Pulling Comps in New Orleans
Any local Real Estate agents want to jump in here?
I live in the 7th ward and am very familiar with the specific streets and nieghborhoods of this area. I'm not even talking about the neighborhoods that would necessarily show up on a map, I'm talking about smaller differences between one particular street vs another street just one block away. The sales prices of potentialy comps can be drastically different based on minute details. How do you account for this when putting together a CMA? Do you widen the area, or narrow it? Do you exclude properties in a nearby neighborhood that are on a bad street or block, or do you include them as comps and just make adjustments to account for the difference?
For example, I'm currently working on a CMA for a property in the St Claude area, just one block off St Claude. So if I find 3 comps as follows, which one(s) should I use?
1) A house technically located in the same area as my subject property, just 5 blocks away, but on the other side of Claiborne (a drastically worse area)
2) A house in the Marigny area, just 2 blocks away, but on the other side of St Claude (a drastically better area)
3) A house in the 7th ward/treme area, almost 20 blocks away in a completely different neighborhood, but the neighborhood is overall very similar to my subject property
So which one(s) would be more valuable to me as a true comp? Or, should I just use all three and make adjustments as necessary based off of the differences? I am worried about pulling comps that are not similar enough to my subject property, but if I narrow the search so much that I'm only looking in the St Claude area, specifically ruling out properties on the "bad" side of Claiborne & properties on the other side of St Claude in the Marigny area, I'm limiting my search far too much and there just aren't any comps to pull! That's just a 5 block radius I've limited myself to.
Thoughts?