Basement In Florida

[gotnoworrys]

I have ZERO experience with basements. I have a comp with one and I need help correctly defining it and adjusting for it. This must be one of the only basements in my county (or maybe the state).
This appears to be finished; yes?
It exits to the outside so I am guessing that this is called a "walk-up". Correct?
There appears to be a raised counter in the background. Maybe a bench or bar. Do I call this a room?
Is it valued per sf? One third the value of the above grade living area? Does that sound on par?
Seriously! This is the only one I have every seen (in pictures). The house is ancient by local standards (1925).
Can anyone help me sort this out?

Thanks in advance.

 

[bnmappraisal]

Wow! So many questions ...

Is it really a basement or the lower level of a stilt home? (I'm not sure which part of FL you're in)

Here in my markets (Tampa bay) I've only come across about 3 actual basements (fully below ground areas - NONE were remotely finished) but have come across many waterfront stilt homes where they "finish the lower level" (which ends up being against code, insurance, etc ....

I have MANY homes in my market built around 1925 (actually that's when my personal house was built) - are these common in the area?

Is it valued per sf? One third the value of the above grade living area? Does that sound on par?

I'd check with the listing agent and maybe others in the area to see what/if any market reaction was noted.
As far as your question, I'd counter with where does 1/3 the value of above grade come from?

 

[Mr Rex]

I would think that would be called an indoor pool. At least during Hurricane season. Is there a periscope?

 

[Terrel L. Shields]

One room
finished
zero comps
used depreciated cost (hint:it is not the same per SF as the GLA)
Justify additional functional obsolescence by going back to the last subject sale(s) and deconstruct via cost to estimate functional obsolescence then. Otherwise go any distance in time or space to find other basements

 

[Meandering]

Please note the floor drains.

If radon is an issue in your area (it is here), you may need to call for a radon test as floor drains allow the gas to seep into the home.

If there are no interior stairs to access the basement, and the only access is through the outside door, it is a walk-up. If it has both interior stairs and exterior stairs, it is not a walk up.

This much of the space is finished, but is it heated? Below grade temps average 55 degrees, but depending on how far south you are, maybe you don't need heat. Here, we need heat in our basements for them to be "livable" year round.

Value is in both cost and additional utility of the space. Without heat, it has utility as family space for at least part of the year. And really nice storage space during the coldest months.

The raised counter is not uncommon here between support posts and might serve as a bar or "entertainment" space.

 

[timd354]

If there are no interior stairs to access the basement, and the only access is through the outside door, it is a walk-up. If it has both interior stairs and exterior stairs, it is not a walk up.

That is incorrect. If the basement has has an exterior entrance, then it is either a walk-up or walk-out basement regardless of whether or not there are interior stairs. The selection for interior stairs in only selected, only in cases in which basement access is only from the interior. Here is the actual UAD spec for this field - Notice that the selection of "in" is for Interior-only access:

 

[gotnoworrys]

Some of you offered great advice. Remembering this is a comparable, I haven't been in it. These are realtors photos. The realtor isn't returning my calls.

• This is a walk-up
• Finished
• One room

No heat needed but it is reasonable to assume that it is underwater in bad weather. I would think it is used as storage like most garages. Since this sold recently i can adjust for known factors and what remains is the value of the basement.

Some might suggest that we are not capable of gaining new competencies but I believe with input and experience of others (such as yourselves) and a bit of research and quantitative reasoning, I will be capable of applying a reasonable adjustment for this unique space. Thank you everyone.

 

[J Grant]

lol don't use it as a comp. Problem solved.

If you have to use it/want to use, it what can one say...it is a well finished room, still, it's below grade level and access only from outside. So limited use not equal to main dwelling. I'd perhaps find a contributory value similar to workshops, outbuildings, a converted garage to living area etc . Did it sell for more than other houses of the similar sf excluding the basement?

 

[Dublin ohio]

Some of you offered great advice. Remembering this is a comparable, I haven't been in it. These are realtors photos. The realtor isn't returning my calls.

• This is a walk-up
• Finished
• One room

No heat needed but it is reasonable to assume that it is underwater in bad weather. I would think it is used as storage like most garages. Since this sold recently i can adjust for known factors and what remains is the value of the basement.

Some might suggest that we are not capable of gaining new competencies but I believe with input and experience of others (such as yourselves) and a bit of research and quantitative reasoning, I will be capable of applying a reasonable adjustment for this unique space. Thank you everyone.

No interior access to basement?
If it is reasonable to assume underwater in bad weather. Why would someone finish it since it seems many parts of Florida have what seems to be annual episodes of bad weather

 

[gotnoworrys]

Actually, pair analysis provided just what I needed. I don't have to get into the head of the person who created this. I can see how much additional was attributed to the basement. It turns out it wasn't that hard.