7.5 Million Appraisal

[Mike Kennedy]

I whole heartedly disagree with you. How are you going to put the casino and bar on the grid? Or the 20 bathrooms, or the other superadequacies of the property. A form is not the proper way to address this assignment.

Awkwardly written reports are done by those who have not taken the proper education to write a good narrative.

With all the narative and addenda you might as well write a quality narrative and get rid of the restrictive 1004 grid.

i can see multiple heating/cooloing systems, most likely multiple swimming pools, God only knows how many bathrooms. How are you going to grid superadequacies in the property vs. the comparables or vice versa? A gridded 1004 report would be a quagmire.

Tim - a rare occasion to dissent ..... in that market segment - that house and those amenities are most likely......."average" After all, it IS in "La-La Land".

 

[AL LLANOS]

Right (and by that I mean agreed). The home is question here is almost certainly not a superadequacy for its market. There are quite literally hundreds of these properties in California (north, south and central), so comping them is not as difficult as one might imagine.

PS -- One man's casino is another man's trophy den is another man's media room is another man's library is another man's den of iniquity.

Good point! What makes it a casino? Would that be personal property?
Just asking I'm a newbie.:new_newbie:

 

[robert higgins]

Done in my neck of the woods everyday (49 listings 7mm+, 18 sold in last yr), that is the average sales price in some neighborhoods around here, a recent listing came on board at $95mm 20k+ sqft. Casinos are called card rooms in these parts.

 

[Kevin Mc]

Oh.

Done in my neck of the woods everyday (49 listings 7mm+, 18 sold in last yr), that is the average sales price in some neighborhoods around here, a recent listing came on board at $95mm 20k+ sqft. Casinos are called card rooms in these parts.

You are one of them Fairfield County Bluebloods?

 

[Jim Mallon]

This is great: I just did a Realtor.com search of $8,000,000-plus listings in Santa Barbara, CA (one market with a total population of maybe 250,000 people) and there are 45 listings.

There are 33 properties listed at $10,000,000 or more and 11 over $25-million.

[Ran a search for Beverly Hills: 20 properties offered over $10-million.]

That's one town, albeit a pretty exclusive one, in CA. Granted they are only listings and I don't have DOM stats, but clearly there's a market. While using a standardized form or going with a narrative is still debateable, the idea that such properties are a rarity is not.

 

[robert higgins]

You are one of them Fairfield County Bluebloods?

maybe I should change the name of my company to

Blueblood's Appraisals, Inc.
The best of the best only for the best

Sir Robert F. Higgins
Certified Elite Residential Appraiser

 

[Abester]

Not even that high for a shopping Mall.

My last shopping mall was $23,000 and the one before that was $25,000.

 

[bkbandit]

Here is the MLS and a few pics of the Property...

MLS = 20,000 Sqft
Realquest=3800 Sqft +/-
NdcData= 7500 Sqft +/-

 

[KenRossman]

I agree with Mike & Kevin...

$7 million is no big deal in my market & rarely requires a narrative unless the property is extremely complex. A $7 million home in a sea of $5 to $10 million homes on similar lots rarely even requires more than a 1/2 page of specific narrative addendum.

The $15,000 to $20,000 fee is ridiculous - I'll do them all day long for about 3x my typical $450K tract fee.

Location is key - What might be a big deal in Iowa or Wisconsin ain't nuthin special in many areas of Long Island & CA, etc...

 

[Zmcraney]

As far as the market for the property, I have no idea. But, as for the narrative vs. form debate I say go narrative. I would PERSONALLY never submit an appraisal on a property of that complexity or value range on a FORM!! It leaves a bad taste in my mouth to think that some PROFESSIONALS would even think that the FORM would be a viable option. It seems that more and more appraisers are always looking for a short cut to get the report finished as quick as possible, no matter how it looks, as long as the numbers are right. PERSONALLY, I take great pride in the narrative reports we produce and I whole heartedly wish others would also take some PRIDE in their work product. This is not intended to be a slap in the face at anyone in general, just stating my not so honest opinion.