“Most relevant”? We’ll have to be content to disagree on that one.
The larger one is in no way directly comparable – Not only is it that much larger, but the homes in that entire project are larger all the way around. Remember what I said about avoiding projects with dissimilar units?
The smaller one is newer than our subject or the three in its’ neighborhood, and again, a paired sales analysis from earlier this year indicates that this project has also historically sold for more than ours. Check out the sale on Corte Fresa that sold in 01/2007 (right in the middle of the 3 I mentioned). At $875,000 it sold below its list price, and was STILL 5% higher than the “equivalent” sales I noted from the subject’s neighborhood.
It remains to be seen whether this pending sells within its range, but even if it does sell at its upper end it still indicates back to the same trend indicated by the 3 sales I noted and the 5 or 6 other sales I alluded to. If it sells at the bottom of its range it indicates to a slightly lower value.
I’ll defer to your point on DOM (on the smaller one, anyway), although the CMA indicates average exposure times for all pendings are still in excess of a month. You’d still have to prove your point about selling at the top of those ranges, though.
