New Construction Purchase

[hastalavista]

There is no MLS market data to support the extras or sold units within the development.

There is plenty of data; but it may require analysis of competing markets (which would, IMO, turn this into a complex assignment. A complexity that, IMO and if in my state, would exceed the appraiser "license" level and require the "certified" level (again; my opinion. Your state may vary).

 

[J Grant]

Bias is Unbecoming of an appraiser... In fact you're required not to have such bias.

You have got to be kidding, you show consistent bias toward hitting a SC price, such that you refuse to even acknowledge basic appraisal principles of super adequacy or over improvement.
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[Metroappr]

Great questions. The marketing time is not accurate as they include the build time. I would prefer to round up but I do not know how to word it such a way that an underwriter would except. They have sold all but 2. There is demand but hard to tell right now. Using a competing city is not an option. I think the value is there for an additional $6,500-not outrageous what they are adding.

 

[Metroappr]

Great questions. The marketing time is not accurate as they include the build time. I would prefer to round up but I do not know how to word it such a way that an underwriter would except. They have sold all but 2. There is demand but hard to tell right now. Using a competing city is not an option. I think the value is there for an additional $6,500-not outrageous what they are adding.

There is plenty of data; but it may require analysis of competing markets (which would, IMO, turn this into a complex assignment. A complexity that, IMO and if in my state, would exceed the appraiser "license" level and require the "certified" level (again; my opinion. Your state may vary).

I am a certified appraiser-have not changed it within this forum.

 

[residentialguy]

You have got to be kidding, you show consistent bias toward hitting a SC price, such that you refuse to even acknowledge basic appraisal principles of super adequacy or over improvement.
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If bias means checking to see what the market will pay for those extra features instead of assuming that the house is overpriced... Then I'm guilty.

 

[J Grant]

Get it over with, match the SC price , the SC price is value folks will tell you how to word it.

That is total BS that rounding up is about rounding when all it is doing is number hitting to meet a SC price.

BTW I have no problem appraising to SC price or over SC, as long as there is support, at least from what you indicated in posts I see no support for it. other than this one contract.

 

[hastalavista]

Great questions. The marketing time is not accurate as they include the build time. I would prefer to round up but I do not know how to word it such a way that an underwriter would except. They have sold all but 2. There is demand but hard to tell right now. Using a competing city is not an option. I think the value is there for an additional $6,500-not outrageous what they are adding.

Market stable to increasing.
Project has been received well (you can find out how many pre-sold units they had. If they had a lot, that demonstrates good market acceptance).
The subject will be the highest sold unit within the development; for every dynamic, there is one sale that would be higher or at the top vs. all others.
The upgrades represent 1.5% of the total value.
The Value at $X is credibly supported.​

Sounds like the above is the fundamental components of your reconciliation. How you write them in your own words is best left to you.


Not to be picky, but using data from competing markets (another city) is always an option; it may not be a satisfactory option depending on the fee you are being paid or the turn-time you are trying to meet. It wouldn't take long to do, but (as I said) would kick it up into a complex-assignment as far as I'm concerned.

In any event, from what you describe and since you believe the value is supported, I think you have enough to support that by logic and reasoning.

Good luck!

 

[J Grant]

qUOTE="residentialguy, post: 2822422, member: 123200"]If bias means checking to see what the market will pay for those extra features instead of assuming that the house is overpriced... Then I'm guilty. [/QUOTE]

One buyer is not the market, it is one buyer. The rest of the subdivision condo sales are the market, which the OP has researched and which you seem determined to ignore.

If one buyer is the market, why do an appraisal, why not just put the SC price ias the MV...oh wait you already do that!

 

[hastalavista]

That is total BS that rounding up is about rounding when all it is doing is number hitting to meet a SC price.

Plenty of BS around here; on that I agree!

 

[J Grant]

Using data from other cities might or might not be relevant, of course one should check it but so far OP seems to have reason not to - though Fannie wants a sale outside condo, where will it come from ?