Airplane hangars on residential property

[wldgal56]

Hi all - would like to know if anyone has any experience with a private airplane community....I am appraising a house that has an airplane hanger...which almost all the homes do within this subdivision...it's hard to match pair adjustment due to the custom nature of all the homes - they range from 1500 to 4000 sq.ft. and from average to excellant quality!

Thanks

 

[Jungle Boy]

We have a community like that here in Palm Beach county.

I've completed a few appraisals in there, but not within the past 5 years or so.

Go back in time to see how the current sales may have sold relative to other homes (prior sales prices), and try to extract percentage adjustments. Also, see how the subject's prior sales price compared to the sale price other homes in the area when it last sold. Try to extract percentage adjustments. Apply the adjustments to the current comps (or should I say sales). See if that makes any sense.

 

[Lobo Fan]

I have done a couple. I looked for similar comps with no hangar and adjusted out the hangar. I found that the hangars were similar in value to a 2 car garage. The limited buyer pool offset the added value of the larger garage/hangar in my case.

 

[stangtime]

Jungle boy nailed it. We have a few subdivisions here that are set up the same way. Actually the development I live in has a private runway with homes backing up to the runway with the airplane hangars attached. I would use older sales with hangars than more recent ones without.

Dan

 

[Aprazr]

Just completed one of these last week (5th of my career) and luckily there were 3 sold and 2+ Active for the Divorce case I was working on. Funny thing is the 1st appraiser lowballed the value at $290k and mine was $340k. Seems the 1st appraiser did not realize that being attached to the house and of similar design (all contiguous floor plan) made it worth more than a metal hanger standing alone - go figure (lol)
Anyway, compare apples to apples when available and you will get proper results. If not, I suggest going back 2-3 years for additional comparables that sold within the same community (or a nearby one as I did) We have quite a few of these type subdivisions here in Texas.....and adjust for possible date of sale (?)
guess some people have the money to afford it (lol):new_shocked:

Good luck!

'Blessings'
Gregg

 

[David Beasley]

I have done a couple. I looked for similar comps with no hangar and adjusted out the hangar. I found that the hangars were similar in value to a 2 car garage. The limited buyer pool offset the added value of the larger garage/hangar in my case.

I've had similar experiences here Lobo. We have an air ranch in my market and I've done properties with and without onsite hangars over the years. They typically worked out - through the best efforts at market extraction I could apply - to be large 2 car garages. Several of the homes in this S/D actually have their hangars attached to their homes, and aside from their slightly oversized appearance, they actually even look like a garage. -> http://maps.google.com/?ie=UTF8&ll=...d=OHJpld03tTqR7973O3wUZw&cbp=12,339.45,,0,5.1 (Notice the 2nd level dormers on each end of this home? The right end (as viewed here) is a typical 2 car garage. The left end is a rear entry airplane "hangar" - as the airstrip is directly behind this home)

One definitely needs to consider the limited buyer pool for a property with a hangar. Not everyone that lives in an air ranch has an airplane or even wants one. The last home I did in my local air ranch had a detached hangar (all metal, not on a slab), and the buyer was going to park a couple of lawn tractors and a utility trailer in it (essentially making it a large storage shed).

 

[Mary Tiernan]

Had one in my rural market - just want to point out that in the area I did the appraisal in - property owners HAD to be licensed pilots - really limited the pool of buyers . . .

 

[JT1974]

Had one in my rural market - just want to point out that in the area I did the appraisal in - property owners HAD to be licensed pilots - really limited the pool of buyers . . .

In my opinion, limiting ownership to licensed pilots would be a GOOD thing. That way you won't get a homeowner complaining about the noise or about the special assessment when the runway gets re-paved. More pilots means more airplanes and consistent fuel sales so that the AVgas won't get old.

Some day when I retire from appraising I'd like to move to an airpark. 'til then I'll just keep renting a hangar at the local airport.

 

[Restrain]

Bunch of them around here. Son owns one. People use them for car collections, businesses, not just for planes. Use comps on airfields even if you have to cross jurisdictional lines

 

[nauthead]

I have a bunch of them in my area if you don't mind the comps being 3,000 miles away. Gated fly in communities are popular where I live.