A sale in the same street — or even the same building — can look like an obvious benchmark for a condominium’s value. But the closest recorded transaction is not automatically the most relevant comparison. The central question is whether the two homes belonged to the same effective market when buyers were making their choices.
The issue is market definition: the layer that turns raw property data into usable market intelligence. As HousingWire's examination of Miami condo appraisals illustrates, a comparable sale should represent a genuinely competing property rather than simply the nearest available record.
Two apartments may share an address while serving different buyer groups or offering materially different propositions. Their position within a development, condition, layout, amenities and other features can affect whether purchasers would see them as alternatives. A nearby sale can still be relevant, but its relevance needs to be tested rather than assumed.
For Bulgaria’s residential market, the practical lesson is clear: treat a single neighbouring sale as a starting point, not a conclusion. A sound comparison explains why a transaction belongs in the same market and acknowledges where the match is imperfect. That approach produces a more useful discussion of value without turning one headline price into a market-wide verdict.