using comps

you're missing another aspect of comps, condition. that can add/subtract 10-30% to/from the price

Let's assume that they were in worse condition than the one I'm looking at now. Seems like this one is priced pretty well if I'm getting it cheaper than ones that were in worse condition than they were in 2005-2006?

http://www.urbandigs.com/2010/01/valuing_manhattan_real_estate_1.html

read that to start. then, put your mind into an appraiser. my advice, limiting the variables is the first job, so focus on same line or if you have to, same type in the bldg only. Even changing the exposure or layout can tweak a value.

Assuming you can find what I call 'good' comps, you will have to adjust for a) time, b) size (hopefully not though if same line/layout), c) condition, d) floor difference, e) other (such as balcony or fireplace, etc.).

The hard part is gaining enough experience and knowledge to know how to tweak those above listed adjustments. Thats why I find it so interesting. I got some real cool stuff in the works, that will launch in 3-6 months that will help you in this quest. But building it the right way is most important and that takes time.

Too old to be useful. There's also yet one more aspect of comps, which is what else is on the market at any given time. Looking at the 1-BRs buyers who looked at your target apartment bought "instead" is also a good way to home in on value.

ali r.
DG Neary Realty