What do you think the value is of this property?
My answer: The short answer -- there are comps off which to base the value of a property -- depending on how similar the property is, and how recently the property was sold. Since that market value shows what a previous buyer and seller had valued the property for, that's what the approximate market value is on the property in question as well.
Here's my long(er) answer -- comps are a great way of assessing what a property will sell for, but there are times where the comps just won't cut it. How can you price out exactly how those updates improved the value of a property?? How can one say for certain that a property is only worth "X." You can't. So ultimately the true value comes down to what a buyer and seller are willing to purchase/sell the property for.
Caroline Choi Real Estate
Caroline Sells The City LA