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Old 11-25-2003, 01:57 PM
Tater Salad's Avatar
Tater Salad Tater Salad is offline
Join Date: Jan 2002
Location: St. Louis, MO
State: Missouri
Professional Status: Certified Residential Appraiser
Posts: 777

NAR Cost vs Value

These lists are just tooooooo funny! All I know, is that the cost approach obviously has no relevance in Miami, Providence, San Francisco, and a few other choice places.

Y'all should check out the contributory value of these remodels/upgrades. I know I've been waaaaay off on deck adjustments in my area! Can't wait for the arguments: "...but, but, NAR and Remodeling Magazine say that the deck adjustment should be 15k, even though they only paid 6k to build it! You're INCOMPETENT!"
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Old 11-25-2003, 02:03 PM
Jeff Horton's Avatar
Jeff Horton Jeff Horton is offline
Join Date: Jan 2002
Location: Heart of Dixie
State: Alabama
Professional Status: Certified Residential Appraiser
Posts: 2,962

From the web site:

Resale values are based on the professional judgment of NATIONAL ASSOCIATION OF REALTORS® members.

Need I say more?
APPRAISING * The Profession that loves to eat it's own!
Old 11-25-2003, 02:21 PM
Scott Kibler's Avatar
Scott Kibler Scott Kibler is offline
Join Date: Oct 2003
Location: Chicago
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 5,424

Not only are their "Value at Sale" numbers a complete joke, I could have any of those jobs done at a fraction of their stated cost. This article must be published for use as a marketing piece for home improvement salespeople.
Everybody grab your torches and pitchforks!
Old 11-25-2003, 02:24 PM
Mountain Man Mountain Man is offline
Join Date: Jan 2002
Location: GA
State: Georgia
Professional Status: Certified General Appraiser
Posts: 15,459

Man, I'm using the wrong cost figures for estimating our jobs. I like this list :P , g'na think bigger next time. :mrgreen:
Highest and Best Use... it is more than just a check box on a form. Look it up, learn it, use it.
Old 11-25-2003, 02:59 PM
Pamela Crowley (Florida)'s Avatar
Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
Join Date: Jan 2002
Location: Wherever We Are Parked
State: Florida
Professional Status: Retired Appraiser
Posts: 25,254

That is absolutely disgusting!

And the Realtors are 'professionals' in what?????

Frank G, can't anyone get through to them?
All that is necessary for the triumph of evil is that good men/women do nothing.
Fight Back!
Old 11-25-2003, 03:01 PM
Austin Austin is offline
Join Date: Jan 2002
Location: Blairs, Virginia
State: Virginia
Professional Status: Certified General Appraiser
Posts: 5,020

About a year ago I butted heads with a bank VP. It started over detached garage prices. There was a flurry of refinancing for detached garages typically average quality, slab floor, two bay, inside finished, and around 600 sf. M & S's top of the line adjusted for this area on your best day is less than $20 per sf or around $12,000 max. The builders were charging and getting $25,000 per pop. Then the VP got mad and said I was out of touch because when I appraised his house I was off on his screen porch by a mile. His porch was a 150 sf slab on grade, roof, and screened in. Nothing fancy at all. He paid the contractor $43 per square foot or around $6500. Around here a fair quality house cost around $43 per sf.
Old 11-25-2003, 04:44 PM
Karl Karl is offline
Join Date: Jan 2002
Location: Arizona City AZ
State: Arizona
Professional Status: Licensed Appraiser
Posts: 7,602

Read the WHOLE Magazine & note the DISCLAIMER'S
Old 11-25-2003, 08:03 PM
Rich Hahn Rich Hahn is offline
Join Date: May 2003
Location: Lucy's New and Improved Trailor Park, first, second and last months rent please.
State: Colorado
Professional Status: General Public
Posts: 1,254

what a joke..
but I will print it off and give it to a friend who sells and installs 'replacement' windows..
Old 11-25-2003, 08:51 PM
Elliott's Avatar
Elliott Elliott is online now
Join Date: Apr 2002
Location: Pumpland
State: Oregon
Professional Status: Certified General Appraiser
Posts: 11,320

Quick survey indicates,

Basement finish has a 80% return on cost....ummm...maybe 25%, or maybe its just a bad idea
unless you want a That 70's Show TV/Dope Smoking Room. B)

A new bath addition costs $15K...Wow, I only will give you $2K in the market approach.

Decks return 80%....but over 117% in Columbus OH, they must love decks in Columbus. I wonder why?

LA must love those new vinyl windows, but I thought they had really mild weather. Seems to me new
windows would be more popular in Oregon where it rains sideways or Minnesotta where its really cold.

I'll stick to those surveys done by appraisers.

Old 11-26-2003, 08:09 AM
Richard Carlsen's Avatar
Richard Carlsen Richard Carlsen is offline
Join Date: Jan 2002
Location: Tip of the Mitt: Northern Michigan
State: Michigan
Professional Status: Licensed Appraiser
Posts: 8,372


I'm a member of NAR, in the full time profession of estimating value and nobody from NAR has ever once asked me to come up with any estimates like these.

What we have here Ladies and Gentlemen are some SWAG's by a few of the big time shooters (from the hip-types) who are on a list and have an in with the NAR. They get referred to the people who did the study. Unfortunately, no appraisers are on that list with NAR.

Nuff said..............
Now it's time to go fishing and ride the bike........
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