Huys lets see what this closes at before we do more analysis. Also with regards to comps, I get ALOT of questions like this from frustrated buyes. That is, they may miss out on a home that is initially listed very low, but then bid up. Still the home sells for less then comps in the area. Is that good? Absolutely. Is it something that makes an instaneous response to other comps when those other comps get appraised?
Well I am not an appraiser. That question would be much better answered by Bugs and/or other appraisers.
My OPINION is that I believe it is an analogy to rain… A sprinkle here or there and the ground (which represents the overall regional market where the low sale price is at) doesn’t get wet. However as more and more of them happen, the ground gets wet and stays wet. See what I am saying? One comp in my opinion is not a comp killer. However when the number of comps that are significantly lower start to support more then a trivial percentage of sales or at least represent a strong trend (for the region) then I believe you get the big moves down because the higher priced places that are true comps simply will not appraise.
The list price of this home is definitely near the 250/sf level and the comps for attached homes similar are well over the 300/sf. I expect it will move for the mid to high 300’s when it is said and done. Just a guess.
