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Reply to "There are no comps in my neighborhood"
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[quote=Anonymous]I want to refinance my house, and have been trying to get an idea of what it might appraise for, but there are no comps! Anything that sells within several blocks of me is a falling-down wreck that gets gutted and expanded and sold as condos. It's a high demand area, and everyone who's living in a renovated but otherwise unaltered house is staying put. There has honestly not been one sale of a SFH to a single family in over two years. What to do? What will an appraiser do? Will he take into account the prices of the condos? To give an example, a house exactly like mine (except in horrible condition) was sold to a developer for something like $400k. They gutted it and expanded it by 30% or so, turned it into two two-bedroom condos, and sold [b]each[/b] for $700-800k. What does this mean with regard to the value of my intact three-level three-bedroom house? [/quote]
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