There is a lot that goes into doing comps. All of us will do them. Doing comparables helps determine:
- a realistic list price
- a good offer price
- predict a possible appraised value (or prepare for the appraisal appointment)
The most relevant comparables are:
- CLOSED sales within the past 6 months
- found within the condominium building (or neighborhood); when not available, in buildings within close proximity that are of the same age, size, and characteristics
- same size in terms of studio, one bedroom, two bedroom, three bedroom, etc
- same or similar view
- same or similar condition
- similar square footage (in relation to the size of the studio or bedroom count)
Do not fall into the trap of square footage calculations for comparables. Though some people evaluate based on price/sq ft, it just isn’t how a property appraiser will determine the value for the lender’s appraisal. You always look for at least 3 closed sales.
For example, if you are preparing for an appraisal appointment at the South Bay Club for an east facing one bedroom with a balcony, and there is only one closed sale within the past 6 months of another one bedroom unit in the building, the most comparable buildings/units would be one bedrooms at 1000 and 1200 West Ave, followed by 1228 West Ave. You would not compare SBC to the Floridian, or to the small building across the street, or 1035 West Ave.
The most reliable source for property owner information is from the county property appraiser’s website. We mainly deal with two counties: Miami Dade County and Broward County.
To access Miami Dade County Property Appraiser or copy and paste the link: https://www.miamidade.gov/Apps/PA/PropertySearch/#/
To access Broward County Property Appraiser or copy and paste the link: https://bcpa.net/RecMenu.asp
Most condominium documents are available online as county public records. They can be downloaded as a pdf file– DO NOT print condominium documents to supply to a buyer/seller.
Miami Dade County, the document type is DCO: Miami-Dade County Clerk – County Recorder’s Official Record Search (miamidadeclerk.gov)
Broward County, the document type is CDO: Broward County Official Records
Agents should exercise caution if supplying documents to a buyer/seller in a transaction. It is common to find amendments to the original documents. A complete set of documents must be provided. A Seller is responsible for providing the official set. Condominium documents are also available on condo owner portals.
Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusan
Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusan
