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Updated about 10 years ago on . Most recent reply

User Stats

36
Posts
8
Votes
David Boykin
  • Real Estate Consultant
  • Augusta, GA
8
Votes |
36
Posts

Comps when square footage is far less than target property

David Boykin
  • Real Estate Consultant
  • Augusta, GA
Posted

How do you pull comps when all recent sales in the target neighborhood are smaller than the target property? I'm looking at a 2200 sq ft house in an area where nearly all recent sales are closer to 1500 sq ft. All are 3/2s. I'm concerned that using even the lowest price per square foot results in an amount ($146k) far greater than any recent sale. Do prices cap out at a certain point despite having more square footage?

Here's the recent sales in the area.

Price Sq Ft Price per Sq Ft BR BA
$ 116,800 1756 $ 66.51 3 2
$ 111,900 1492 $ 75.00 3 2
$ 114,900 1500 $ 76.60 3 2
$ 130,000 1734 $ 74.97 3 2
$ 129,900 1583 $ 82.06 3 2

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