Jamesr, Home Buyer in Chicago, IL

What counts as most accurate comps. for condo offer? Same bldg? Same size BR BA PRK? Same Sq.ft.? Same south face water views?Sold within 3-8 mons?

Asked by Jamesr, Chicago, IL Sun Jul 7, 2013

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Same area , same condo , same size , pending sales , same bedrooms , same condition , same sqf or ajustments
Give us a call http://www.Chicago-appraiser.com for acurate info
0 votes Thank Flag Link Sun Jul 7, 2013
Hello James,
For the smoking gun, I would look in this order: time/location, view (lake view only) then size.
Feel free to contact me directly, best of luck
Wanda
1 vote Thank Flag Link Sun Jul 7, 2013
< 6 months, same building, same tier, similar views/amenities, same size, < 1/2 mile (in urban areas).
0 votes Thank Flag Link Mon Jul 8, 2013
Jamesr,

You are correct all of the above does affect the price of a condo or a home. Don't forget the actual condition of the home or condo counts too. Are you looking to sell or looking to get an idea of what your home is worth.
0 votes Thank Flag Link Mon Jul 8, 2013
Same building/tier preferred, within the past 6 months or less.
0 votes Thank Flag Link Mon Jul 8, 2013
Ideally: same building, same tier with in the last 6 months
0 votes Thank Flag Link Mon Jul 8, 2013
The most valid comparables are those that are in closest proximity and are the most recent sales. That said, it may be difficult to find really good comps, so adjustments will be made in the price of condos sold to account for differences in number of bedrooms and baths, square feet, exposure, water views, etc. The adjustments vary from building to building so consult a professional realtor for help in determining value.
0 votes Thank Flag Link Sun Jul 7, 2013
Same building with same size (# of beds, baths) Then the same tier is the best comp. Should be within 6 months or less, but if you have to, one year is fine.

Have your agent help! its free to use their services.
Web Reference: http://Americorpre.com
0 votes Thank Flag Link Sun Jul 7, 2013
When I do Comparative market Analysis for my clients, I put more weight on same building, same size, same tier. You can have an A, B and C grade building in the same block. You would then make adjustments for different floor heights and finishes.
0 votes Thank Flag Link Sun Jul 7, 2013
Yes, all of those have an affect on value. Same tier might be the best comps if you can find tem.
0 votes Thank Flag Link Sun Jul 7, 2013
Phillip: Thank you for your response. Same tier would mean same floor or close to it as well as same model plan? Our site is http://www.thisfinecondo.com for MLS #8212562. The three comps closest are: MLS#8244309 sold 4/15/13and #8027353 sold1/5/13 and #8117571 sold 11/1/12 which is identical to our floor plan. All sold at $1,325,000 #703 - 445 ;1,240,000 1801 - 445, and 1,166,000 904 - 415 respectively. Based on 2216 sq ft. our 804W is worth $1,240,000, $1,300,000, and $1,166,000 respectively
Flag Sun Jul 7, 2013
Phillip: Thank you for your response. Same tier would mean same floor or close to it as well as same model plan? Our site is http://www.thisfinecondo.com for MLS #8212562. The three comps closest are: MLS#8244309 sold 4/15/13and #8027353 sold1/5/13 and #8117571 sold 11/1/12 which is identical to our floor plan. All sold at $1,325,000 #703 - 445 ;1,240,000 1801 - 445, and 1,166,000 904 - 415 respectively. Based on 2216 sq ft. our 804W is worth $1,240,000, $1,300,000, and $1,166,000 respectively.
Flag Sun Jul 7, 2013
Phillip: Thank you for your response. Same tier would mean same floor or close to it as well as same model plan? Our site is http://www.thisfinecondo.com for MLS #8212562. The three comps closest are: MLS#8244309 sold 4/15/13and #8027353 sold1/5/13 and #8117571 sold 11/1/12 which is identical to our floor plan. All sold at $1,325,000 #703 - 445 ;1,240,000 1801 - 445, and 1,166,000 904 - 415 respectively. Based on 2216 sq ft. our 804W is worth $1,240,000, $1,300,000, and $1,166,000 respectively.
Flag Sun Jul 7, 2013
All of those can be taken into consideration, depending on how many comps are in the area. Definitely no more than 6 months, as our market is very dynamic right now. If you would like my help call me at 773-883-2785 Anna with Baird & Warner City North office
0 votes Thank Flag Link Sun Jul 7, 2013
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