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516 Essex Drive
Four Ways to Price It
A single number hides the strategy. In a market absorbing inventory in 4.3 months at 100.8% of list, here is the full ladder — priced so the home lists strong and never leaves money on the table.
A Eddington Farms Colonial
A 1989 colonial in Rochester Hills’s Eddington Farms — 2,174 sq ft above grade, 3 bedrooms, 3 baths, and a 2-car garage on a 0.25 acre lot. Location, Location! (per the MLS listing.)
Colonial
Eddington Farms
Rochester Community School District
3
3
2,174 sqft
~0 sqft
2-car
1989
0.25 ac
Sold $225,000 · August 2011
Updated per MLS remarks
Balanced Market
The subject’s segment (Rochester Hills 48307-3505, 1,739–2,608 sq ft) is absorbing inventory in 4.3 months, with a median 8-day market time, with homes closing at 100.8% of list. Median above-grade $/sqft moved from $212 to $247 quarter over quarter (median sale $472,500). This reads as a balanced market, which the pricing below reflects.
The Comparables
Comps were selected by subdivision first, then adjacent neighborhoods within the same schools, held to ±20% of the home’s above-grade size and the last six months. Each is scored 0–100 (location, size, age, style, lot, condition, amenities); anything under 70 is set aside. Select any home to see every MLS photo.
▤ 36 photos86/100192 Bellshire Lane, Rochester Hills
1234 Harvard Drive, Rochester Hills
240 Parkland Drive, Rochester Hills
1698 Farnborough Drive, Rochester Hills
360 Sandalwood Drive, Rochester Hills
477 Coldiron Drive, Rochester Hills
Appraiser-Style Reconciliation
Each comparable’s sold price is adjusted to your home — living area (marginal $105/sqft), finished basement ($35/sqft), garage ($8,000/bay), lot, age/condition, and location — then weighted by similarity rather than averaged.
| Comparable | Sold Price | Living Area | Basement | Garage | Lot | Age/Condition | Location | Adjusted Value | Weight |
|---|---|---|---|---|---|---|---|---|---|
| 192 Bellshire Lane | $562,000 | −$14,280 | −$41,650 | +$0 | +$1,800 | −$3,200 | +$0 | $504,670 | 25% |
| 1234 Harvard Drive | $525,000 | +$10,290 | +$0 | +$0 | −$2,999 | −$1,600 | −$10,000 | $520,691 | 23% |
| 240 Parkland Drive | $625,000 | +$5,145 | −$24,500 | +$0 | +$4,200 | +$1,600 | −$10,000 | $601,445 | 19% |
| 1698 Farnborough Drive | $701,000 | −$29,190 | −$45,150 | +$0 | +$2,400 | −$3,200 | −$10,000 | $615,860 | 14% |
| 360 Sandalwood Drive | $560,000 | −$20,475 | −$35,000 | +$0 | +$2,999 | +$1,600 | −$10,000 | $499,124 | 12% |
| 477 Coldiron Drive | $412,648 | +$21,630 | +$0 | +$0 | +$0 | +$8,000 | +$0 | $442,278 | 7% |
How to read this: each adjustment adds or subtracts what a difference is worth (a comp with a bigger basement than yours is adjusted down, and vice versa). “Adjusted Value” is what that sale suggests your home is worth. “Weight” is how strongly that comp counts toward the final opinion — the closest matches count most.
192 Bellshire Lane (sold $562,000) adjusts to $504,670 and carries 25% weight. 1234 Harvard Drive (sold $525,000) adjusts to $520,691 and carries 23% weight. 2 comparable(s) inside Eddington Farms anchor the value directly. Reconciled and weighted by similarity — not averaged — the evidence centers on $537,959; positioned for the balanced market, the opinion of value is $570,000.
What Buyers Are Choosing From
Right now buyers in this size band are choosing from asks of $697,990–$849,000 and pending contracts cluster $699,000–$999,999 — measured against that, the opinion of value holds.
78% Confidence
- 47 qualified sales in the segment in six months — a deep comp pool.
- 2 comparables inside the subject’s own subdivision bracket the value directly.
- Strong pending support: 22 homes under contract in the segment.
- Held below 100% because the subject’s current interior condition isn’t independently verified.
How to Take It to Market
- List at $570,000 — positioned against the $570,000 opinion of value with room to negotiate in a more balanced market.
- Verify current interior condition before finalizing — updates could justify the $610,000 aspirational tier; deferred condition trends toward $537,500.
- Pre-list prep: professional photos and light staging; expect strong early activity given the 8-day median market time.
- Keep the adjustment grid in the listing file — the price sits inside adjusted comp support, so appraisal risk is managed.
- 2 recent sale(s) inside Eddington Farms anchor your value directly.
- Homes like yours are selling in about 8 days.
- Only 34 comparable homes are on the market — limited competition favors you.
- $/sqft in your size range moved $212 → $247 quarter over quarter.
- Above-grade living area of 2,174 sq ft per the MLS record.
- Interior condition assumed consistent with the most recent listing record — a current walkthrough may adjust value up or down.
- No unpermitted additions or major deferred systems beyond normal age.
- If interior condition lags the comparables, value trends toward the $537,500 conservative figure.
- A rate move could shift the buyer pool this analysis is priced against.
Get Thomas’s complete strategy on your home
Prepared by Thomas Lower, REALTEAM Real Estate, July 2026, using the Logan CMA Framework (USPAP-inspired). Data: MiRealSource / Realcomp MLS + public records. Square footage is above-grade finished area; basements shown separately. Subject photos are from the prior MLS listing (August 2011); comparable photos are current MLS listing photos. This is a broker opinion of value for marketing purposes, not an appraisal. Equal Housing Opportunity.