7.5 Million Appraisal

[Dale Smalley]

Is that an Indian casino or do they have Vegas style slots?

 

[Zmcraney]

To Ken and Kevin, Yes I realize I am in Podunk, Mississippi and am quite proud to be here. That being said, I meant no disrespect in my previous post to you two or any one else for that matter. I PERSONALLY still cannot grasp the reluctance to complete the assignment in a narrative format. Is it possible to complete the assignment on a form? Probably. Can you produce credile results on a form? Probably as well. Will the report completed on a form satisfy your clients needs? Again, it depends on the client. The main point I was trying to make in my previous post was the fact that some appraisers are scared to death to write a narrative report and will try to find any excuse to justify using a form. Granted the first few narratives that an appraiser completes are more difficult than checking boxes, but in the end I feel more satisfied with the job completed if it is in narrative form.

 

[Financially Feasible]

My last shopping mall was $23,000 and the one before that was $25,000.

This is why I need to get my CG... :icon_mrgreen:

 

[Mike Boyd]

My last shopping mall was $23,000 and the one before that was $25,000.

Ok, I was a little convervative but it illustrates my point.

 

[Tom Foster]

I have done several in that neighborhood in the past 20+ Years.

Oh yes, Panorama Heights.

Back in the 1980's it was nicknamed "Foreclosure Central"

I even did one that had 3 feet of mud on the floor after the big landslide.

It's been about 9 years since I've been there, but I do remember those narrow streets and those hillside homes.

 

[Mike Boyd]

In the grid where it asks for the number of rooms, bedrooms....is another box for baths. If you have one bath or 20....that's where you put the number.
For casinos, a bar, etc. They are just ROOMS. What personal property you put in those rooms is what makes it a casino. A bar can be found in many homes no matter what the size. I'm sure it is not a commercial casino.....they are illegal unless you are a native american and the site is approved by BIA.

Super adequacy adjustments are made in that grid line that says...FUNCTIONAL UTILITY. Use a total dollar adjustment and explain it in an addendum.

As far as a shopping mall being easier to appraise than a large SFR........Well, it might be for you but for a residential lender, they do not need pages of rental data, they are not interested in a house 2,000 miles away that is similar, they couldn't care less about cap rates and how they are developed. etc, etc, etc.

If you do it completely in narrative format, it implies that the property is not typical for the general neighborhood. The lender wants to know what is is worth as additional support for the loan on top of the borrowers $20 million dollar per year income. If it is a 20,000 sf SFR set among 1500 SF sfrs within walking distance to the elementary school and churches, well, you might want to check with the client and let them know of that minor characteristic before proceeding.

 

[moh malekpour]

There has been 15 closed sales homes within last 5 months In newport beach, newport coast and laguna beach ranging from $8 million to $13 million with GLA ranging from 3000 sf to 9000 sf, bedrooms ranging from 2 to 6 and bathrooms ranging from 2 to 9.
There has been also 3 closed sales within the same period in Malibu ranging from $8 million to $10 million with GLA ranging from 2508 sf to 7000 sf, bedrooms from 2 to 5 and baths ranging from 2 to 7.
That home possibly would be the low end in those markets

 

[larry b]

Is that a casino in the picture, or some kind of a brothel?

I assume the home was rebuilt or enlarged, but what will take some explanation is why the MLS says 20,000 s.f., and Realist says 3538 s.f., and especially, why was the original list price $5,000,000 in 2006, later reduced to $4,000,000, and now $8,000,000? I don't know this area of Orange County very well, but it's definitely not Beverly Hills. Something seems very fishy.

I am also waiting for the answer to this.

 

[hal380]

Why not partner up with someone, split the fee and get over your aversion to something new? Not a flame but just in haste

Hal