1 Story GLA, full basement/ finished - segregated. IF the market pays the same price for each level, so be it, that does not magically make a 1,000sf GLA, 1 story home a 2 story dwelling with 2,000sf GLA.
That is THE #1 contributory factor in the intentionally fraudulent 2003-2008 "Bubble" - in this state. It was also done on 2 story Colonials and Contemporary style homes with finished basements as well.
Researching a luxury market for several litigation cases right now. The "Wizzes" waved their magic wands and suddenly 4,000sf homes became 6,000sf homes at the same price s/f. The majority of buyers came from NYC, Long Island, CT, and NJ - the majority of the appraisers used came from outside the local market, were handed "comparables" and did their Pavlovian tricks.
Aftermath - True 4,000sf - 6,,000sf+ above GLA homes have held most of their MV with minor decreases in value attributed to the Wall Street fandango. a significant multitude of Resale Expired Listings, Withdrawn listings, a handful of sales based on the actual Above Grade GLA on homes sold in the 900-2mill range - experiencing repetitive downward adjustments with some selling in the low 700k range with revised listings currently reporting the proper above grade GLA and finished basements separately at 40-50% of their original sale prices. A rash of foreclosures by original buyers unable to refinance, a slew of forensic review appraisals indicated they bought "fat pigs in a poke" on assurances by Listing and Selling Agents. The calls from my Bankruptcy and Divorce Attorney-clients began last year - dual assignments Retro Review and Current MV appraisals.
The weeping and gnashing of teeth in Ree-lator & Duhpraiser world can be heard from miles away. The Attorneys are "chomping at the bit" ........