LoopNet Inc. has launched an updated commercial sales comps database, Property Comps 5.0.
The new release is intended to make the analysis of property and market data easier for real estate, owners, investors, lenders and appraisers.
In the past year, LoopNet’s Property Comps database has grown by over 25% and now contains more than 1.5 million transactions, including more than 23,000 REO/Bank Sold property sales, which reveals transactions that may influence overall market pricing. According to LoopNet, REOs accounted for 16% of all new comps recorded so far in 2011.
With Property Comps 5.0, LoopNet is attempting to provide users a more complete picture of a property transaction. And they can view property details at the time of sale.
The program’senhancements include: 35 new data fields, including more owner and mortgage details, plus property tax and assessed values; 60% more comps with photos; 25% more Tax IDs, APNs and Deed Document Numbers; and 25% more comps including the original listing’s marketing flyer. Users are also able to custom-define geographic areas down to street level and save the results, access comparison reports and listing broker call sheets, and save time through property subtype search filters.
LoopNet provides more than 50% of new comps within two weeks of the sale date.
“Property Comps 5.0 is the biggest step forward we’ve made to make it easy for commercial real estate brokers, appraisers and investors to easily find the detailed sales comps they need,” LoopNet’s general manager, Hilary Jensen, said in a statement. “We remain committed to innovating in this area and to providing increasingly valuable products to our customers.”