Now That’s a Tough Comp

Not since Richard M. Nixon lived in a New York City apartment has the market tried to assess the value of immediate proximity to the president in a dense, urban neighborhood.

Susan Saulny, “Hyde Park House for Sale Comes With a View: The Obamas; The NY Times (9/15/09)

As I’ve been posting recently, pricing a home — whether it’s done by a Buyer, Seller, or appraiser — is all about the comp’s.

The magic number is three — as in three, recently closed homes similar in style, size, and condition to what’s called the “subject home.”

To clients, their home is always “one of a kind”; to them, there’s nothing as inviting, beautiful, functional, etc.

Usually, they’re wrong about that.

Not this time.

Complicating matters further in the case of the Obamas’ neighbor (pictured above): the home is a complete ‘fixer (as in fixer upper).
About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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