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Kitchen Moved To Lower Level

Discussion in 'Urgent - Help Needed' started by CHRIS SOULIOS, Feb 26, 2006.

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  1. CHRIS SOULIOS

    CHRIS SOULIOS New Member

    0
    Feb 25, 2006
    Professional Status:
    Licensed Appraiser
    State:
    New Jersey
    Hi, this is my first post. Hope everyone is doing well. Ok, here we go.
    I have a bilevel in haledon, nj (north jersey) that the owner has remodelled.
    They have converted the kitchen that is normally on the second floor into a bedroom and taken 1/2 of the 2 car garage on the first floor and made that the kitchen. My client only accepts "as is" appraisals with a cost to cure.
    My thinking is the kitchen should be moved back to the second floor and I am trying to figure out the cost to have it done by a pro. Hard to find estimates just to move everything back.

    I could leave the floor plan the way it is and do a different functional utility adjustment for its market appeal issue.

    Any thoughts or opinions? I am trying to get this done by tonight.

    Thanks,
    Chris
     
  2. Ms. Janet

    Ms. Janet Elite Member
    Gold Supporting Member

    42
    Oct 27, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Chris,
    Assuming they had the proper permitting, etc to do the remodeling..................why would they do that? Seems like it would have been a lot less expensive to convert the garage to bedroom if they needed another.

    What else is on the first floor? What is the current floor plan?

    oops: forgot to welcome you........................
     
    Last edited: Feb 26, 2006
  3. xm72mhd

    xm72mhd Elite Member

    0
    Aug 13, 2005
    Professional Status:
    General Public
    State:
    Florida
    I guess my first question is, how is that you know the market considers this arrangement to be a functional obsolescence that needs adjustment? Or to say it differently, what is your market support for appraising the subject that way?

    If you don't have any support then I would say don't make the adjustment. Just mention it in the report.

    Also, welcome to the forum.
     
  4. CHRIS SOULIOS

    CHRIS SOULIOS New Member

    0
    Feb 25, 2006
    Professional Status:
    Licensed Appraiser
    State:
    New Jersey
    The first floor has a family room with the laundry/full bath and utility on the left of the stairs and the kitchen and garage on the right. The second floor has typical lr, dr, kit area to left of stairs and 3 br's and baths to right. Besides the kitchen to bedroom conversion, the dining room has been closed off to form another bedroom as well. The dining room is easy to fix and I didn't mention it in the first post. It seems they are from another country and need a lot of bedrooms. The 1st floor is 960 sf and the 2nd floor is 1287 sf.
     
  5. CHRIS SOULIOS

    CHRIS SOULIOS New Member

    0
    Feb 25, 2006
    Professional Status:
    Licensed Appraiser
    State:
    New Jersey
    My knowledge of the area for the last 8 years lends me to believe that this is a less desirable floorplan. Every Bilevel I have appraised has the kitchen, living room and dining room together on the second floor. Sometimes there is a summer kitchen on the first floor, but that's for another post. I feel confident that this floor plan is not typical and less appealing in the market.
     
  6. Craig Roberts

    Craig Roberts Sophomore Member

    0
    Jan 26, 2006
    Professional Status:
    Licensed Appraiser
    State:
    North Carolina
    I would probably start out by researching the market and looking for sales with some kind of functional obsolescence. (Even if you have to go back over a year to find those sales) Also some of the functional problems may be incurable so making a functional utility adjustment or design adjustment may be your only option

    I do know that the demand for real estate in some markets is so great that buyers would be willing to overlook this type of problem. It all depends on where you are really.

    That said, I don’t have nearly as much experience as some of the others on this board so they may be able to give you better advice.
     
    Last edited: Feb 26, 2006
  7. CHRIS SOULIOS

    CHRIS SOULIOS New Member

    0
    Feb 25, 2006
    Professional Status:
    Licensed Appraiser
    State:
    New Jersey
    Part of the problem is, there is no real market data on this kind of remodelling, or more specifically, in this town. I suppose I could do a general search on the mls and try to find sales that have functional issues, but realtors don't usually put that in a listing. I have seen other functional issues like walk-thru bedrooms or unfinished remodelling, etc, but I am trying to remember when I have seen this before and can't. Which is why I posted here.
     
  8. Doug Meyer

    Doug Meyer Senior Member

    0
    Sep 13, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Indiana
    Well theres the problem JERSEY :) What was the cost of moving the kitchen to the lower level and converting old kitchen to bedroom?
     
  9. CHRIS SOULIOS

    CHRIS SOULIOS New Member

    0
    Feb 25, 2006
    Professional Status:
    Licensed Appraiser
    State:
    New Jersey
    Will have to call the owner back. He was not there at the inspection and his family members could not help me. The kitchen is 24 x 15. So any ideas on what it might cost to move it back. One appraiser I spoke to said at least $5,000. Has anyone seen this kind of remodelling issue before?
     
  10. Mike Millson

    Mike Millson Sophomore Member

    0
    Dec 23, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    Chris, your home must be what we call here a split foyer. We have a top level and basement(which is only partially below grade). Most of the kitchens are on the top level. Your best bet is to find something with a similar floor plan. There has got to be one like that. I know the realtors don't advertise them that way but if your MLS has the room counts broken down you have to plow through them and try to determine what floor the kitchen is on. Hopefully, you can find a similar floor plan with the kitchen on the lower level.

    I hope this helps cuss I get this problem a couple times a year. For underwriting purposes, finding a similar floor plan will be your best route.
     
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