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Another "can You Comp This"

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Linda M Lynch

Junior Member
Joined
Dec 12, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Well, I had a really unusual one today. Very, very large house on 7 acres. Absolutely top notch materials and workmanship. Custom designed and unique in every respect. And then I look through a glass wall at one side of the den and see......an enormous auto show room filled with some of the most expensive cars on the planet. Showroom has beautiful tiled floors, a lot of collector type items all around the floor and on the walls, and a large chandelier hanging from the 2 story high ceiling.

This is a new one on me. My chances of finding any comps for this are zero. I'm thinking I'm going to have to use comps with other unique type features that may carry equal weight, although they are different.

Has anyone ever run into something like this?
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Saw a house in El Paso once that you walked out of the laundry room into a three airplane hanger. LOvely old red Steerman sitting there along with a twin Piper. We've got one right here in my sub on the airstrip with a hanger on the side. Did a house $1.25MM range a few years back, with two very large detached garages with central heat, drywall, recessed lighting and beautiful light blue tile floors. Both Mercedes looked very good in there.

I seriously doubt you will be able to comp this one. It sounds unique.

Good luck and don't forget the functional.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
What else would you use the room for - say, a ballroom or entertainment center? Think creatively. What would John Q. Buyer do? Remember, these homes are often remodeled to suit the new buyer's preferences, so how much would it cost to remodel the room?

Roger
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
So look for comps like that in another city. I, personally, would have turned the assignment down. Can't make chicken soup out of chicken poop! Don't need the brain damage. Might check with the Appraisal Institute, they used to have a section in their publication where appraisers would ask for comps for difficult properties.
 

Verne Hebert

Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
You have a complex assignment

I inspected one 6 or 7 years ago. A nice home, typical on acreage. However it had an attached room with a 5 story observation tower for his telescope.

You are probably not going to find a comp. Hence curable obsolescence and a remaining amount of external obsolescence.

Apply the cost to cure value remediate the obsolescence (ie. demo, haul, and cleanup ) and make whole. You'll have a remaining amount of external; market hesitation to purchase this and undertake the remediation. This number is more difficult, if anything be generous.

Hope this helps. It's that simple..........once the fog clears.
 
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