Statistical
analysis offers a reasonable yardstick with which to judge the fair value of a
home: it's what all appraisers do when banks want to buy a mortgage from a homeowner.
It's what we do every time we prepare CMAs for buyers (or sellers), in order to
establish fair value on your needs and wants. Which is not always the buying or
selling price, since emotions enter the picture.
But
it remains a yardstick of some value.
Here's
the CMA for the property currently contingent at Barr Terrace. It suggests the
11th Floor unit sells for between $530,00 and $545,000. That's pretty much what
a bank will appraise it for. It is listed at $590 and has gone contingent (probably
at $15K-30K lower). It seems a bit overpriced.
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The information at this site and on this page is believed to be accurate, and
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All prices are subject to revision due to market conditions. Some information
may be compiled from RMLS, Inc., for the period covered by the web page information.
In such cases, the representation is based in whole, or in part, on data supplied
by the RMLS, Inc. RMLS, Inc. does not guarantee or is not in any way responsible
for its accuracy. Data maintained by RMLS may not reflect all real estate on the
market.
