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Historic Grist Mill

Discussion in 'Commercial/Industrial Appraisals' started by matt hawk, Jan 20, 2007.

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  1. matt hawk

    matt hawk Guest

    I have an order to appraise thirteen acres with an old grist mill that supposedly has historical significance. It's is in the back of the property, accessable only by a very rough and wet dirt road. Had to actually put the ole jeep in 4WD. The owner thinks it at least has some salvage value. His estimate was about $30,000, but it's only 4800 sf standing up and it has definatly fallen down. I'm not knowledgable about estimating the value of old timbers, but I am an amatuer woodworker and I don't see much more than a few hundred board feet of $4 wood, plus the cost to demo and transport. Anyone have any advice or experience on "historical" appraisals?
     
  2. Brian Weaver

    Brian Weaver Senior Member

    1
    Apr 16, 2005
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Illinois
    If its so significant maybe they'll move it to a more prominent site or create an access to it. The question is, to whom is this mill significant?

    Is it personally significant to the owner?
    Locally significant to the town, county, state?
    Or is it on the National Register of historic places?
     
  3. Dave Shuee

    Dave Shuee New Member

    0
    Apr 10, 2006
    Professional Status:
    General Public
    State:
    Indiana
    The big items are the stone wheels and the drive system.
     
  4. Bearslide

    Bearslide Senior Member

    0
    Dec 9, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Agreed. There are several homes here that were built around or using the stone wheels - high dollar custom homes with $$$$ paid for the stone wheels. One home that I have been in is constructed of the original grist mill timbers which were removed, treated for wood pests, preserved and used throughout the home for supports. These beams were massive - about a foot square. That same home employed the wheels in the fireplace and kitchen stove surround. Quite stunning. Last time it sold was back in the 90's for close to $500,000 - and that was when a $200,000 home was a big deal here.

    Might want to check with local realtors and orther area appraisers to see if they are aware of such a property and might have an idea of value for the mill - might also check with contracters and any local saw mills who do their own forestry - a true wood man should know about the wood. Might pay to check with old time stone masons as well..
     
  5. Brian Weaver

    Brian Weaver Senior Member

    1
    Apr 16, 2005
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Illinois
    Before figuring out the value for the parts...find out about the historic significance. You may be prohibited from altering the structure.
     
  6. Stephen J. Vertin MAI

    Stephen J. Vertin MAI Senior Member
    Gold Supporting Member

    0
    Jan 17, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Illinois
    Matt:

    Welcome to the forum. Do you have any photographs?

    Steve Vertin
     
  7. Joker

    Joker Elite Member

    0
    May 28, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    Brian is right on.

    Often "historical significance" means nothing in terms of monetary value.
     
  8. Eminent Domain

    Eminent Domain Junior Member

    0
    Jan 19, 2002
    Professional Status:
    Certified General Appraiser
    State:
    North Carolina
    Depending upon the type of wood it is it could have some salvage value. Here folks are always salvaging barn boards. These are utilized for high-end custom home interiors. If the wood is wormy chestnut then it could have some significant value. I have heard of some reclaimed wormy chestnut denailed and planned fetching $5 to $6 per linear foot. However, its a heck of a job getting nails out of a 75+ year old board that is completely cured. As an earlier poster noted the grinding stones will have value as well. If you are willing to reclaim the materials yourself in the evenings and weekends it could be quite profitable but my guess is that "as-is" the value to a typical market participant would have to consider significant entrepreneurial profit for someone to be willing to buy these items and then do the work necessary to make them retail ready and still make a profit. Considering all of that there may not be alot of value to the land owner but to the middleman. While it is possible there is some salvage value in the boards and stones to me it sounds like this is a land appraisal only and let the owner figure the value of fallen mill.

    BF
     
  9. JeffHand

    JeffHand New Member

    0
    Jan 27, 2003
    Professional Status:
    Certified General Appraiser
    State:
    California
    It sounds like the items are personal property, not real estate
     
  10. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin
    The real estate will have some value. The mill or parts of the mill would have value if you made the appraisal subject to rebuild of the mill. But that would be a cost to cure. You would need to know restored to original condition.

    If it down and he selling wood, timbers, mill wheels, gears. Then it becomes personal property.

    I have done quite a few historic properties around Wisconsin here and they tend not to have an increase in value in the rural areas of these old buildings, cabins, schools and mills.
     
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