Finished basement SqFt for comps
Hello BP!
I'm getting a little confused about how to handle finished basement sq. ft. when comparing properties. I'm currently trying to do a CMA for a property with no basement vs one with a 500 sq. ft finished basement. The listing sites are also confusing, as I thought that under-ground living spaces were not supposed to be included in the total sq. ft. However, on Redfin, Truila, etc. they look to be included and used in the $/sq. ft calculation.
For example, check out this listing, there are 1610 main level and 506 finished basement but both are included in the total sq. ft. Is this normal?
The CMA spreadsheet I am using breaks down to the adjusted $/sq. ft. And gives a estimated value of the target property based on that number*sq. ft. When comparing those with finished basements, I pulled the basement sq. ft. out separately but that is really skewing my numbers.
In general, it certainly seems like buyers are paying around the same $/sq. ft of finished basement vs above ground. And even the listings seem to not differentiate.