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ATTACHMENT 3 <br />Sales Comparison Approach - Improvements <br />The sales comparison approach develops an indication of value by comparing the subject to sales of <br />similar properties. The steps taken to apply this approach are: <br />• Identify relevant property sales; <br />• Research, assemble, and verify pertinent data for the most relevant sales; <br />• Analyze the sales for material differences in comparison to the subject; <br />• Reconcile the analysis of the sales into a value indication for the subject. <br />To apply the sales comparison approach, we searched for sale transactions within the following <br />parameters: <br />• Property Type: <br />• Size: <br />• Location: <br />• Age/Quality: <br />• Transaction Date: <br />Multi -family residential <br />More than 25 units <br />Throughout Orange County <br />No limitations <br />January 2018 through the effective date <br />For this area of the subject, we use price per unit as the appropriate unit of comparison because market <br />participants typically compare sale prices and property values on this basis. <br />Value Indication <br />Before adjustment, the sales reflect a range of $235,769 - $311,389 per unit. After adjustment, the range <br />is narrowed to $238,127 - $281,028 per unit, with an average of $264,397 per unit. All of the <br />comparables are considered generally similar to the subject. We arrive at a value indication as follows: <br />Value Indication by Sales Comparison <br />Indicated Value per Unit $275,000 <br />Subject Units 64 <br />Indicated Value $17,600,000 <br />Page 4 <br />