comp.

One must be careful in asserting absolutes.

 

[Joyce Potts]

What about the one I am working on right now. It sold 3 months ago, but now has been renovated. The prior sale is not a good comp at all, much less the best comp.

One must be careful in asserting absolutes.

I agree with DW. It's one more piece of information to add to the data (mined) bases.

 

[The Warrior Monk]

I agree with DW.

You should always agree with anyone whose monogram is DW.

---------------------------------------------------

FWIW, I don't think in terms of "comparables," but rather market data. Even a prior sale of the subject property, regardless of where or not it is the same property, at least gives a point of reference.

 

[Joyce Potts]

You should always agree with anyone whose monogram is DW.

---------------------------------------------------

FWIW, I don't think in terms of "comparables," but rather market data. Even a prior sale of the subject property, regardless of where or not it is the same property, at least gives a point of reference.

David,

I would recommend using your middle initial to set you apart. Hopefully.

 

[Mike Siegfried]

Sorry, but in my marketplace a site condo sold in 12-2006 (probably negotiated in 10-2006) may as well be on Mars. I think the only way I would use it is if one of my current sales ALSO sold in 12-2006 and I could compare the change in the comp's value over the same time period and hence the change in the subject.

Mike

 

[Carnivore]

One of the side issues related to lack of sales and use of subject that never seems to gain any traction is Opining/reporting value as a range. I understand in 'form world' the requirement for a 'Point Value', but I really see no reason not to also opine a range with explanation!

My area is begining to report sales for model matches all over the place for no apparent differences. The pool to sample from is getting smaller and anomalies are rearing there ugly heads.


Comments? How about you USPAP Experts, Don, DW, Lee?

 

[DWiley]

Carny,

I agree. In my reconciliation section I will often refer to the indicated range. Over the weekend I was working on a pre-listing appraisal for an agent. In those cases discussing the range of value can be VERY helpful.

Last week I posted about Restricted Use Reports we sometimes do for owners and agents. I often report only a range on those reports.

DW