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References - How to Set the Asking Price For Your Property When There are No Comparable Sales
When performing a Comparative Market Analysis (CMA) to determine the asking price before you sell your home or condo, the normal way is to look at the most recent comparable sales. But what if there are no comparable sales? What if a condo complex or neighborhood is relatively small and there is very little turnover of the properti
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
es? How do you estimate the current market value of a property you wish to sell when nothing around you has sold for 2 years or longer and prices have gone up or down significantly?
A question came up over dinner with some friends the other night as to how you would solve this pricing dilemma. My friends have a condo in Complex GC
A question came up over dinner with some friends the other night as to how you would solve this pricing dilemma. My friends have a condo in Complex GC
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
, an inside unit that has been nicely updated. Since the last sale in their complex occurred nearly 2 years ago, and prices have changed quite a bit since 2005, this was going to take some work. One idea that occurred to us was to use the market data from other condominium sales in nearby communities that are of similar quality and
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
square in order to extrapolate an estimated fair market value for their property.
The method I used to guesstimate the current fair market value of their property involved doing extensive unit by unit sale comparisons for the past five years of the properties sold in 3 other nearby condo communities that I will refer to as TC, WM a
The method I used to guesstimate the current fair market value of their property involved doing extensive unit by unit sale comparisons for the past five years of the properties sold in 3 other nearby condo communities that I will refer to as TC, WM a
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
nd MT. By evaluating other units that were similar in square footage, number of bedrooms, bathrooms, location, and other relevant features, I was able to take a historical approach to determining relative values for the properties that sold. Looking at 5 years of sales data I attempted to mathematically extrapolate historical varia
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ions in price per square foot and the relationships between similar quality units in each complex.
The reason for going back 5 years was to ensure that the data being used to extrapolate a current fair market price for Condo GC took into account as many relevant sales as possible over a long period of time. This helped to smooth ou
The reason for going back 5 years was to ensure that the data being used to extrapolate a current fair market price for Condo GC took into account as many relevant sales as possible over a long period of time. This helped to smooth ou
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
t any price aberrations that may have occurred with individual sales. Any one particular sale might be a bargain or overpriced in relative terms, analyzing 5 years of data minimized those distortions.
The historical data shows that condominiums in TC sell in a range that is between $80 per square foot to $100 per square foot more t
The historical data shows that condominiums in TC sell in a range that is between $80 per square foot to $100 per square foot more t
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
han similar quality condominiums in the GC complex. It is somewhat unusual that this price differential can be extrapolated based on dollars per square foot rather than a differential based on a percentage of historical sale prices. Normally, one would expect that there would be a consistent percentage differential rather than a ha
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
rd dollar differential when comparing units between the two complexes. There were not enough sales in complexes MT or WM over the 5 year period to result in any significant data that would affect the estimates being made.
It appears that the primary reason that condominiums in TC sell for a higher price per square foot are due to t
It appears that the primary reason that condominiums in TC sell for a higher price per square foot are due to t
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
he fact that virtually all of the units have garages, the properties are newer in construction and the complex has extensive amenities including a swimming pool, tennis courts, spa, clubhouse, exercise room and other common area facilities, when compared with the amenities for Condo GC. Other factors that one must take into account
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
hen performing this type of analysis include the location of the unit in the complex and whether or not a property is an inside unit or an end unit. If upgrades have been performed that would certainly give added value to any property and this can vary dramatically from place to place.
The most recent sales of upgraded units in TC
The most recent sales of upgraded units in TC
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
have been from $492 per square foot up to $524 per square foot. This would indicate a current fair market value in Complex GC, for similar quality condos, in the range of $412 to $444 per square foot based on the historical price differential of $80 to $100 per square foot and how extensively a unit has been upgraded. High quality
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
upgrades throughout can make a huge difference in how you price a property for sale and are a very subjective part of the process.
One other important factor to consider is that an inside unit will generally sell for less than an end unit of comparable quality. It’s just a fact of life that most condo owners in Incline Village and
One other important factor to consider is that an inside unit will generally sell for less than an end unit of comparable quality. It’s just a fact of life that most condo owners in Incline Village and
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
other resort communities want an end unit and are willing to pay a premium for one.
For single family residential sales this process is a heck of a lot more complicated, especially in a community like Incline Village at Lake Tahoe where there are no tract homes and virtually every house is unique. Suffice it to say that you can't j
For single family residential sales this process is a heck of a lot more complicated, especially in a community like Incline Village at Lake Tahoe where there are no tract homes and virtually every house is unique. Suffice it to say that you can't j
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ust look at what the neighbor's place sold for.
No one can say for sure if this analysis is the best way to go, as a willing buyer and a willing seller ultimately determine the true fair market price for any property. It does however provide one way for looking at estimating how to price your property for sale when there is no comp
No one can say for sure if this analysis is the best way to go, as a willing buyer and a willing seller ultimately determine the true fair market price for any property. It does however provide one way for looking at estimating how to price your property for sale when there is no comp
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
rable sales data to rely on. Whether a particular market is hot or cold, has a lot of inventory or is simply months away from the busy selling season (as is typical of resort markets), there are many factors that will affect the current market value of any property. In a real estate market such as Incline Village where there are mo
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
stly custom homes and relatively few transactions on an annual basis, pricing a property for sale can be a very complicated and thought provoking process.
One of the reasons that I enjoy selling real estate in Incline Village and Crystal Bay is that it provides you with these kinds of challenges on a regular basis. Every home and c
One of the reasons that I enjoy selling real estate in Incline Village and Crystal Bay is that it provides you with these kinds of challenges on a regular basis. Every home and c
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ondo for sale in Incline Village that I get to see is unique in some way and until a deal closes escrow you never really know what the fair market value of any particular property truly is.
The methods and date described herein do not constitute a formal appraisal or approach to doing property appraisals and should not be construed
The methods and date described herein do not constitute a formal appraisal or approach to doing property appraisals and should not be construed
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
as such. This article describes one way to try and estimate fair market value based on a comparative market analysis using data from the local MLS and the author’s experience in a unique resort market. The author is a licensed real estate agent, not a licensed real estate appraiser. The methods described above are for intellectual
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
debate only and not meant to substitute for a professional appraisal. The only way to get an accurate estimate of the fair market value of any property is to hire 1 or more licensed appraisers in your State and have a complete appraisal performed of the subject property.
Copyright - Don Kanare - February 2007 - All Rights Reserve
Copyright - Don Kanare - February 2007 - All Rights Reserve
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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