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June 23, 2014

Many Comps Are Just Plain Horse Sh*t

Filed under: Center City Real Estate,General Real Estate,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 8:51 am
Not all 1500 sq ft condos are created equal-
Even within the same building and same time frame
There are so many factors which affect value in a Center City condo that “comps” may not always tell the entire story.
Many buyers try to justify their low offers with square footage calculations….which CAN be horribly erroneous. How best to compare apples to apples?

1) Ask to see EVERY sale in the building in the past 2 years. Ask for the public records and MLS records.

2) Find a map of the building, and see which units face “The Park” and which overlook the DUMPSTERS – Positioning within a Center City condo building plays a role in value!

3) Inquire as to seller concessions that may have resulted in a higher recorded sales price for comps in newer buildings. And ask “did that unit include any extras like free parking?” If it did, it is going to distort the comps.

4) Floor height value- may or may not play a part in comps/ comp value. Newer Philadelphia condos are GREATLY based upon floor height.

5) Know that ALL pictures in the MLS look good- they don’t show dirt, clutter, or a poor showing ability (generally speaking). And know that “Fact Sheets” and MLS sheets are like Resume’s- full of bullsh** and dog doo. Never take that info for granted- you must confirm!

6) AND THE BIGGEST factor to warp comps- Interior condition. Hugely huge in comp valuation. Here is a good example of “Not All Space Being Created Equally”…Equally sized two bed units IN THE SAME BUILDING can vary in price from $400k- $700k. Condition, and view have huge impacts on value and pricing.

Clearly Center City condo comps can be deceiving – if you don’t know…ask me.

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