Basement In Florida

[J Grant]

Sounds like you have it on track!

 

[Tim The Enchanter]

It's only a comp, not the subject.
Suddenly the thread got less interesting.
Probably a small adjustment for the basement rec room / seasonal pool.

 

[Meandering]

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:

View attachment 29095

I stand corrected.

Thank you TimD.

.

 

[Tom Woolford]

I get about 1 basement every ten years. Fortunately only one was finished. Boy was he pizzed when I didn't count it as living area. Best solution for your problem is fins another comp. Underwriters and phone monkeys are never going to let you sleep.

 

[leasedfee]

I have ZERO experience with basements.

I get about 1 basement every ten years.

Bemused by your comment.

This is like the "Does a pool add value question?", but reverse the geography. Here this might be called a partially finished basement. A finished basement is nearly as nice as finished above-grade space. (The comp's ceiling is a bit low and like Marion, I immediately noticed the floor drains; major turn-off up here.) In Denver, we need basements to provide insulation from the frozen ground; slab on grade homes are terribly cold. Plus they're cheap to dig and construct.

Gotnoworrys: How much value ($/sf and % of above-grade) did you extract from the basement? What % basement value of basement cost did you find?

 

[bnmappraisal]

This is like the "Does a pool add value question?", but reverse the geography.

Hahaha. That was definitely something I had to "get used to" when I moved down here. Growing up in upstate NY, EVERYONE had a basement; finished or unfinished, but a basement. Same in Pittsburgh. But here, I agree with Tom, hardly see them.

Gotnoworrys: How much value ($/sf and % of above-grade) did you extract from the basement? What % basement value of basement cost did you find?

The OP mentioned they found paired sales. I'm also curious how it played out.

 

[techbiker]

Speaking from experience after purchasing a building in a flood plain- I wonder if lenders would have trouble with this partially finished basement? If finishing the basement puts the house 5'+ below BFE (floor drains), I can't imagine the flood insurance cost!

As an economist, I can imagine an astronomical flood insurance premium impacting the sales price.

End of digression...

 

[J Grant]

The few "basements" I ever saw in my area of S Florida were result of house being a split level design with lower half basement (it was not a full below ground basement ) created from building into a rear slope (the few subdivisions here with a mild "hill")

 

[Deleted member 128537]

I see a fair amount of basements, but not as many as some areas because we have really rocky ground and you have to blast them to build them. Very expensive! But some are good and some are crappy. The crappy ones I give no value to. They are essentially like crawl spaces. The good basements can be finished and heated. I typically go $5sf for unfinished (on average construction) and $15sf for finished area, and then make bathroom adjustments separately. Then add from $1,000 to $2,000 for walkout. But for good construction I go can go $10sf and $25sf for finished space; and up to $35 to $40 for very good finished construction. These are #'s that work for me, and to some degree there is some relationship to cost. Remember that to go from a crawl space to a basement really isn't that much extra cost. I know some appraisers also make room adjustments. And you have to be careful, because a basement can be finished, but really only have 1 room. That's is far cheaper than putting in partitions. So if that's the case I will downgrade the GLA adjustment. But good luck. I think I'd use a different comp

 

[Deleted member 128537]

By they way you can build almost waterproof basements. It can get wet and not get destroyed. Sometime ago I was considering finishing my basement. But about 2 years ago we had a foot of water due to 9 inches of rain and my sump pump going out when the electricity went off. There are actually materials that can get wet and dry very easily for basements. They use almost all plastic materials (PVC studs; special wall boards; trim; etc). Quite amazing what's out there.