patrick.net

The most accurate way to value your property is to look at prices of comparable property currently on the market and those that sold within the last 6 months. Anyone showing you anything else doesn't know what they're talking about.

No, that is absolutely wrong. Comps are meaningless, and easily manipulated. The only rational basis for valuing a property is what you can rent it for.

If some other idiot overpays for something, you're also an idiot if you simply assume their overpayment was wisdom.

It works the other way, too. If I sell my home to my kid for way-below market value that will reduce the "comp" in the area.

Friend, I'm afraid to have a value proposition is going to require some real work.

Absolutely right Patrick. I just wanted to illustrate how the bottom has completely dropped out of the "million dollar condo by the beach" market, yet realwhores are still using comps from 2006 to justify their listing prices.

The funny part about it is that Milford is a very swampy section of wetlands next to the beach. Up until 2000 it was mostly a working class poor city because the swamps and mosquitos made it undesirable to the type of person who would buy beach front property. I'd be willing to bet that the number of people willing to pay 2006 prices for a condo near the beach but really in a swamp is approaching 0...

Sybrib, it is easy enough for anyone with sales data to tell the difference between a regular and non arms-length transaction. Even Zillow and others can distinguish them with an automated computer system.