PropStream has announced that they are reintroducing subdivision comping as a filter in their search tool.
“At the heart of our business model is our commitment to user satisfaction, as we deeply value our loyal customers who have played a pivotal role in shaping our platform into what it is today,” said a statement from the company. “We’ve heard your requests for subdivision comping to return. Well, we’re thrilled to announce that by popular request, it’s back!”
The company explained that often referred to as a “neighborhood,” a subdivision is a plot of land that has been divided into two or more parcels to maximize the usage of the land. It is commonly used in residential development to enhance the value of the land within the guidelines of applicable zoning regulations. This method can also apply to unit developments such as apartments and even business and industrial zones.
Utilizing subdivision data when running comparables is instrumental in improving accuracy, according to PropStream. The goal of running comparables is to consider the unique features of a subject property and use them to sift through historical sales data for similar properties for the most precise estimates. Subdivision data introduces an additional layer of comparison opportunity, providing a more comprehensive and reliable assessment of property values.
When you use subdivision data to enhance your comps, PropStream stated you can factor in criteria unique to that subdivision which impact property value, like:
- Zoning codes
- Building materials
- Architectural design/layout
- Amenities/infrastructure (e.g., parks, schools, pools, transportation, etc.)
- Property type (e.g., condo, single-family home, apartment, commercial)
- Developer reputation
- Market trends
“Our goal is (and always has been) to ensure that our platform remains a dynamic and user-friendly space for real estate professionals and enthusiasts,” concluded the company.
For more information, visit https://www.propstream.com/.