What are my peers' adjustment values when appraising $1.7 to 2.1million?

[cdanj]

I recently got a private appraisal for a prominent member of my home town who wants to know their home's value.
It was referred by a mutual friend.
The comps I have indicate $1.9. I plan on using 6 sold comps.

I'm confident in my adjustment values when doing mortgage work. But this one has me second guessing myself and I want to hear what you guys are doing.

The subject was built in 1920, 3200 s/f. 5 bedrooms (two legal BRs on the third floor), 3.1 baths, C2 condition, since it was gut rehabbed in 2023, lot size is 12,000 s/f.
The comps are similar in age and location, with some variation in conditions.
The undeniable comp is from June 2024 and is right across the street, with an identical lot size and condition, but is 3700 s/f and sold for $2,025,000.
So, what would your adjustments be on GLA, baths, lot size, garage, condition, pool, patio, deck, finished basement. Etc.?

 

[Terrel L. Shields]

Without the comps, how would we know? I mean I will run sensitivity on the SF and use that as a basis for GLA and Fin Basement. Otherwise, you need paired sales or extraction of some sort.

 

[cdanj]

I knew you were going to say that.

 

[Terrel L. Shields]

Well? We ain't mind readers, and I lost my copy of @ucbruin 's book of adjustments

 

[J Grant]

I recently got a private appraisal for a prominent member of my home town who wants to know their home's value.
It was referred by a mutual friend.
The comps I have indicate $1.9. I plan on using 6 sold comps.

I'm confident in my adjustment values when doing mortgage work. But this one has me second guessing myself and I want to hear what you guys are doing.

The subject was built in 1920, 3200 s/f. 5 bedrooms (two legal BRs on the third floor), 3.1 baths, C2 condition, since it was gut rehabbed in 2023, lot size is 12,000 s/f.
The comps are similar in age and location, with some variation in conditions.
The undeniable comp is from June 2024 and is right across the street, with an identical lot size and condition, but is 3700 s/f and sold for $2,025,000.
So, what would your adjustments be on GLA, baths, lot size, garage, condition, pool, patio, deck, finished basement. Etc.?

Market value is market value regardless of the client or if it is for mortgage use.

Put your comps on the grid and work the adjustments - the scale is a big larger for high value range properties and the adjusted values might not be as tight as in a lower price range..

 

[ucbruin]

Well? We ain't mind readers, and I lost my copy of @ucbruin 's book of adjustments

Make appraising great again....
When appraisers and reviewers all used the same book....

 

[cdanj]

Market value is market value regardless of the client or if it is for mortgage use.

Put your comps on the grid and work the adjustments - the scale is a big larger for high value range properties and the adjusted values might not be as tight as in a lower price range..

Just wondering what you guys are putting? Or are you running sensitivity on the SF and using, paired sales or extraction on every report?
Why is it always pulling teeth with you guys?

I mean, in this range in this neighborhood I'd do $100 per s/f GLA, $2 per s/f on lot. and $50-100,000 condition gradient and $30-40000 for a pool, $20,000 per bath, nothing for bedrooms, and $10,000 for a finished basement and $5-10000 per basement bathroom.

Is that really so hard to share with me?
Or do you just have nothing better to do at suppertime than bust my balls?

But, my experience tells me people will actually answer the question later in the day, so I should just let you guys do your thing and wait for a real answer.

 

[ucbruin]

Do adjustments based on percentages....

 

[Terrel L. Shields]

ust wondering what you guys are putting? Or are you running sensitivity on the SF and using, paired sales or extraction on every report?
Why is it always pulling teeth with you guys?

I suppose you could PIOYA... but I do run a double sensitivity (age,size) on every sale after I do an Epley style (reverse cost approach) on every comp. I mean without actually manipulating the numbers how do you justify your EA? I mean an "observed" effective age as a comparison means you have some idea with the comparison is. Land is valued as if vacant and available for its highest and best use, therefore is just a dollar for dollar adjustment. And pools, outbuildings, etc. you either need to do individually or use a large sample of pools, outbuildings to plot as a simple single linear regression and see if the trendline is your friend.
You can find dozens of adjustment appraisal related videos on YouTube

 

[cdanj]

Do adjustments based on percentages....

I only do that on time of sale. I'm having a hard time wrapping my head around how that would work for factors like basements, baths and pools. I could see GLA or lot size. Plus total doesn't seem to like that very much when I do GLA.