Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Urgent - Help Needed
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 02-26-2006, 11:47 AM
CHRIS SOULIOS CHRIS SOULIOS is offline
 
Join Date: Feb 2006
State: New Jersey
Professional Status: Licensed Appraiser
Posts: 8
Default Kitchen Moved To Lower Level

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
Sponsored Links

  #2  
Old 02-26-2006, 11:58 AM
Ms. Janet's Avatar
Ms. Janet Ms. Janet is offline
 
Join Date: Oct 2004
Location: La La Land
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 5,788
Default

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........................
__________________
outlive yourself. be an organ donor

Last edited by Ms. Janet : 02-26-2006 at 12:03 PM.
  #3  
Old 02-26-2006, 12:08 PM
xm72mhd xm72mhd is offline
 
Join Date: Aug 2005
State: Florida
Professional Status: General Public
Posts: 5,224
Default

Quote:
Originally Posted by CHRIS SOULIOS
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 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  
Old 02-26-2006, 12:09 PM
CHRIS SOULIOS CHRIS SOULIOS is offline
 
Join Date: Feb 2006
State: New Jersey
Professional Status: Licensed Appraiser
Posts: 8
Default

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  
Old 02-26-2006, 12:17 PM
CHRIS SOULIOS CHRIS SOULIOS is offline
 
Join Date: Feb 2006
State: New Jersey
Professional Status: Licensed Appraiser
Posts: 8
Default

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  
Old 02-26-2006, 12:25 PM
Craig Roberts's Avatar
Craig Roberts Craig Roberts is offline
 
Join Date: Jan 2006
Location: Rural America
State: North Carolina
Professional Status: Licensed Appraiser
Posts: 68
Default

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 donít 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 by Craig Roberts : 02-26-2006 at 12:34 PM.
  #7  
Old 02-26-2006, 12:36 PM
CHRIS SOULIOS CHRIS SOULIOS is offline
 
Join Date: Feb 2006
State: New Jersey
Professional Status: Licensed Appraiser
Posts: 8
Default

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  
Old 02-26-2006, 12:43 PM
Doug Meyer's Avatar
Doug Meyer Doug Meyer is offline
 
Join Date: Sep 2003
Location: Central Indiana
State: Indiana
Professional Status: Certified Residential Appraiser
Posts: 3,743
Default

Quote:
Originally Posted by CHRIS SOULIOS
I have a bilevel in haledon, nj (north jersey) that the owner has remodelled.
Well theres the problem JERSEY What was the cost of moving the kitchen to the lower level and converting old kitchen to bedroom?
  #9  
Old 02-26-2006, 01:57 PM
CHRIS SOULIOS CHRIS SOULIOS is offline
 
Join Date: Feb 2006
State: New Jersey
Professional Status: Licensed Appraiser
Posts: 8
Default

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  
Old 02-26-2006, 02:12 PM
Mike Millson's Avatar
Mike Millson Mike Millson is offline
 
Join Date: Dec 2005
Location: Northern VA
State: Virginia
Professional Status: Certified Residential Appraiser
Posts: 121
Default

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.
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 09:46 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93