Feasibility & Appraisal
What is Comparable Sales?
Similar properties that have recently sold, used as benchmarks to determine a property's market value in the sales comparison approach.
Understanding Comparable Sales
Comparable sales, or "comps," are recently sold properties that are similar to the subject property in terms of location, size, amenities, condition, and income potential. Appraisers use comparable sales in the sales comparison approach to estimate a property's market value.
For outdoor hospitality properties, finding true comparables can be challenging due to the unique nature of each property. Appraisers look for properties with similar unit counts, amenities, locations, and income characteristics.
The sales comparison approach adjusts comparable sales for differences between the comp and the subject property, such as location, size, condition, and income. These adjustments help determine an accurate market value.
Sage Outdoor Advisory has extensive knowledge of outdoor hospitality property sales and uses comparable sales analysis in our appraisals to provide accurate valuations.
For outdoor hospitality properties, finding true comparables can be challenging due to the unique nature of each property. Appraisers look for properties with similar unit counts, amenities, locations, and income characteristics.
The sales comparison approach adjusts comparable sales for differences between the comp and the subject property, such as location, size, condition, and income. These adjustments help determine an accurate market value.
Sage Outdoor Advisory has extensive knowledge of outdoor hospitality property sales and uses comparable sales analysis in our appraisals to provide accurate valuations.
Examples of Comparable Sales
- •Comparing a glamping resort to similar recently sold glamping properties
- •Using RV park sales to value a subject RV park
Common Use Cases
- •Property appraisals
- •Purchase price determination
- •Market value assessment
Related Services
Frequently Asked Questions About Comparable Sales
How many comparable sales are needed?
Typically, appraisers use 3-5 comparable sales, though more may be used if available and relevant.
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