You guys ever do this? I have a BPO on a condo that was built in 2006. REal tough finding comps, but the same models have been selling in the complex. They are great comps, but they are new and the subject is three years old. NOt certain if I can use this or how much to adjust if I do...

Yes I have, but in my case I put a 10 to 20% downward adjustment for condition. I would rate the new condo comps as in excellent condition since they were never lived in, and the three year old subject in overall good condition. I think its a reasonable conclusion that a mirror image unit that was never lived in should have more value than a resale IMHO.

I the square feet and layout bed/bath count is similar then yes you can use them. 3 years spread on finishes will make a big difference in values as far as market prices. Places start to get dated at 3 years an up. Now if your 2006 condo is bigger (more sq ft) that can offset the new finishes for a bigger space.

The 3 year old condo definitely won't compare to the new one unless they are building out with cheaper finishes now etc.

Thanks Fellas...Same exact model as the subject. Brad, I had thought 10% was probably the logical adjustment as well...thx