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Home Pricing Analysis & Comparative Market Analysis (CMA) Samples and Tips NYC

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  • Home Pricing Analysis & Comparative Market Analysis (CMA) Samples and Tips NYC

    Hey guys, NYC is a very unique market with coops and condos and relatively opaque market data. How do professionals go about doing CMAs and initial pricing reports for seller clients? What tools do you use? Any good samples we can take a look at?

  • #2
    Please see below for a sample Comparative Market AnalysisOverall UWS Market (1br condos between $1-1.5m):
    Active Listings: 26 (Average PPSF: $1,396)
    In-Contract: 12 (Average PPSF: $1,579)
    Sold in Past 90 Days: 13 (Average PPSF: $1,529)

    Active Comps:

    #11V$1,276ppsf ($1.08m). Math: [($1.095m-$30k+15k)/846]*846

    382 CPW #14$1,542 ($1.304m).

    382 CPW #17N (1br) - $1.3m ($1,547ppsf), 70 days on market: [link redacted] - this is a fully renovated unit with a private balcony. Adjusting $3k per floor yields a PPSF valuation of $1,490 ($1.261m) for your unit (not factoring in balcony).

    400 CPW #7K (1br) - $1.275m ($1,413ppsf), 116 days on market: [link redacted] - adjusting $18k for floor and $40k for condition (in your favor) yields a PPSF of $1,438 ($1.216m).

    In Contract Comps:
    #7S (studio) - $750k ($1,388ppsf), in contract after 48 days on market: [link redacted] - adjusting $50k for condition, $18k for floor and making 2% adjustment for studio vs. 1br generates a PPSF of $1,477 ($1.250m) for your unit.

    372 CPW #10 (1br) - $1.35m ($1,640ppsf), 13 days on market: [link redacted] - this is a fully gut renovated unit with park views and a 130 sqft terrace.

    #2H#18J (2br/1ba) - $1.125m ($1,365ppsf), in contract after 47 days on market: [link redacted] - this unit is 824 sqft as per NYC Dept. of Finance (listing is marketed as 876 sqft). Adjusting $3k per floor and $50k for condition (with additional 1% haircut for Central Park view) generates a PPSF of $1,350 ($1.142m) for your unit.
    Sold Comps:

    #2J
    (1br) - $1.2265m ($1,488ppsf), sold for 1% below asking on 8/30/17: [link redacted] - this is a gut renovated sponsor unit with a private terrace. At $1,488 ppsf your unit is priced at $1.259m. Since this is not a ground floor unit and there is outdoor space, it makes a convincing case that you should not expect to sell above $1.259m.

    #7X (1br) - $1.3286m ($1,472ppsf), sold for 1% below asking on 6/22/17: [link redacted] - this unit is fully renovated and it has a desirable, open layout along with multiple walk-in closets and a terrace. Adjusting for floor only generates an asking PPSF of $1,471 ($1.244m), however there needs to be a clear basis between 7X and your unit to reflect the layout, terrace and closet space.

    #17S (studio) - $800k ($1,478ppsf), sold for asking price on 10/3/17: [link redacted]

    #5J (1br) - $999,999 ($1,213ppsf), sold for 9% below asking on 8/31/17: [link redacted]

    #5V (1br) - $764k ($1,087ppsf), sold in an off-market deal on 9/15/17: [link redacted]

    Comment


    • #3
      That's pretty insanely detailed. Wow! Here's another one I've seen that is quite complex as well. It was for a friend's apartment in prime SoHo. Address redacted / changed for privacy.

      131 SoHo Street 3B - $3.75 mm- 1710 sq. ft - $2,193 ppsf

      *No active sales or rentals in building*

      Active CompsIn Contract Comps

      None

      Sold Comps

      Comment


      • #4
        Here is a sample CMA my friend did recently, addresses changed around so it's just hypothetical, but very well analyzed pricing analysis:

        99 John Street PH2 - $1.40 mm - 1,034 sq. ft - $1,353 ppsf

        Active Comps


        99 John Street #1810 59 John Street #8B (1 BR 1.5 BA) - $1.095mm (964 sq. Ft $1,135 ppsf) 73 days on market

        Another great comp to look at as it is in a neighboring building with very similar amenities and monthly fees. The difference in square footage between this unit and yours can cancel out the half bathroom leaving us with a 1 bedroom 1bath. The $263 ppsf difference can be justi?ed by the penthouse exclusivity as well as the city exposure your unit gets but I am not sure we can justify much more of an ask unless there have been some upgrades or revelations we do not yet know about.

        In Contract Comps

        99 John Street #2101 (1 BR 1 BA) - $995k (770 sq. Ft - $1,292 ppsf - 170 days on market

        Also located in 99 John Street, unit 2101 is made up of 770 sq. ft and is valued at $106 less per square foot. The unit is smaller and not as exclusive as yours, however, the open ?owing kitchen ?oorpan in this unit is often desirable than a closed off kitchen. Additionally, we must note that this unit dropped this ask by $85k or 7.9% nearly ten weeks ago.

        Sold Comps

        130 Water Street #6/L (1 BR 1 BA) - $989k (816 sq. Ft - $1,212 ppsf) - sold after 98 days on market

        Located right nearby in the Financial District, 130 Water Street is also a full service condominium that comes with similar amenities at a reasonable monthly cost. For this unit, the ppsf was valued at $1,212 and sold in a little over three months. We must consider that this unit has been practically gut renovated and features an open layout with corner exposure. There is no question that this unit was priced to sell but it is still crucial to keep our ppsf ask below $1,400 to receive competitive offers and get this sold in the time you were hoping.

        20 Pine Street #910 (1 BR 1 BA) - $1.13 mm (1,101 sq. Ft - $1,025 ppsf) sold after 174 days on market

        Another full service condominium with even lower monthly taxes and common charges. This unit is nearly identical to yours as it features similarly high ceilings. The only difference is that it is technically a studio but with the layout and space, a simple wall or partition would turn this into a true one bedroom. It is important to note that the original ask for this unit was originally $1.295mm (12.7% higher than what it sold for) Even at $1.295mm, we are still looking at an ask of $1,176 ppsf.

        Comment


        • #5


          Overall West Village Market (1br co-op between $600-$700K):

          Active Listings: 3 (Average PPSF:
          $1,550)
          In-Contract: 1 (Asking $635,000)
          Sold in Past 90 Days: 4 (Average closing $654,376)

          Active Comps:

          41 Perry Street #4B (1br)- $620,000 ($1,550ppsf), 452 days on market: this unit was listed originally at $649,000 dropping to $620,000 in March. It has a low maintenance of $792. It has pets allowed on a case by case basis. The unit can be used only for primary owners or pied-a-tier.


          https://streeteasy.com/building/41-perry-street-new_york/4b

          15 Jones Street #3B (1br) - $649,000, 1 day on market: this unit maintenace is $833. It has two nice sized closets that are customed designed and thebathroom has been updated including a newly reglazed tub. They do allow sublets in this building as well.

          https://streeteasy.com/building/15-jones-street-new_york/3b

          344 West 12th street #4D- (1br) -$649,000, 27 days on market: the lowest maintenance of the three, $654. This unit has a renovated kitchen with a breakfast bar. There is a current $69.66 monthly assessment. Subletting is subject to board approval.

          https://streeteasy.com/building/344-west-12-street-new_york/4d

          All three of these units do have smaller bedrooms and living room space then your unit (compared to the floorplan on StreetEasy).

          In Contract Comps:

          55 Morton Street #7F (1br) - $635,000, in contract after 29 days on market: High maintenance $1,466. They do have an easy approval process and welcome investors.


          https://streeteasy.com/building/53-morton-street-new_york/7f


          Recorded Sales in the past 90 Days

          51 Morton #5D - 1br Asking $635,000 - Sold for $640,000 12 weeks ago. 45 days on market. The maintenance was $694. Unlimited subletting after 2 years. This unit did need some TLC.

          204 West 10th Street #22- 1br Asking 649,000- Sold for $645,000 2 weeks ago. 107 days on the market. The maintenance was $665. Renovated Kitchen and excellent condition bedroom.

          15 Jones Street #5c - 1br Asking $640,000- Sold for $661,505 in Janurary. Only on market for 28 days. The maintenance was $809. Brand new kitchen with high end appliances. Sublet after 3 years of living in unit.

          45 Perry Steet #6- 1br Asking $640,00- Sold for $671,000 5 weeks ago. On market for only 18 days. High maintenance $975. Has a monthly fuel charge of $80.73

          We can call you at 3pm tomorrow to discuss further and answer any questions you may have. We hope this helps you in making your decision. Please let us know if you have any questions at all.

          How does that sound?

          Comment


          • #6
            Here's a sample CMA my friend received from her agent. She's buying a place and has been raving about the quality of her buyer agent, and showed this to us. Impressive in detail I'll give them that. Addresses changed around for privacy of course, don't want to mess with her deal!

            212 East 55th #2D

            Price Comparisons

            212 East 55th #2D

            Comment


            • #7
              This article provides a good overview of: a) how to select the right comps, and b) how to make appropriate valuation adjustments to the comps: https://www.hauseit.com/how-much-is-...-worth-in-nyc/
              What is the value of your condo or co-op apartment in NYC? Learn how to identify comparable units (comps) and create a CMA pricing analysis of your unit.

              Comment

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