What an entertaining thread. This isn't difficult. Just the past two weeks alone I encountered three "one of a kind" amenities in properties that, or course, had no similar comps. Did I give their amenities absolutely no value? Of course not.
The last one I encountered had a 30 x 70 steel utility building, with a concrete floor and electrical service installed. That's a 2,100 sf garage for you city slickers. Most garages are 400 sf if they are 2 car garages, so this very nice modern building was the equivalent of five two car garages, right? Let's call it a ten car garage?
For the situation of this thread, we are looking at LIVING space. I have done appraisals with the EXACT same situation - we call them carriage houses in Denver. If I can't find a property with a detached unit that is similar, I look for "converted" living space that is not quite up to the level of the typical GLA. This may be a converted garage, a patio that has been enclosed and is now a modified living area, a second floor attic converted into living space that is not as desirable as a "true" second floor as it has slanted ceilings. And if all else fails - a property that has some sort of unusual feature that is valued in the market, but has no other properties which have this feature. For the property with the 30 x 70 building, I found a property with a tack shed, stable, and enclosed corral. Are they the same? Yes - except for those extra amenities? Which one is more desirable? We could on for days splitting hairs about this - and from past experience, I will try to steer clear of exactly that.
Suffice it to say that a highly experienced appraiser that has common sense would not say that there is NO contributory value, which is what the OP has said all along. I agree completely.
I have encountered this exact situation in outlying towns multiple times. In the older parts of Denver, it is a common situation. I also encounter situations very similar every week of the year, but with different "amenities" that have value nonetheless, but they can't be "proven" with paired sales analysis. That can be dealt with using other methods very easily, but it may be out of the range of expertise of "average" appraisers. I think that's what you may be up against.
The answer is this - get rid of this appraiser - get your money refunded. Find a different lender, and pray you find an experienced appraiser. They are out there, but they don't work for the "too big to fail lenders" that are looking primarily at the cost of the appraisal as their main objective in choosing an appraiser. If you think that's pathetic, you are in good company here!
This is the largest financial investment of your lifetime, most likely. Don't settle for excuses and/or poor performance. Unfortunately, stories like this are all too common, and will probably remain so until lenders are FORCED to care about appraisal quality. They have not that thus far, so I am not expecting things to improve anytime soon. And that business model puts innocent consumers, like yourself, into very undesirable situations. It does NOT have to be this way. Push back.
