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)
Now That’s a Tough Comp
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).