To provide market-wide trends based on available historical information. It is inappropriate to use this data as the basis of an appraisal of a specific property.
It is improper to apply these statistics to the square footage, room count or other attributes of a specific property in order to derive an opinion of its market value. Improper use of this research would be akin to using the Dow Jones Industrial Average to price a specific stock in a portfolio. It is important to note that property amenities including, but not limited to view, physical condition, layout, quality and type of construction, square footage, number of bedrooms, lot size, financial condition and security have a significant influence on values within the same county, neighborhood, zip code, building, or any other market or sub-market.
The statistics presented in all of the market reports available at MillerSamuel.com are based on all property sales available to us in each defined market area at the time a report was prepared. Additional sales data for the same time period may fall into public record as they are recorded after the original report was prepared. Only in rare exceptions (such as a typo or mistake) are these market report revised. Our market reports are not updated as more data becomes available at a later date. This is a critical trending concept since the current report could not be compared to the “updated” prior report without skewing the trend results. Sales used within our market reports are market-wide and not only an analysis of the sales of Douglas Elliman.