Hi Michael,

Thanks for the post. Care to take a stab at defending the sales comparison approach vs. moving to income capitalization as I suggested?

I certainly don't see that the income approach is done as an addendum today. And while median income may be a better measure of prudence, it is too broad a brush given individual property differences. Comparable rents can better reflect differences like size, ameneties and location which should certainly still play a role in valuation. While hopefully still eliminating run ups in sales comps due to speculation or the financial engineering of payment to increase price.

Sean