CMA stands for “comparative market analysis” and what that really means is doing some research to determine how much a downtown Boston condo is likely to sell for if it were put on the market. We arrive at a price . . which is different than a value . . by finding three comparative homes in the immediate area that have sold recently.
Comparative homes sometimes called “comps” should be as similar as possible to the Boston condo being evaluated. Here in the downtown Boston real estate market, it’s about having close to the same square footage, layout the same number of bedrooms, etc.
People who own Boston downtown condos know that each building has its own neighborhood and unique floor plans. Units on higher floors and units with views are usually worth more than units on lower floors or units with less desirable views. corner units and end units are more valuable than center units.
Each downtown Boston real estate neighborhoods are unique in its own way. Boston high-rise condos in Midtown are unique and of different ages and architectural styles from those in Boston’s Beacon Hill neighborhoods. All of that has to be taken into consideration when pricing the home and providing you a CMA.