Obamas' Hyde Park Home

Now That's a Tough Comp

Not since Richard M. Nixon lived in a New York City apartment has the market tried to assess the value of immediate proximity to the president in a dense, urban neighborhood.

--Susan Saulny, "Hyde Park House for Sale Comes With a View: The Obamas; The NY Times (9/15/09)

As I've been posting recently, pricing a home -- whether it's done by a Buyer, Seller, or appraiser -- is all about the comp's.

The magic number is three -- as in three, recently closed homes similar in style, size, and condition to what's called the "subject home."

To clients, their home is always "one of a kind"; to them, there's nothing as inviting, beautiful, functional, etc.

Usually, they're wrong about that.

Not this time.

Complicating matters further in the case of the Obamas' neighbor (pictured above): the home is a complete 'fixer (as in fixer upper).