93 Revere Street #4

Comparative Pricing Analysis

Prepared for John and Joan Smith


Hi All,

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. I’ve used adjustments that are as objective as possible (although these values can be debated as well), as well as more subjective ones based on my experience and intuition, my knowledge of 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 Back Bay market data.
  • Click here for all available Back Bay listings between $1m and $1.5m (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. First and foremost is the location and direct access to the Pru. The building has other great amenities including garage, common roofdeck, library, catering kitchen, breakfast room, concierge and door-staff, although it does lack in-building fitness and pool, which many of the newer buildings have. Also, the units, while a good size and very appealing, are not as contemporary as some of the newer buildings. Which is all to say like all properties, that we just have to position this property correctly with respect to price and marketing.


As you see in the data analysis sheet above, I've laid out the most comparable 1 bed units I could find that have sold recently. Most units in this range are two bedrooms, but there are some elite units that stretch into this price range. The first comp is older, but is a very comparable unit in the subject building. So given that the unit is so comparable to the subject, we are basically measuring the current market agianst earlier market conditions.

This is basically a tale of two eras. The first ended when the Fed began monkeying with interest rates. The good news: units like yours are still in high demand and there are few similar units on the market. Also, rates and fear of recession have diminished somewhat. The not as good news is that we are nonetheless still operating on a somewhat lower price level.

My search criteria included listings in buildings of a similar nature, and of similar size. 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 5This unit is located in the subject building on the same floor, with a very similar view. Due to this, I used this unit in this analysis despite it being older than I'd like. 

It's just a little bit bigger than the subject unit. The size, as with all of these, was very close. I’ve adjusted $/per SF conservatively at $700/SF. This is because the square footage is so similar that I think a little more or less square footage is not worth as much as the overall dollars per square foot (most of these sold for $1400-1700 ish per square foot). Also, the square footage is only one component of the value. 

There are 2 full baths in this unit rather than the 1 bath in the subject, for which I've made an adjustment.

Listed on 2/15/21 at $1.6m, it sold at $1.4m after 29 days on market. Market conditions were different at that time, so I adjusted 3% for that. My analysis of this property suggests a selling price for yours of about $1,240,000+-.

NOTE: Unit 4F closed in 2019 for $1.4m. I did not include it in this report because the closing occured almost 4 years ago, at the height of the market.

Listing Photo 7The Four Seasons has a very high degree of market appeal due to it's very high degree of service as well as amenities such as a pool and fitness center. Plus just the Four Seasons branding gives it a somewhat elevated stature.

I do view the direct Pru access at the Belvidere as a very desirable amenity, so I adjusted for that to the benefit of the subject unit. There is also no common outdoor space.

This unit has an exterior corner city view and sun and somewhat higher-end finishes as well. 

This unit was listed on 1/4/22 and went under agreement in 28 days, all of this occuring prior to the Fed monkeying with rates. Because of this, I adjusted for the market, again at 3%. My analysis suggests a selling price for your unit of approximately $1.17m+-.

Listing Photo 4Once again, the Mandarin-Oriental Branding and building amenities put it at a somewhat higher stature. The unit itself is spacious and is a corner unit, but the finishes do not particularly distinguish it from the competition. There is, however, an additional half-bath.

There is a direct pass through to the Pru. There is no common roofdeck and there is no private storage.

This unit was listed at $1,650,000 on 4/6/21. The price was lowered on 9/6/21 to $1,499,000. It went under agreement on 7/7/22 at $1,400,000 after 446 days on-market. .  My analysis suggests selling price for your unit of approximately $1,202,000+-.


Listing Photo 11

A slightly smalle unit in another highly-regarded building, albeit without the same level of market cachet as The Mandarin. There is a very high level of service and amenity there.

This unit was slightly smaller. I regard the location as slightly inferior, but still pretty good. There is obviously no direct Pru (or equivalent) access). The unit appeal was somewhat superior with higher-end and more contemporary finishes.

This unit was listed at $1,125,000 on 5/18/22, it went under agreement on on 9/15/22 for $1,032,500 after 120 doys on-market. My analysis suggests selling price for your unit of approximately $1,142m+-.


Listing Photo 11

This unit is currently on-market. Nice building with great amenities. Lower-key than the Mandarin etc., but really nice with a recently renovated lobby. Similar amenities to the Belvidere, but with a fitness center. No common roofdeck, no equivalent to the pass through to the Pru.

The unit is somewhat larger, but I think the unit appeal and the location are somewhat inferior. There is an additional half-bath. The views are also slightly inferior. No storage.

This unit was just listed at $1,250,000 on 2/7/23, so we'll keep an eye on it. If it sold at asking, my analysis suggests selling price for your unit of approximately $1,241,000+-.



First, there is a ton of nuance that is *not* in this report, so we should speak. If you were putting your home on the market at this time, my analysis tells me that the correct asking price range would be $1.2m to $1.25m. Frankly, I like $1.2m a lot better. Which does not rule out the possibility that that a highly motivated cash buyer would put in a higher offer. My instinct tells me that the lower asking will get more response. The market has not been particularly friendly to aggressive asking prices lately

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. 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 $1,200,000

I believe that that is the price that will attract the largest number of buyers and the most competition for your property.

Best regards,