Valuation check: 1,830 sq ft new-build flat in Los Angeles, asking $1,425,000?

[miro_roofs]

If the only completed comparable is a poor match, anchoring to it could misprice the flat more seriously than using cautious adjustments. The property is a Los Angeles 2-bed of about 1,830 sq ft, offered at $1,425,000, with light and location as its strongest features. Although marketed as a new build, its average condition and dated finishes need explaining, and future maintenance may be material.

I have three current listings for context but just that one closed transaction. Rather than apply a blanket rate per square foot, what details would you verify first about usable space, floor, outlook, noise and exact micro-location? Parking and ongoing building charges may also account for more of the difference than size. I plan to obtain a local appraisal, but want to give the appraiser the most relevant evidence rather than a set of over-precise adjustments.

 

[jules.page]

I wouldn’t apply a fixed percentage yet. Start with the completed sale and ask whether its extra or missing square footage is genuinely useful space. A marginal square-foot adjustment is usually more defensible than multiplying every foot by the subject’s average rate.

For condition, estimate the work needed and then allow for the inconvenience and uncertainty. My most important missing fact is the exact micro-location, including floor, outlook and noise exposure.

 

[lookTheRadar]

The description needs unpacking first: how is it both a new build and dated? Is the building recently completed but fitted to an older specification, or is “new-build” being used loosely?

I’d also want HOA/service charges, parking, outdoor space and the details of the completed comparable. Grace’s method works only if that sale is genuinely similar rather than merely nearby.

 

[planTheCanvas]

Build a small comparison table rather than forcing one adjustment range: internal area, usable layout, floor, light, outlook, parking, outdoor space, condition and monthly charges. Mark each property superior, similar or inferior.

Keep the three asking prices as context, not completed-value evidence. If sellers are testing optimistic prices, averaging them into the valuation will pull your answer upward.

 

[kit_escrow]

I disagree slightly with putting condition near the front of the analysis. Dated finishes are visible and can be costed; a compromised block, poor outlook or persistent noise cannot be renovated away. In Los Angeles, even two units with similar size and bedroom count may not compete directly if their immediate settings differ.

My valuation-changing fact would be the precise building and unit position, followed by parking.

 

[anika_vale]

Also confirm the ownership structure. “Lease length” may not apply in the usual sense if this is a conventional condominium, but any ground lease or other time-limited interest would need to be understood. Then separate the purchase price from recurring HOA charges and anticipated maintenance. A lower price can still be unattractive if the ongoing burden is high.

 

[xavi_flint]

Before suggesting any adjustment, I’d ask for the completed comparable’s sale date, size, bed count, condition, floor, parking and outdoor space. If several of those differ, one closed sale cannot support a narrow figure.

For the floor-area adjustment, compare the value of the additional space in practical terms. A well-proportioned office or larger living area deserves more weight than circulation space that merely increases the stated total.

 

[xavi_flint]

One further point: parking and outdoor space should be shown separately where the evidence allows, rather than hidden inside a broad condition adjustment. That makes it easier to see why the subject differs from the completed sale.

If the original poster can add the HOA/service charge, parking arrangement, outdoor space, exact micro-location and full details of that sale, the discussion can narrow considerably without pretending the three active listings are completed deals.