What is a property worth? It’s a surprisingly torturous question…The problem for appraisers …is essentially this: how does one define a (property’s) worth if one has nothing to compare it to? Comparisons – or comparables, as they’re known in the business – are perhaps the most common tool for building appraisal, and they’re in remarkably short supply. “It’s pretty tough, because there’s just been an absence of transactions in the marketplace by which to create benchmarks,” said Thomas Justin, executive vice president of The Weitzman Group, or as he put it, “The old rule of thumb is that one sale does not make a market.”
By Dana Rubenstein, March 25, 2009 New York Observer

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