Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-10-2008, 05:35 PM
 
Location: Hernando County, FL
8,488 posts, read 20,559,401 times
Reputation: 5397

Advertisements

Just looking to see how everyone else handles this.

I have a small subdivision near me that has had one resale home ever. This resale was over 3 years ago.
All the parcels are between 5 and 10 acres and the homes are between 3000 and 6000 sq ft living area but not similar in style at all.
There are no expired listings.

I have worked up a cost less depreciation and replacement cost but was looking to see if anyone else has another method they use.
Reply With Quote Quick reply to this message

 
Old 03-10-2008, 07:36 PM
 
Location: Columbia, SC
10,907 posts, read 21,866,487 times
Reputation: 10539
Pull up everything in the expected ballpark price range and figure where it fits in to sell in a reasonable amount of time. If in doubt, start high and lower price periodically.
Reply With Quote Quick reply to this message
 
Old 03-10-2008, 07:48 PM
 
Location: Montana
2,203 posts, read 9,293,539 times
Reputation: 1130
Quote:
Originally Posted by Mike Peterson View Post
Just looking to see how everyone else handles this.

I have a small subdivision near me that has had one resale home ever. This resale was over 3 years ago.
All the parcels are between 5 and 10 acres and the homes are between 3000 and 6000 sq ft living area but not similar in style at all.
There are no expired listings.

I have worked up a cost less depreciation and replacement cost but was looking to see if anyone else has another method they use.
Ouch! That's a tough one. And could be even tougher if the buyer needs financing, in which case you hope the lender hires a really good appraiser that can accurately appraise a unique property.

Are there any similar neighborhoods anywhere in the area? An appraiser is allowed to go beyond the normal range if there are no comps in the immediate area. I just recently sold a house (I represented the Buyer) where the appraiser went about 7 miles away to pick up a really close comp.
Reply With Quote Quick reply to this message
 
Old 03-10-2008, 08:06 PM
 
Location: Hernando County, FL
8,488 posts, read 20,559,401 times
Reputation: 5397
It is a rural area outside of the subdivision with orange groves right around the corner.
One appraisal that was done in there used comps between 5-10 miles away.

It all gets thrown off when you look at the extras. One house has a $90,000 designer kitchen, one has $30,000 surround sound system, another has $100,000 in custom brick work.

Guess we just need one to sell to set a benchmark.

Appreciate the feedback.
Reply With Quote Quick reply to this message
 
Old 03-10-2008, 08:29 PM
 
Location: In my playhouse.
1,047 posts, read 2,777,123 times
Reputation: 1730
This reminds me of the trouble I had with a price being set on my beautiful 1924 home with a 30'x50' finished on the inside heated and cooled shop. My place has everything you would want in a nice rural home. The comps used were from in town - no comparision really. There isn't another place as unique as this one that has sold. Not many pieces of property are ever sold in this area. The buyers appraiser said all my "extras" were not worth anything - I was taking the value with me. Needless to say I didn't sell.
Reply With Quote Quick reply to this message
 
Old 03-11-2008, 12:14 AM
 
Location: Salem, OR
15,505 posts, read 40,220,478 times
Reputation: 17378
It's been my experience that people who are purchasing acreage property look in several different "comparable areas." Here in Salem that would encompass a couple of smaller towns. So if I am trying to comp a unique property in south Salem, I will also pull from Jefferson and Turner acreage properties since they have similar views and terrain. While it is not ideal, it helps to get me into the ballpark. Buyers who look down south also tend to look in these areas.

Are there any areas that are comparable in terms of quality to the subdivision that are maybe out of the appraisal range, but would draw a similar buyer?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top