Appraising The Overimprovement

[Have Laser-Will Travel]

There is a relationship called GRM (selling price divided by monthly rent). You would use that relationship to show what difference does it make for larger size homes.

This is awesome!

 

[Randolph Kinney]

Brilliant! (The 4000 sf home is a quadruplex though?)

You need apples to apples. Multi Family homes are not single family homes.

 

[J Grant]

It sounds like the driver of value is more the amazing period detail rather than size, since there are numerous 2800-3200 sf regular houses to be found. Typical buyers for period detail are a niche market. Look for other detail/period house sales or listings in region and see what they sold for/market exposure etc.

These kinds of assignments one has to play with them a bit...look up land sales, look at period detail houses that sold, talk to agents, etc. Don't be rushed and ask for time extension if need it. After you poke around a bit, develop a working location adjustment ( you can always change it ), find some period homes that sold, put them on grid etc, a value starts to emerge.

 

[Randolph Kinney]

The subject has a 3,000 sq. ft. Spanish dwelling of magnificent architectural detail.

Is this a single family home? Is it one story or two story? What is the year built?

 

[Have Laser-Will Travel]

There is a relationship called GRM (selling price divided by monthly rent). You would use that relationship to show what difference does it make for larger size homes.

This is awesome!

What did the subject sell for back in 2004? That was a decent market, before the boom , it would be some kind of indicator at least.

It sold for $325k. The median price at the time was $190k. The average GLA was 1,100 sf.

 

[Have Laser-Will Travel]

Is this a single family home? Is it one story or two story? What is the year built?

Single family, 1 story Spanish, 1932.

 

[Have Laser-Will Travel]

It sounds like the driver of value is more the amazing period detail rather than size, since there are numerous 2800-3200 sf regular houses to be found. Typical buyers for period detail are a niche market. Look for other detail/period house sales or listings in region and see what they sold for/market exposure etc.

These kinds of assignments one has to play with them a bit...look up land sales, look at period detail houses that sold, talk to agents, etc. Don't be rushed and ask for time extension if need it. After you poke around a bit, develop a working location adjustment ( you can always change it ), find some period homes that sold, put them on grid etc, a value starts to emerge.

I've expanded to 5 miles and 3 years, built by 1940, 2,500-4,500 sq. ft., trying to find another in a similar neighborhood. There are some sales but the problem has been that the neighborhood has a higher price ceiling and predominant price. From some of the replies, I've got some ideas to work with to solve that.

 

[Randolph Kinney]

Single family, 1 story Spanish, 1932.

If you do a search in your neighborhood for SFR, 1 story, 1920 to 1945 year built, 2000 sf GLA and larger, all the way back for 15 years, what do you get?

 

[Have Laser-Will Travel]

If you do a search in your neighborhood for SFR, 1 story, 1920 to 1945 year built, 2000 sf GLA and larger, all the way back for 15 years, what do you get?

14 sales with some non-SFR properties mixed in. Nothing similar to the subject. What am I looking for?

 

[Randolph Kinney]

14 sales with some non-SFR properties mixed in. Nothing similar to the subject.

How many SFR and what is the min, max, median GLA of those SFRs?