Condominium Pricing Valuation Analysis

123 Main Street #7F, Boston MA

Prepared for John and Jane Smith


Hi John and Jane,

Thank you for the opportunity to speak with you about pricing, and potentially marketing and selling your property.

Property valuation and appraisal is a mixture of analysis and intuition. We sift through the numbers and apply as much objectivity as possible, leavened with experience and intuition.

The analysis part was learned when I was doing bank appraisals some years ago. Basically, it consists of comparing the most similar properties hat have sold relatively recently, and making adjustments in order to come out with a number that reflects the possible value of your property. I’ve used adjustments that are as objective as possible as well as more subjective ones based on my experience and intuition, my sales experience in this building and the other buildings I used a comps. 

  • Appraisal-style analysis and adjustment table, below.
  • You can see the details of the comparables by clicking on the addresses in the analysis table as well as the property discussions below that.
  • Click here for the latest South End market data.
  • Click here for all available and under-agreement South End listings between $750k and $1m, 700-1200 SqFt (My website may ask you to sign in for listing details, but you can just hit "esc.")

See pricing discussion and conclusion immediately below the following table.


Your property has several strengths with respect to the market. Unit 506 is the center unit on the top floor, and the vaulted ceiling and arched windows with fabulous views that can never be taken away make all the difference with respect to market value over the adjacent units. Your unit is in like-new condition. The building has other great amenities including garage, common concierge, and a very nice gym.  And while it is close to BUMC, it's also close to the restaurants and other amenities of SoWA and the greater South End. All this makes it a prime contender for the busy professional, particularly medical personnel, especially incoming residents who need a no-brainer type of self-contained environment.

The downside, in comparison to other non-penthouse units is the slanted ceiling, which detracts from the $ per square foot in comparison to other 123 Main units on other floors and other similarly located units. Plus the finishes are not as contemporary as some of the newer buildings and other reno'd Penmark units  Which is all to say like all properties, that we just have to position this property correctly with respect to price and marketing.

See my suggested listing price below.


As you see in the data analysis sheet above, I've laid out the most comparable  units I could find that have sold recently, although most units in this range are two bedrooms, and almost none have the ceiling configuration of yours. 

My search criteria included listings in buildings of a similar nature. I wanted to see the context of our pricing. The individual dollar adjustments are conservative, and once again, can certainly be debated. But in the end, I think they give a fairly accurate picture of valuation. 


Listing Photo 5
A similar unit in a similar building.

Your unit's comparative positives: 

  • In my adjustments, I credited yours for better layout, atrium, arched windows, etc.

This unit's comparative positives: 

  • Private storage unit.
  • Wood floors in the bedroom and the *very* large walk-in California closet. An attractive stone wall in the bedroom. 
  • Other upgrades, like an attractive tile backsplash in the kitchen and a frameless shower door. It helps in the marketing and it shows nicely. 

Listed on 6/1/22 at $849k, it sold at $820k after 11 days on market.My feeling is that the market since then has been flat, although it may be a bit more happy at the beginning/mid February. My analysis of this property suggests a selling price for yours TODAY of about $830K+-. 

Listing Photo 7
Your unit's comparative positives: 

  • Back Bay skyline view

This unit's comparative positives: 

  • It's a two bed,
  • It has the non-slanted ceiling. That's a big deal. I adjusted downwards for that based upon 5% of the value of the square footage. You can obviously see that it makes a difference. All square footage is not the same.
  • It also has a balcony.

This unit was listed on 5/3/23 and went under agreement in 49 days on 6/21. It was originally listed at $899k. The second and last price adjustment to $869k was on 6/5.  My analysis suggests a selling price for your unit TODAY of approximately $828k+-. 

Listing Photo 4

Your unit's comparative positives: 

  • The location of the comp is closer to Mass ave, obviously, so I adjusted for that... BUT it's perfectly located to the hospital, so only $15,000.
  • You have garage parking, for which I adjusted.

This unit's comparative positives: 

  • Almost brand-new. The common areas of the building are really nice. Building amenities include a residents lounge, a state-of-the-art fitness center, bike storage, a pet washing station, and an ultra-modern lobby, and (dedicated) concierge. 
  • The unit finish is new and contemporary and in-line with the current market.
  • There's a large quasi-indoor balcony.
  • The $607 condo fee is mnuch lower than yourscovers all utilities, so I did adjust pricing for that.
  • Non-slanted ceilings.

This unit was listed on 4/4/23 and went under agreement in 79 days on 6/21. It was originally listed at $899k. My analysis suggests a selling price for your unit TODAY of approximately $859k+-. 


Listing Photo 11

Your unit's comparative positives: 

  • An additional half bath.
  • Your building has better amenities (gym and shared concierge), although this is a nice building,redone in about 2004.
  • Your property has slightly superior finishes.

This unit's comparative positives: 

  • The restaurant Seiyo is in the building and it's right across from Toro. The location has an edge.
  • This is a 2 bedroom.
  • Also missing the nice views, although there are windows in the bedrooms.
  • It does have a fireplace.
  • There is a nice common patio with grills
  • I adjusted for the non-slanted ceilings.

This unit was listed at $919,000 on 10/2/23, and was reduced to $885k on 11/7. it went under agreement in 56 days on 11/28/3. Since it has not closed yet, we do not know for how much.This unit was under agreement at the timne this analysis was put together ans sold for $850k. My analysis suggests a selling price for your unit TODAY of approximately $841k+-.

Listing Photo 11

Redone in about 2006. Across from the restaurant, "Estragon." A well-managed, very basic elevator building.

Your unit's comparative positives: 

  • The views are not that hot, but it's a corner unit with floor-to-ceiling windows everywhere, so the sun is fabulous. I called it a wash.
  • The finishes are inferior to yours.
  • The condo fee is $713 including the parking and heat and hot water, so it will have some impact on the price, but I chose not to decide how much, if any.
  • Once again, slanted ceilings adjustment.

This unit was listed at $919,000 on 10/2/23, and was reduced to $885k on 11/7. it went under agreement in 56 days on 11/28/3.   My analysis suggests a selling price for your unit TODAY of approximately $851k+-.



First, there is a ton of nuance that is *not* in this report, so we should speak.  Which does not rule out the possibility that that a highly motivated cash buyer would put in a higher offer. My experience and instinct tells me that the lower asking will get more response. The market has not been particularly friendly to aggressive asking prices lately. 

The other thing is that we are coming out of a period of high interest rates and sluggish activity. The only thing rescuing this market is the lack of supply.

I think this spring (which starts in February) will bring back buyers that have been out of the market, and possibly a higher price level.

Getting the best price depends upon getting the highest number of motivated buyers into your property. These days, serious buyers who are in the market are very familiar with the properties that are out there and will "rule in/rule out" very quickly. It's important to price accurately before you need to do a price drop.

My M.O. in listing prices has been to list reasonably based on already sold comparable properties (rather than hanging it out at an overly high price and hoping someone will make an offer). The goal is to collect competitive bids bids at the end of a relatively short, predetermined marketing period( i.e list on Tuesday, broker open Wednesday, commuter open house Thursday, open houses Friday and Saturday, and review offers Monday evening).

In this way, we create demand for your property, and potentially a competitive situation for buyers. This gives you the best possible selling price and the most highly motivated buyer. The greatest number of highly motivated buyers are out there the first week that your property is on the market. After that, motivation diminishes as more people who are in the market have seen your property. Time is not your friend in this case.

Letting your property sit due to incorrect pricing is the kiss of death.? If your unit is really worth more to the market, we will get a higher price. If not, we won’t.

My suggested listing price as of *right now* is $849,000. I believe that that is the price that will attract the largest number of buyers and the most competition for your property.

Best regards,