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Amytiville or Blair

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ypj

Thread Starter
Freshman Member
Joined
Feb 5, 2002
:roll: Okay....I thought that we had posted this yesterday. Apparently not. Nevertheless, an associate asked that I assist them on a project for a 4,000+ s/f historical property (100yrs+) on 4 acres. Selling price at $160K. The purchasers are planning on making restor/renov themselves......needless to say......some assistance with closing may be required. He had me walk a private dirt road approximately 1 mile to reach the property. There were no other properties around, dense location and when we arrived I took one startling look at this monstrosity and said....."You've got to be kidding". Oh well......the potential may be there......I guess...if funds are there. Meanwhile, we could barely make it up onto the front porch without feeling as though we were going to become acquainted with all that is thereunder. As we entered, the interior was in need of extensive work. No need in trying to walk the bedroom in the attic, I definitely would have been a neighbor of subfloor 3, 2, 1....and...oh, possibly a potential tenant of the basement. House has been vacant for numerous years. Shell-like dwelling. A few of the rooms were in fair condition with hardwood flooring. 7 fp; inoperable....The purchasers stated that they were going to occupy the property while restoring......definitely a safety hazard. The appraiser stated that he spoke with the agent as to how he derived at the $160 value.....of course his response was.....here, there, everywhere. From my view, I stated to him that the value is probably in the land....although $160K appear on the high side. Any experiences and/or comments? :?: :?: :?:
 

Neil (Texas)

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Texas
Tell the buyer to drop by Blockbuster and rent a copy of "The Money Pit" :lol:
 

ypj

Thread Starter
Freshman Member
Joined
Feb 5, 2002
:lol: I would say add some popcorn with that Blockbuster flick.....but there are no means of heating.
 

bradellis

Member
Joined
Jan 16, 2002
ypj,

Be VERY careful here. You say the property is "historic", then say it is 100+ years old. Just being old does not make it "historic". To be historic, ether something noteworthy/historical must have happened in the dwelling or on the site, OR the building must be of some style or by some architect of note.

If it is truly historic- you can check with the National Trust for Historic Preservation (national) or with your state or city/county, etc.- a whole different set of parameters exist.

Historic appraising is a specialty.

So, just where is this beauty? You should note that I have seen historic restorations (the term is very specific) that have cost well in excess of $100/SF for just the restoration.

Brad Ellis
 

Les Brant

Freshman Member
Joined
Jan 22, 2002
In our area we have numerous "Old Homes" and "Historic" homes and buildings. I,m talking about 1700' and 1800's. All properly registered and documented. l would tread very lightly on an "Old House" only 100 years old and calling it historic. I do quite a few buildings built right at the beginning of 1900 and by no way do I teat them as historic. Cost to cure is the primary figure that contributes to the final value. Whether it is remodeled or restored. Cost to cure can easily exceed $100 per sqft. Exercise extreme caution, the trap has a very light trigger. Les in Coastal (N)Carolina
 
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