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Annette Lawrence , Palm Harbor, FL 727-420-4041, Making FLORIDA Real Estate EZ  (ReMax Realtec Group)

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5,230,113
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

The larger SF's typically procure less per SF. Calculate each, based on the closest comparables - condition, style, lot and size. 

I see agents all the time who calculate their price based only on PPSF and that just doesn't fly when it comes to the appraisal.

Jul 22, 2017 07:38 AM
Rainmaker
1,543,823
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

I rarely use price per sqft to calculate values as it leaves so much of the appraisal formula out.

You'd have to categorize the comps first by location, condition,amenities, then do the avg. $ per sqft for each group, then apply that to the subject property as appropriate...given the info provided.

Jul 22, 2017 08:00 AM
Ambassador
6,393,494
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Do people really buy by the square foot, or do they buy the whole package?

Jul 22, 2017 09:00 AM
Rainmaker
1,239,901
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

($167/sf gla * 2501 sf gla)*(3500 or 1500/2501)= Blah blah

That is basically how most AVM works...

Assuming there is no adjustment on residual acrerage variance, often $1-2 /sf  outside coasts. 

Jul 22, 2017 07:34 AM
Rainmaker
1,725,996
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

  For Florida: go 60 days out and adjust for recent capital improvements over and above the $/SF 

 

Size of homes taken +/-500sf to subject home and age =/- 5 years try  for same # bedrooms and baths. we adjust $20k on bedrooms and $25k on baths.

Do not be afraid to deduct for deficiencies

To go strictly by raw $/sf and averages is doing your client a disservice, and ultimately you in the end.

Jul 22, 2017 08:07 AM
Rainmaker
1,153,794
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Square footage and $PSF are the least weighted attributes in my property valuations. That being said I enjoy a +/- variation of 2% for LP to SP. There's not nearly enough information here to shoot out a number from the hip.

Jul 22, 2017 10:11 AM
Ambassador
3,345,091
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

As Thomas J. Nelson, Realtor,CRS,e-Pro commented, we are both in CA although he in Southern CA and I am in Northern CA, inasmuch as cost per square foot goes, it rarely, if ever applies in my market.  

Sam Shueh who is in my market has provided the mathematical calculation.

Jul 22, 2017 09:08 AM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Not enough information. Incomplete data leads to poor results.

Jul 22, 2017 08:35 AM
Rainmaker
7,836,139
Roy Kelley
Retired - Gaithersburg, MD

I would use comps of approximately the same size.

Jul 22, 2017 07:30 AM
Ambassador
2,684,109
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

SF only applies any cookie-cutter subdivisions with lots of recent sales.

Jul 22, 2017 11:23 PM
Rainmaker
1,844,301
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

I wouldn't do the sq footage method at all. You don't say what the subject is but I would use a comp closest to that & then you'd still have to get a backup for that one.

More info.

Jul 22, 2017 08:32 AM
Rainmaker
599,274
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

I only use the price per square feet between comparable properties.

Jul 23, 2017 06:09 AM
Rainmaker
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

If it will be only only difference it would not be that difficult, but I'm sure condition, location, pool/no pool, view/no view, etc. etc. information is also very relevant. That's why agent estimate and Z.( that rely mostly on sqft) can be so different. 

Jul 22, 2017 08:26 PM
Rainmaker
5,005,659
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Ditto.. Debe Maxwell, CRS !!

Jul 22, 2017 06:43 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Inaccurate information posting is a problem with all MLS's. When doing CMA's I evaluate by similar homes and do not place as much emphasis on sq. ft. prices.

Jul 22, 2017 05:45 PM
Ambassador
3,587,960
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

I don't come up with sale price by by square footage - sure it's consideration but not on top of the list. There is so much variance between homes in every neighborhood especially in my market.

Jul 22, 2017 05:34 PM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I do not use a price per squre feet for residential homes. Too many variables such as lot value, extras, upgrades, condition and such. I feel what has sold is much more valuable to using in my valuation

Jul 22, 2017 02:37 PM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Look at the entire city, not just a 1/2 mile radius.  Then adjust for newer/older home and nicer/worse area.

Jul 22, 2017 12:34 PM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I do marketing....my formula reflects the number of titles I have on the SERP for a large variety of keyword phrases relative to my marketplace for listing....

Jul 22, 2017 12:10 PM
Rainmaker
4,936,705
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I do not do Square Footage 

Jul 22, 2017 11:25 AM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Sam Shueh gave you a great answer. A

Jul 22, 2017 07:37 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I do not use it

Jul 23, 2017 12:14 PM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Joe Pryor nailed this one!

Jul 23, 2017 06:01 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Figure out a value per sq. ft. without the value of the lot and try to determine it with that value.

Jul 23, 2017 05:39 AM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Not via price per square foot... which doesn't take into account land, upgrades, number of rooms, etc. Price per square foot for me is simply a last check to make sure the numbers are not totally out of the realm of reality.

Jul 23, 2017 04:09 AM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Using only hard numbers is not the way I value a property

Jul 22, 2017 10:55 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Annette Lawrence , Palm Harbor, FL 727-420-4041 - our MLS has 'adjustment' feature for a difference in square feet - multiplied by $/sq ft as your adjustment.

Jul 22, 2017 09:31 PM
Rainmaker
2,817,671
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Well I guess I just wouldn't do it that way as my first stab (assuming condition/location/acreage is abt same) would be # of rooms and layout (where is the extra square footage...each room larger, sq footage in basment (clearly lower value), larger kitchen, etc.

Then, after looking at that (if they are =) then I might gross up per sf, but prob w/ a discount factor.  This is how things work in most industries - economies of scale.

Jul 22, 2017 02:02 PM