Zillow Advice: Pricing - How do price per square foot statistics impact property valuation http://www.zillow.com/advice-thread/How-do-price-per-square-foot-statistics-impact-property-valuation/397973/ Zillow Advice | Zillow Real Estate So many factors account for ... http://www.zillow.com/advice-thread/How-do-price-per-square-foot-statistics-impact-property-valuation/397973/ <p>So many factors account for the value of a property. I do not know any<br/>appraisers that work off "price per sq foot:" as that is not how they value a<br/>property.Many times there<br/>are items with each and every property that make it unique.Like yours is with a garage.<br/><br/>You can see<br/>for yourself why the formula makes no sense,which is why appraisers and some<br/>agents do not use it.<br/><br/>The value of the land,location,and lot site have<br/>basic value. Each location is different even in a condo development. What does<br/>it face? Interior or exterior parcel? Does it back to a main street? pool?<br/><br/><br/>All evaluations calculated are based on sq footage under HEAT and<br/>AIR,not total sq footage,unless it is ALL under heat and air.A terrace has a value,only compared to how many other<br/>units have a terrace? If they all did..only this one is bigger..well it is only worth a little more.If the terrace is a big upgrade to other<br/>units,yes it is worth more.Only proportionately more.Not based on price per sq feet unless it was under<br/>heat and air.</p><p>The garage,again, is not under heat and air so it cannot be calculated that<br/>way.</p><p>Once a true appraisal is done comparing each unit on a case by case basis,the<br/>price per sq foot will be a LOT smaller the larger the unit is.</p><p>&nbsp;It is just the way it works out.Once the appraisal is done correctly by a certified<br/>tradesman.</p><p>You must look at like size units.If another comp is say 700 sq feet bigger ( which<br/>for a buyer is not even close to the smaller unit)</p><p>They take a PORTION of the DIFFERENCE at a different rate.</p><p>The 425 sq feet may only be calculated at 150 per sq feet.</p><p>The difference is not calculated at the same rate.</p><p>As I mentioned you MUST pull out the land or lot,site or location value.</p><p>IF the local is worth 150,000 then the UNIT is only worth 605,000 or 384.13 a<br/>sq foot.</p><p>That is why it cannot be done with a broad stroke.</p><p>and all values are based on under heat and air</p><p>&nbsp;If you have a new a very desirable complex or local,it can raise all values<br/>as well.</p><p>YOu need an appraiser.</p><p>Remember they can change daily with new listings,new sales,and new distress<br/>homes up.</p> Sat, 07 May 2011 01:44:00 GMT http://www.zillow.com/advice-thread/How-do-price-per-square-foot-statistics-impact-property-valuation/397973/ 2011-05-07T01:44:00Z