1 Bedroom with no 1 bedroom comparables

[glenn walker]

And you have never been burned even after research. The one bedroom lake house I did this week was supposed to be double wide manufactured home. The home owner removed the double wide this year and the tax office has not updated anything yet.

Sure we all have but I normally talk with the borrower before I do the inspection and I will say something like I show a manufactured home of X-bedrooms and baths . At that juncture the owner would respond by saying no the manufactured has been removed and now we have A House-vacant land etc. I realize this is not fool proof but works 95% of the time .

 

[glenn walker]

I see a 1 Bedrm 1 Bath SFR in SF sold 4 months ago. It sold for $1,200,000. One of most affordable home in area.

The lot in San Francisco is worth $1,200,000 the house will be torn down LMAO

 

[Ariba]

The house is 30 years old and built on stilts due to the grade of the site. Really can't add another bedroom. 1300 sf.

How common is it in your market to have a house built on stilts? That might more relevant to value than the number of bedroom.

 

[J Grant]

Architects seem to do some odd things wrt their own residence - I guess that is their time to indulge their vision- and design a one bedroom or worse, no bedroom open plan, build it on stilts, into a hill, underground, upside down...their houses often look pretty, big windows or tall ceilings but functionally can be just plain weird. Figures the architect moved out when got married per OP, which shows the arrogance of building a one bedroom SFR,, no utility other than to the architect - or that small set of buyers who this specific house appeals to.

Lot and location can sell an oddball house and it might depend too on how oddball the buyers themselves are....this is clearly not an average family appeal house, but in a trendy hipster area might have marketability. IF in a vacation area it is a great way to discourage pesky visitors cause sorry annoying cousin, there is no extra bedroom for ya...

 

[glenn walker]

Architects seem to do some odd things wrt their own residence - I guess that is their time to indulge their vision- and design a one bedroom or worse, no bedroom open plan, build it on stilts, into a hill, underground, upside down...their houses often look pretty, big windows or tall ceilings but functionally can be just plain weird. Figures the architect moved out when got married per OP, which shows the arrogance of building a one bedroom SFR,, no utility other than to the architect - or that small set of buyers who this specific house appeals to.

Lot and location can sell an oddball house and it might depend too on how oddball the buyers themselves are....this is clearly not an average family appeal house, but in a trendy hipster area might have marketability. IF in a vacation area it is a great way to discourage pesky visitors cause sorry annoying cousin, there is no extra bedroom for ya...

Most custom built home eventionally become White Elephants as they age because the owner designed it for his own weird personal tastes and likes. Thats why we never built custom homes and used floor plans that had been architecturally time tested that fit many potential buyers likes and tastes.

I admit I dont know a damn thing about houses on stilts-poles or piers except what comes to mind is poor drainage-soil and compacting issues or high tide water issues but that may not be the reason its on stilts.

Some architects are real strange birds and many want to be Frank Lloyd Wrights but their really Fred Flintstones. My Guess is its a hard sell in a open market and not many potential buyers but he/she/it will tell the appraiser how unique it is and thats Code word for A White Elephant. Unique can mean many different things . I am now lazy and if I see Stilts I see potential soil and Engineering issues and I refer those to the few AF members loacted in California who like challenges.

 

[Tim Hicks (Texas)]

Sure we all have but I normally talk with the borrower before I do the inspection and I will say something like I show a manufactured home of X-bedrooms and baths . At that juncture the owner would respond by saying no the manufactured has been removed and now we have A House-vacant land etc. I realize this is not fool proof but works 95% of the time .

I don't call the borrower until I have accepted an order to avoid confusion on their part. I knew it was different before going out, but I probably would have declined a one bedroom home.

 

[Tom D]

i have seen little capes where the dining room could be a bedroom, and vice versa. depended on what comps i had.

 

[ZZGAMAZZ]

I've got an appraisal that is a 30 year old contemporary and unique home that is a 1 bedroom in a market that I can't locate any other 1 bedroom homes, especially unique homes such as this. What do you recommend that I do?

Remember to analyze "failed" listings as well to determine whether the absence of comps is because of the housing stock ratio of 1-bedrooms, or whether prior, similar listings did not sell.

 

[residentialguy]

Are you calling this a 1 story with a full walkout basement? Or appraising both levels as GLA with no basement?