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7.5 Million Appraisal

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bkbandit

Thread Starter
Freshman Member
Joined
May 23, 2007
Professional Status
Appraiser Trainee
State
California
I just had appraisal request come for a 7 Million dolloar property, my partner is certified residential, and even he isnt sure if it would be on a regular 1004 or a nartative. We probely won't do it but would like to know for future reference. This is a Residnetial with 20,000 square feet of living space. The estate has everything from a casino and 50 seat viewing theater to dance floor and 30 seat bar. We are in California

Thanks for the help
 

Laughing Heir

Senior Member
Joined
Oct 16, 2007
Professional Status
Certified General Appraiser
State
Pennsylvania
In my trainee opinion, a form ain't going to cut the mustard. I'm sure this thread will be popular and you'll get better advice from those much more knowledgeable than myself.

Good luck with it.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
Narrative baby .. and a HUGE HUGE FEE ... Im looking forward to your posting how many comps you found with casinos on site ... this will be a doosey.
Good luck.
 

JT1974

Senior Member
Joined
Dec 16, 2006
Professional Status
Certified General Appraiser
State
Wisconsin
The lender will probably want it on a form for $275 and some clown will do it for that.
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
In some parts of CA, that sale price is not that unusual, and a form report with lengthy addendums might work fine, especially if there are fairly similar recent comparables in that price range. In some high-end oceanfront areas, that price won't even buy you a huge house.

With 20,000 feet plus a casino, big theater, and dance floor though, I have a feeling similar comps may not be there.
 

Annelle

Junior Member
Joined
Jan 26, 2004
Professional Status
Certified General Appraiser
State
Arizona
Sold! To the lady with the red hair!

What part of California? I might be interested in taking it.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
I just had appraisal request come for a 7 Million dolloar property, my partner is certified residential, and even he isnt sure if it would be on a regular 1004 or a nartative. We probely won't do it but would like to know for future reference. This is a Residnetial with 20,000 square feet of living space. The estate has everything from a casino and 50 seat viewing theater to dance floor and 30 seat bar. We are in California

Thanks for the help
I would like to see your analysis for what defines the market area or neighborhood for $7+ million homes and who is the likely buyer. It should be rather long winded giving details of the locations of the "many" comparable properties. :laugh:
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
and even he isnt sure if it would be on a regular 1004 or a nartative. We probely won't do it


isnt sure:huh:

probely???????:Eyecrazy:

is there any DOUBT??? :nono:
 

Michigan CG

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Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
Lets see....

Scope of work--at least two pages (don't forget to explain competency on this assignment)
Photograph pages, most likely over 10 pages
Legal Description, most likely two pages,
Site analysis, a good six pages with exhibits and photographs,
Neighborhood description, a good four pages with multiple pictures,
Market analysis for the subject, three pages,
Regional and City data, three to 10 pages,
Description of the improvements, wow, this one could be 10 pages,
Highest and Best Use analysis, 3-6 pages,
Sales comparison approach with full write-ups of the sales, analysis of the sales, adjustments, 10 pages,
Cost Approach, this should be a doosey.....5 more pages,
Income Approach--is it applicable? Depends on that former 3-6 page Highest and Best Use analysis,
Reconciliation of of the three approaches, 2-3 pages.

Appears to me you have a 60-70 page report and a fee of $15-20,000 since you will most likely be looking for comparables on a regional or even national basis.

If you even think about using a form you (he) might as well hand in your (his) license.
 
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