Marilyn, Other/Just Looking in Scottsdale, AZ

Why are 400 sf less condos in buildings a comp for a silgle family home?

Asked by Marilyn, Scottsdale, AZ Thu Jun 20, 2013

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Excellent observation. Condominiums and single family residences are two separate types of dwellings and should not be used together in a comparative market analysis.
I am happy to provide comparatives for you.

Destyn Letcher-Young, Designated Broker, YOUNG International Realty
0 votes Thank Flag Link Sun Jun 23, 2013
If you need to run comps for condos, or single family homes, please feel free to contact me directly, and I would be happy to give you more accurate infrmation.

Best Regards,

Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
0 votes Thank Flag Link Fri Jun 21, 2013
There is an error. Happy to run accurate comps for you if still needed. Best to work with a local agent where you can get up to date data and your specific questions answered.

Judy Blake
BPO/ REO Specialist
0 votes Thank Flag Link Thu Jun 20, 2013
Look at your source. Contact the agent/company who prepared the comps and inform/question them about this and any other discrepancies in the analysis.

Better yet - contact a local realtor and get it done right!
0 votes Thank Flag Link Thu Jun 20, 2013
As it has been already mentioned, it is not an accurate comp. If you obtained the info from online, it would be only an area data but not comp. Only real estate agents can give you accurate comparatives.
0 votes Thank Flag Link Thu Jun 20, 2013
They definitely shouldn't be! Comps should match the subject property's type (condo/TH/SFR) and levels, be within 10% of size, and be no more than a mile or two way, among other criteria. Did you get this from an agent or from an online AVM - automated valuation model? AVMs can give you an idea of what's happening in a neighborhood, but can't replace an experienced agent's true market analysis.
0 votes Thank Flag Link Thu Jun 20, 2013
Aas you can tell from the other answers, it should not be. Are you trying to comp something using zillow or trulia? Then they may just be using last sold in a half mile radius and don't look into those sale to see if apples to apples. If you'd like a professional opinion, please feel free to contact me. Thanks and good luck, Alice
0 votes Thank Flag Link Thu Jun 20, 2013
These would not be considered a comparable since they are two different types of homes.
0 votes Thank Flag Link Thu Jun 20, 2013

In order to be an accurate comp for a single-family home, the comp should also be a single family home, should be the same number of levels (e.g., a single-level home is not a comp for a two-story home), and within 200 or 300 at most square feet of the livable square footage of the house. Obviously the closer you come to an exact match, the better, but you should never see condos and single-family homes used to compare one to another... and appraisers certainly shouldn't do so.

If you need assistance with comps, please feel free to contact me and I will put together something fopr you.

Best regards,
Mead Summer
Realtor & Branch Manager
HomeSmart Real Estate
0 votes Thank Flag Link Thu Jun 20, 2013
I suspect you are looking at Trulia's raw data. Any Comparative Analysis requires fine tuning to insure that the properties are indeed comparable. If you would like an accurate CMA, contact me. I will be happy to help.
0 votes Thank Flag Link Thu Jun 20, 2013
They definitely should not be!!!
0 votes Thank Flag Link Thu Jun 20, 2013
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