I was trying to run a comp analysis in Scripps Ranch and was wondering how much to add on views West, East, Canyon etc. My assumption is that West would be more favorable than East and Canyon, but it’s hard to throw a number on it without looking at recent appraisals. The rest of the analysis should be easy based on the amount of cookie cutter inventory recently sold.
They vary pretty widely. I don’t think there is a single number you can use. Your best method would be to run the analysis based solely on the exact area you want, then see if there is a differential on the view verses non view home.
Also finding the home you want or like, then doing the analysis saves you more time. Once you have done that, you will probably find that the selling price is to high regardless of what your analysis tells you. This is simply the state of the market right now, I call it the seller entitlement state. We had a big run up and now all sellers feel entitled to a sales price that is unrealistic. We are seeing that earlier momentum dissipate a little bit which is good for buyers but it certainly is not an indicator of some large depreciation event. Rather it is simply more of the process of returning to a normal supply/demand curve that was so distorted due to lack of supply.
Also interest rate increases are slowly taking a toll on buying power.
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