Above Ground Pool

[Sapphire4214]

Have a subject with an above ground pool. Decking surrounding with a Cabana. Normally I understand that its personal property but since its is attached to the land with decking, I added a value. I have a CMLA with a $13,000 adjustment for ABOVE GROUND POOLS and was lucky enough to find a great comparable with an above ground pool which played out perfectly in the grid. AMC is wanting ot know why I gave it any value. Am I right to respond with "because the market indicated it". Or should I take the adjustment back and call it personal property?

 

[Terrel L. Shields]

It is still personal property and should be described as such. The deck not so much.

 

[Dublin ohio]

Normally I understand that its personal property but since its is attached to the land with decking,

All of the above ground pools I have seen. The deck is not attached to the pool. The deck can exist without the pool. The pool could still be removed and the decking will still be standing. Personal property.

 

[glenn walker]

Its not real property

 

[Artemis Fowl]

Take it a step further...
If the personal property pool is removed..what's that deck look like? What utility does it now provide and what is that utility worth?
If the deck provides deck-like utility without the pool there...I'll give that portion value. If the deck is a big eyesore with a funny cutout...no value.

 

[Artemis Fowl]

Also. Are you absolutely sure that perfect comp's $13,000 grid difference is attributable to the pool? If it is...then you know to remove that value from the comp's sale price (with explanation that it is personal property included in the sale). Don't think you're gonna find a lender who will accept an above ground pool as collateral for a loan. Correlation is not causation.

CMLA? Is that some sort of Realtor market analysis thingy? That report likely has a different purpose and intended use. Without knowing the methodology and standards...might not be credible for your client's purpose and intended use.

 

[Tom4value]

Have a subject with an above ground pool. Decking surrounding with a Cabana. Normally I understand that its personal property but since its is attached to the land with decking, I added a value. I have a CMLA with a $13,000 adjustment for ABOVE GROUND POOLS and was lucky enough to find a great comparable with an above ground pool which played out perfectly in the grid. AMC is wanting ot know why I gave it any value. Am I right to respond with "because the market indicated it". Or should I take the adjustment back and call it personal property?

I will assume you can support the $13,000 adjustment. I will also assume the comp you used has a similar, if not exact instance of real property (deck cabana) surrounding the pool. In this case, the value is in the real estate item and the pool is just part of it.

 

[J Grant]

I will assume you can support the $13,000 adjustment. I will also assume the comp you used has a similar, if not exact instance of real property (deck cabana) surrounding the pool. In this case, the value is in the real estate item and the pool is just part of it.

Tha't the way I handled it the few times I encountered it -an elaborate deck built around an inground pool with steps, a lounging area, quite nice. I adjusted it $5000, similar to a patio, with the view that most people would keep the pool in place. I hate dealing with it each time.

 

[ZZGAMAZZ]

Also. Are you absolutely sure that perfect comp's $13,000 grid difference is attributable to the pool? If it is...then you know to remove that value from the comp's sale price (with explanation that it is personal property included in the sale). Don't think you're gonna find a lender who will accept an above ground pool as collateral for a loan. Correlation is not causation.

CMLA? Is that some sort of Realtor market analysis thingy? That report likely has a different purpose and intended use. Without knowing the methodology and standards...might not be credible for your client's purpose and intended use.

Maybe just a trivial question, but would the adjustment that you suggest be considered a sales concession, keeping in mind that every purchase agreement includes "included" personal property items?

 

[Terrel L. Shields]

but would the adjustment that you suggest be considered a sales concession,

Your value estimate should be independent of the contract price. Once you get to that point, in the contract analysis I'd say that the pool is personal property, and it appears that the contract (does or does not) reflect a value that may include a contribution for that personal property. (Whether the contract listed it as personal property or not) you likely need to explain why you consider it personal property. I've had sales where only a dining room table and matching chairs were included with the RE. No other personal property. It contributed nothing to the contract.