Comparables - Explanation Section Description

Here is a more detailed example how the values in Statistics and Projected Sale Price are calculated: a subject property (or the property you’re interested in) is 1000 sq ft, with assessor valuation of $200,000 (Market Value). iMapp finds only one comparable property, which is 1200 sq ft, with assessor valuation of $250,000 (Market Value), but sold for $275,000 (Sale Price) six months ago. The Market Value Ratio for this comparable property will be calculated: $275,000/$250,000 or Sale Price/Market Value and is 1.1. So in the column MV Ratio you’ll see 1.1 value (this implies comparable properties are selling for 10% more than assessor valuation). Then we apply this ratio to the subject property with $200,000 Market Value, so the Projected Sale Price based on value ratio will be $220,000. Alternatively, you can use the number from price per square feet column ($/SF), which is $229 per square feet for comparable properties (it was calculated by $275,000/1200 or Sale Price/Building SF). So Projected sale price for subject property based on price per SF will be calculated: $229*1000 sq ft or $/SF*Building SF and is $229,000. Check the section Projected Sale Price to see Estimated Range Based On Value Ratio and Estimated Range Based On Price per SF calculations for your subject property. Important note: if there are more than one comparable property the calculations become more complicated!