I studied appraisal and I am certified by the bank to evaluations and I can say that I never base a homes value on price per square foot. PPSF is something that is calucated after that sale and in my opinion has nothing to do with the valuations, because as you say it doesn't take any of the homes features in to consideration.
I don't recommend buyers or sellers focus on price per sq. ft, it is worthless information.
Let me know if you would like a local Broker Price Opinion on your home.
Broker Associate, Realtor
Coldwell Banker Malibu Colony
23676 Malibu Road
Malibu, CA 90265
P: (310) 403-4623
F: (310) 356-4901
CA DRE #01900604
Square footage is just another way of looking at the value of a property. Even professional appraisals are only opinions of value.
As a Realtor, I always search for 'comparable sales' to give my clients before they make an offer on a home. I also routinely point out the values per square foot to to cut through the haze of all the details invoved when comparing the 'qualities' of different properties.
Square footage valuations vary from home to home as well, not because they're different sizes, but because the qualities of a home are still taken into account. This is true of the average price per square foot in an area too. You still have to make an educated guess based on all the facts about the value of a property as compared to the 'average' price. Is it worth more, less, or the same.
Please feel free to contact me through my profile if you'd like a current comparable sales report for the homes in your neighborhood. Best of Luck.
#1 Listing and Selling agent
#1 Listing and Selling agent
the ultimate value of your house is going to be determined by what a buyer is wiling to pay, along with the history of recent sales in the area; what other buyers were willing to pay for homes of similar size, style and condition.
I'd be pleased to give you an appraisal of your property, either in depth or a ballpark via internet.
Please feel free to call me on my direct line: 310-487-5758 We service your area.
Sue Wylie, Broker
BRC Realty Group
The homes that you see on the market are priced by Sellers as well as Realtors and some are more knowledgable than others. Some agents are desperate for a listing and will take overpriced properties with the hope of trying to convince the Seller once they have the listing that the price needs to be bought on line with the true market value.
The price of a home in Malibu generally is based on Views, Condition, close proximity to PCH as well as if the property is in a Gated Community such as Serra Retreat as well as close proximity to Los Angeles.
Of course Square feet is considered in addition to curb appeal. At least the home owners who want to sell their homes in this Market.
The sellers,who have an inflated opinions of their own home or are emotianally attached to the result will have their home on the market a long long time.
If you are just looking to get a Market Value or trying to sell your home please contact me directly. If you just want an Appraisal I will be able to provide you with a Trusted Appraisor.Keep in mind the comparables which sold determine the true value.
Our MLS sheets DO show what the price per sqft is, but I can show you many examples of like size homes selling at all different prices within a specific community,,they're selling due to all the other factors,,not just size.
Price per square foot is just a general rule of thumb for comparison, but using price per square footage alone is not how appraisers or buyers determine the value of a property. When the accurate fair market value of a home is determined, the value is certainly affected by curb appeal and condition.
Have a nice evening,
Coldwell Banker Residential Brokerage