Property Valuation Analysis
Prepared for Shelley Mills
Hi Shelley,
It was great to meet you, and 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 roughly similar properties (or as close as we can get) that have sold relatively recently, and making adjustments in order to come out with a number that reflects the possible value of your property. The adjustments are as objective as possible although they are mainly based upon my experience and intuition.
- 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 all available and under-agreement Whittier one bed listings (My website may ask you to sign in/create an account for listing details). You can see that most of the properties that are out there right now have been on the market for quite some time, which speaks to proper pricing.
See pricing discussion and conclusion immediately below the following table.
See my suggested listing price below the discussion here.
COMMENTS ON REPORT AND COMPARABLE PROPERTIES:
As you see in the data analysis sheet above, I've laid out the most comparable one bedroom units I could find that have sold recently.
My search criteria included listings that have been sold in the last year as well as ones that are currently under agreement. I wanted to see the context of our pricing.. But in the end, I think they give a fairly accurate picture of valuation.
As a general comment, I think your extra den/office might appeal to some folks but might not appeal to others, so I withheld judgement on an adjustment. As you can see from the table, some units had a higher degree of renovation (21D in particular). Some had the former balconies integrated into the living space, others did not. I am agnostic on that because I think there is appeal to both and that did not seem to be reflected in selling prices. There wsere no exterior balconies in this report. I adjusted per floor at about $3,000 per and was consistent throughout.
Usually, when I'm doing an analysis on a condo unit, say in a brownstone, there are many diferences in layout and other factors. Not so much here. So basically, it's all size, floor level, and condition/appeal/renovation level.
Wth regard to selling prices, 12F and 6J are currently pending, so there is no publicly disclosed selling price yet. Since they were on the market for protracted periods of time, I used my judgement in assigning a "selling" price.
CONCLUSION
RECOMMENDED LISTING PRICE: $549k
The way many broers put together this report is to take a bunch of roughly similar properties and average out the selling price, or the $/SF price. I do not. The value of your property is not an "average." The value is based upon specific attributes, and I do my best to nail down the most important.
As an aside, Zillow estimates about $557k ($512-$601k range...How's that for hedging your bets?)
There were units that sold above and below this and there were units that I adjusted for prices above and below this. I think the best way to nail down the price is for us to speak.
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.
Best regards,
Joe
