South Philly Agents, Please Provide your Wisdom
Hello, everyone. Any South Philadelphia brokers/agents who view this post, I'm asking for your feedback in regards to helping me determine an accurate retail value for the property below...
725 McKean Street, 19148 --- 2-story, 3 bed/1 bath, 1160 SF
I've run the comps on this one, but would like to see what others are coming up with.
I was taught that when it comes to "comping" properties in South Philadelphia (for most neighborhoods), you have to stay within a 2 block radius of your subject property. When I first began this journey, I would select comps within 0.3 miles of the subject property. I found out quickly that comps cannot be chosen this way for most Philly neighborhoods, as some of the comps would be several blocks over from the subject property. I also stick with comps that sold within the last 3-4 months, however rarely do I include 4 month old comps. In addition, I pay close attention to the full remarks section when selecting comps. For this particular property (McKean), I didn't see enough comps to determine an appropriate retail value, but the cash sales paint a picture that the area where McKean is located is experiencing quite a bit of improvement. 723 McKean sold for $106K cash on 8/1/14 in its current condition (as-is/fix-up/tlc) - too bad there are no interior pics to see its true condition. 907 McKean sold for $259K this past June after 58 days on market - completely remodeled. I was hesitant to use this one to help me yield some type of retail value for 725 McKean because perhaps the 900 block is a way better area than the 700 block. There is also a "renovated active" that has been on the market for over 200 days. Enough of my rambling, lol!
Your feedback is appreciated in advance!