The best measure of the fair market value of a condo is looking at the price of what other similar units in the same complex have recently sold for, which is where an appraiser would first look. In the complex at 11150 Glenoaks, there have been 4 1 bedroom 1 bath units that have sold within the last 6 months. They are:
1. Unit #113 (642 square feet) - sold for $70,000.00 on 6/29/11;
2. Unit #115 (642 square feet) - sold for $72,000.00 on 3/23/11;
3. Unit #71 (792 square feet) - sold for $84,950.00 on 2/9/11; and
4. Unit #298 (770 square feet) - sold for $85,000.00 on 1/31/11.
There is currently one unit for sale in the complex that is 1 bedroom 1 bath & 770 square feet. It is unit number 283, and is a short sale that was originally listed at $89,000.00 on 2/24/11, and has had several price reductions to the current list price of $79,000.00 - it has been on the market about 4 1/2 months.
Based on this, I would say that if you were selling a 1 bedroom 1 bath unit int he complex, depending on the square footage and the condition, you could expect to sell it for anywhere from $70,000.00 to $85,000.00 or so.
Hope this helps, let me know if you have any other questions or would like any more information.
Have a good day!
Coldwell Banker Residential Brokerage