Sorry getting on a plane and dont have time to do enough research. The lack of activity in the last 3 months in this size range tells me that inventory has been very constrained particularly given the fact that sales have been relatively strong in this area. It tells me nothing about the trend. If anything, there could be some pent up demand of frustrated buyers who have been trying to get into a nice 5BR home in a great school district before September. Relo buyers like that tend to have plenty down and a small appraisal gap wouldnt present much of a problem (of course a big gap would).
You bearish philosophy is showing and as an independent appraiser you should be neutral. With an hour or two, I am very confident that I could create a very reasonable case for a 900K value that could be justified without a positive or negative bias.
Sorry but computer access will be very limited for me over the next week as I’ll be on vacation again.
One last thing Bugs. With all honestly, what would you tell me to do or better yet, where would you tell me to go if I tried to justify a price to with a 6.5 month old comp?
