Another "paired" appraisal allegation, Seattle

[George Hatch]

I'm looking at the many and not trivializing the lack of parking or the condition.

FYI, I don't especially enjoy your repeated allegation of the "appeal to motive". You should reconsider.

If you were appraising a C4 you would not be using remodeled homes, would you? If you were appraising a 3/1 you wouldn't be going straight to the 2ba or the 3ba sales as your preference, would you? You'd at least look for "more similar" before being forced to use less similar as the last resort. Right?

 

[Joe Flacco]

The house next door is the same condition. Are you saying the parking adjustment is greater than $100k?

You are ignoring design, style, and most importantly location which can be different block by block or subdivision to subdivision in high density neighborhoods. Given that we do not have geographic competency you would think that you would weigh the sales on the street heavily. At least the two that are more similar condition.

 

[George Hatch]

The house next door is the same condition. Are you saying the parking adjustment is greater than $100k?

You are ignoring design, style, and most importantly location which can be different block by block or subdivision to subdivision in high density neighborhoods. Given that we do not have geographic competency you would think that you would weigh the sales on the street heavily. At least the two that are more similar condition.

I'm saying it's ONE SALE that doesn't square with any of the other C4s. Or with the $861k sale that has $150k more in condition as per cost+profit discounting. I'm also saying that whatever the adjustment is for having vs not having offstreet parking, it's nowhere near zero.

 

[Joe Flacco]

I'm saying it's ONE SALE that doesn't relate to any of the other C4s. Dated, at that. I'm also saying that whatever the adjustment is for having vs not having offstreet parking, it's nowhere near zero.

The other c4's are located in different areas and are not 1910's bungalows. Can you at least acknowledge that?

 

[George Hatch]

They're all (or almost all) located in the Columbia City area, and who cares about the design in an entry level home? I think there might be one of two on the west side of MLK but so what? That pricing is similar, too.

The subject has a prior sale in 2018. It was listed for $540k, reduced to $495k 6 weeks (!!!) later and sold for $12k less than that 4 weeks later. The higher price was tested in the market and rejected by the market participants, so that's how we can say the $482k was fair and the $540k was obviously overpriced.

 

[CGinMN]

Given that we do not have geographic competency you would think that you would weigh the sales on the street heavily.

Could be that’s what the high appraiser from 2 hours north (Bellingham) also thought.

 

[Joe Flacco]

Could be that’s what the high appraiser from 2 hours north (Bellingham) also thought.

The high appraisal is too high based on the sales on the street.

 

[Elliott]

Is the consensus, the second, high appraisal, was the one that is more likely to be the biased appraisal? I'm not seeing support for the $929K.

 

[George Hatch]

The lower appraisal could be a little low. But if an appraiser's market analysis in 04/2022 was limited to looking for recent direct comparables they never would have even seen the mid-2021 sales or the 2/1 property or the $1.1M property and would have not realized to address them in the analysis.

That's the blind spot with using an online database - you only see the results of the query you made; you don't see anything that falls outside those parameters.

 

[glenn walker]

Based on the comps that you guys are saying are appropriate, you are basically saying that all four sales on the street on the most similar lots are outliers.

Also, how are you guys determining that the Clarks house does not have the alley in the back?

Ariel google satellite views ?