Find a Real Estate Agent Who Knows Your Hood

"Honey, we need to decide if we're going to add on or conquer a bigger castle."

A CMA depends on a true “apple to apples” comparison (or “comp”) of similar properties in your neighborhood.  You already know that an apartment with two bathrooms is not a “true comp” for one with only one bath.  That’s the obvious stuff. But that agent you’re fond of in SoHo for example, might have an apartment that was built by the same builder as yours and which is identical in every aspect, so when she puts the same price on your place as the one she has in SoHo that’s fine, right?  Wrong. Dead wrong. For example, her “identical” apartment in Soho might be across the street from a building already slated for demolition with a 40 story high rise about to obstruct its river views, while the building you’re in now is across the street from a building protected by Historic Preservation so your views are secure. So, right away, she’s comparing apples to oranges, even if the apartments themselves are identical.  Market prices throughout the city are also reported by neighborhood, so, once again, a one bedroom in Soho or Murray Hill is not the same price-wise as one in Turtle Bay or Morningside Heights and you do not want to be the one to pay the price for an error like that.  So, to avoid costly mistakes, first be sure that your hire an agent who knows your hood.

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