Orlando, FL, February 08, 2017 --(PR.com
)-- Homequant, Inc. is pleased to introduce Condoyada.com, a revolutionary condo valuation system. Its proprietary algorithm can be applied to individual condos to produce excellent “First/Quick Look” values – from penthouses to median condos to the smaller ones – without having to select any comps or entering any accounting data or cap rates. All one needs to know is the sub-market the condo is located in, an approximate living area and a few general unit and complex-level property characteristics that can easily be gathered by searching the area’s assessment roll online.
As a pioneering innovator of property valuations, Homequant is again proving its vision by launching the trend-setting Condoyada, the one and only income-based condo valuation, enticing all current and future owners to adapt to this new and fast-emerging way to value individual condos. With the launch of Condoyada, the income approach is now permanently and professionally part and parcel of individual condo valuations, perhaps on its way to downgrading the conventional comps-based method to the consumer level.
Now that the single family home prices have retested or eclipsed the 2007-08 pre-recession peaks, condos are increasingly becoming an attractive alternative, even in suburbs. However, prospective buyers are often apprehensive of the income potential of the condos considering that the condo rental market tends to trail the private home market as families with children sometimes shy away from condos due to the commitment to multi-family living and associations’ often-stringent house rules. Since Condoyada provides an income-based valuation, it will help put those apprehensions to rest by allowing the necessary comparison.
The introduction of the Condoyada solution makes it now possible to value an entire complex or a cluster of complexes in the area in matter of hours, not days or months. Again, their solution does more than just the typical complexes; it’s equally equipped to value both ends of the curve – from multi-level penthouses and upper-floor units with magnificent views in world class skyscrapers to typical or smaller units in low-rise garden complexes. Additionally, their algorithm automatically detects the oversized properties relative to the peers in the area and the market as a whole and adjusts for non-linearity in valuations, making it a more econometrically-prudent valuation theorem. In terms of speed and ease of use, their tests show a condo unit – with the aforesaid data available – can be valued in 60 seconds or less.
Since the Condoyada solution works uniformly across all major markets, national investors, attorneys, hedge funds, mortgage REITs and appraisal houses will increasingly depend on this system as the go-to “First/Quick Look” unit-level condo valuation system due to its speed, consistency, accuracy and uniformity. It will immensely help potential investors – who are evaluating bulk or portfolio purchases – get quick values from this system, thus narrowing their choices down to the finalists requiring professional appraisals. It will help researchers, portfolio managers, appraisers and assessors to sample portfolio pricing, without having to resort to full work-ups and/or outside appraisals.
The Condoyada solution is currently available in 70 major condo markets, including Manhattan, Boston, Chicago, Dallas, DC, Denver, Las Vegas, Los Angeles, Miami, Phoenix, San Francisco and Seattle. Many more markets, including Canada, are coming soon. The portal is also mobile-friendly, thus negating the need for any dedicated mobile apps. As usual, it’s totally free and no login or registration of any sort is required. Therefore, this invention is productive to users, either way – whether one needs to value a single condo unit on-the-go or one who needs to value a group of similar or dissimilar condos quickly on a desktop.
Finally, the fact that the user-inputted subject data and the resulting valuations are not stored anywhere in their system and are processed via a leading hosting company will provide high level of confidence and relief to the users by assuring that their activities are not being watched, nor are their values warehoused.
Homequant President recently explained this addition to their product suite: “Condoyada, in combination with our established Homeyada and SkylineValue assets, will help create a whole new “First/Quick Look” valuation industry. We are therefore encouraging the condo owners to take the 60-second test to evaluate if their assessments are in line. If not, they should seek professional help. Anyway, as we add more markets to our repertoire, the consumers and professionals around the world will consider our new combination as the first-look valuation complex of the world.”
For more information about their applications, or to schedule a phone interview, please email them at: Homequant@gmail.com.