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Updated about 10 years ago,
Comps when square footage is far less than target property
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 |