7.5 Million Appraisal

[Mike Boyd]

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.

I agree with Lloyd. For comps you might even have to go outside the neighborhood! LOL. I have yet to do a half acre house but I don't live or work in Beverly Hills. Might be pretty common there.

 

[Mike Boyd]

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

What is so "magical" about a narrative? The ones I have seen are often awkwardly written and one can go to sleep before getting to the meat of the report. For ANY SF residence, use the form and add all the narrative you want with addendae.

 

[bkbandit]

Id be interested in just going for the experience...

I work in LA County

 

[Jim Mallon]

probely???????:Eyecrazy:

That one made me cringe.

 

[Mike Boyd]

Lets see....

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

HOGWASH!!! TALK ABOUT SUPER ADEQUACIES...........!

In most cases, a lender would take your 60 to 70 pages, place it in the circular file and ask that you complete the report on a 1004 with addenda.

10 pages for a legal? Lot 1 block 10 Beverly Hills tract # 7. Not even 10 words. OK, there may be circumstances where more space is needed but more than 1 page is highly unlikely.

And, a fee of $15,000 to $20,000? Not even that high for a shopping Mall.

I've never done a half acre house but I have done a couple quarter acre homes.....one on 1300 acres with 4 additional homes, a dam with pond, retractable roof on the main house and an air strip where the former owner had crashed his Light plane and was killed. They got their loan and hired me to do it again about 5 years later. $3,000 for both appraisals ($1,500 each.)

Everything is relative assuming you have comps. Not much different than a 3,000 sf house except it might take longer to measure.

 

[Michigan CG]

What is so "magical" about a narrative? The ones I have seen are often awkwardly written and one can go to sleep before getting to the meat of the report. For ANY SF residence, use the form and add all the narrative you want with addendae.

I whole heartedly disagree with you. How are you going to put the casino and bar on the grid? Or the 20 bathrooms, or the other superadequacies of the property. A form is not the proper way to address this assignment.

Awkwardly written reports are done by those who have not taken the proper education to write a good narrative.

With all the narative and addenda you might as well write a quality narrative and get rid of the restrictive 1004 grid.

i can see multiple heating/cooloing systems, most likely multiple swimming pools, God only knows how many bathrooms. How are you going to grid superadequacies in the property vs. the comparables or vice versa? A gridded 1004 report would be a quagmire.

 

[Michigan CG]

HOGWASH!!! TALK ABOUT SUPER ADEQUACIES...........!

In most cases, a lender would take your 60 to 70 pages, place it in the circular file and ask that you complete the report on a 1004 with addenda. Not if it is written properly.

10 pages for a legal? I think i said 1-2 pages for this.....I would want a nice plat from the recorder's office and the legal could be very lengthy, I dunno, could be as simple as your.Lot 1 block 10 Beverly Hills tract # 7. Not even 10 words. OK, there may be circumstances where more space is needed but more than 1 page is highly unlikely.

And, a fee of $15,000 to $20,000? Not even that high for a shopping Mall. A shopping mall is easier than this....and my last shopping mall fee was $12,000.

OK, you caught me here...so I exagerated, but I would not do it for less than $8,000-$10,000....did a smaller one around here that was no way as nice and complicated and it was a residential with another guest residence and we charged $8,500.

I've never done a half acre house but I have done a couple quarter acre homes.....one on 1300 acres with 4 additional homes, a dam with pond, retractable roof on the main house and an air strip where the former owner had crashed his Light plane and was killed. They got their loan and hired me to do it again about 5 years later. $3,000 for both appraisals ($1,500 each.)

Everything is relative assuming you have comps. Not much different than a 3,000 sf house except it might take longer to measure.

We will have to agree to disagree. I still say a very lengthy, well written narrative, and remember you have a lot of exposure on a property like this, thus you need to do your homework very well, document your homework very well and get paid accordingly.

 

[Kevin Mc]

Agreed.

HOGWASH!!! TALK ABOUT SUPER ADEQUACIES...........!

Everything is relative assuming you have comps. Not much different than a 3,000 sf house except it might take longer to measure.

I've done too many jobs in my market to count in that price range. All forms(albeit with big addendums) for a 1/10 of the price.Location,Location,Location. 7 million $$$ homes in my neck of the woods are more often than not surrounded by 7 million $$$ homes.

 

[philip]

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deleted for post

 

[Jim Mallon]

I've done too many jobs in my market to count in that price range. All forms(albeit with big addendums) for a 1/10 of the price.Location,Location,Location. 7 million $$$ homes in my neck of the woods are more often than not surrounded by 7 million $$$ homes.

Right (and by that I mean agreed). The home is question here is almost certainly not a superadequacy for its market. There are quite literally hundreds of these properties in California (north, south and central), so comping them is not as difficult as one might imagine.

PS -- One man's casino is another man's trophy den is another man's media room is another man's library is another man's den of iniquity.