Unit Size: 1,920 SF  

List Price: $499,000  

Location: Mall Area (prime location in the complex)  

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1. Unit 139 (Sold August 2024)  

Size: 1,140 SF  

Sale Price: $260,000  

Price/SF: $228  

Location: Mall  

Observation: Recently sold, provides the most current and relevant data for Mall-facing units.  

 

2. Units 121 & 122 (Sold March 2023)  

Size: 2,065 SF  

Sale Price: $240,000  

Price/SF: $116  

Location: Back Hallway  

Observation: Back Hallway location results in a much lower price per SF compared to Mall-facing units.  

 

3. Units 120 & 121 (Sold January 2020)  

Size: 2,540 SF  

Sale Price: $550,000  

Price/SF: $217  

Location: Mall  

Observation: This sale occurred prior to market fluctuations in recent years, so adjustments are necessary to reflect current conditions.

 

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The historical sales data shows differences between list and sale prices, which vary by location:  

Mall-facing Units:

  Sale prices tend to reflect approximately 87%–90% of the list price.  

  - Unit 139: Listed at $299,000, sold for $260,000 (87%).  

 

Back Hallway Units:  

  Lower demand locations see sale prices closer to 80% of the list price.  

  - Units 121 & 122: Listed at $299,500, sold for $240,000 (80%).  

 

Historical Impact (Units 120 & 121): 

  Although these units sold for $217/SF in 2020, the current market (2023–2024) for similar   Mall-facing units has increased slightly, with prices closer to $228/SF for recent    

  comparable sales.

 

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Adjusted Price Per SF:  

Based on market appreciation since 2020 and the recent comparable sale (Unit 139), Unit 119 should be valued between $225–$230/SF.

 

Calculation:  

Low Estimate: 1,920 SF × $225/SF = $432,000

High Estimate: 1,920 SF × $230/SF = $441,600