Basement In Florida

[bnmappraisal]

I'm working on a property (SFR) that has a finished basement - roughly 600 sf. Yes, an actual basement. Since I grew up in upstate NY, I know a basement and ... frankly, they're almost non existent here. I've literally seen less than 5 (can count on one hand) in the past 11 yrs of living/working here. Area is heated/cooled, finished out with a rec room and bedroom

Without getting too specific, the property is located in northern Pinellas County. Subject's above grade is approximately 2,500sf

Client is asking for at least one sale/listing with a basement (even if dated) They are very understanding BTW - not pressuring with "we need this now" type tactics. Intended Use is for FHA Reverse Mortgage

I have not been able to find anything in my search of MLS (don't even see a potential search "criteria" for basement/below grade - I use MFRMLS) I have called a few agents so far (in the last hour) that I trust in the area, and will be calling more, to get some sort of "market" responses from market participants since I can't find anything via MLS directly.

1) Has anyone come across basements in the Pinellas County area

2) Any other advice in regards to valuing a basement where they are almost non existent?

 

[CindyR]

i hear you BNM. I am probably up to 8 in 17 years but have always been able to dig one old basement sale up from somewhere. They were generally confined to certain subdivisions so there was usually another one available. At least it is only a small portion of the above ground area. Maybe you could find something with a casita that is a similar unique non-GLA feature. Good Luck! I'll just enjoy my powerline project and be glad it doesn't have a basement

 

[timd354]

i hear you BNM. I am probably up to 8 in 17 years but have always been able to dig one old basement sale up from somewhere. They were generally confined to certain subdivisions so there was usually another one available. At least it is only a small portion of the above ground area. Maybe you could find something with a casita that is a similar unique non-GLA feature. Good Luck! I'll just enjoy my powerline project and be glad it doesn't have a basement

I actually see appraisals every now and then of properties in AZ with basement, although they are certainly rare. I almost never see any Florida properties with basements....what a pain in the neck to appraise properties with a basement in either place

 

[Deleted member 130081]

Over-improvement? Are you sure its not just a sinkhole that's been drywalled? LOL. Good luck.

 

[residentialguy]

Do you guys have any split levels down there where one of the levels is below the kitchen level?

 

[timd354]

Do you guys have any split levels down there where one of the levels is below the kitchen level?

You have not spent a lot of time in Florida have you? In Florida, there are very few homes that are even partially below grade. The water table and soil conditions in most areas down there preclude doing anything even partially below grade without incurring great expense.

 

[bnmappraisal]

Do you guys have any split levels down there where one of the levels is below the kitchen level?

I know the type of home you're talking about (again, being from up north) ... but generally speaking ... NO. As Tim points out, splits like that are as uncommon as the basement I'm looking at

 

[J Grant]

There are a few split level homes here in P Beach County built into a gentle slope of hill ( probably a fake hill filled in by builder ) but I have never seen a true basement in S FL...I know you are a bit north central area but sounds scarce there as well

Imo since they are so rare I would compare it to a comparable bonus room such as converted garage or porch enclosed to living area, or dormer rooms over a garage...something like that. Depends on how well finished it is , if there is a window etc.

 

[residentialguy]

There are a few split level homes here in P Beach County built into a gentle slope of hill ( probably a fake hill filled in by builder ) but I have never seen a true basement in S FL...I know you are a bit north central area but sounds scarce there as well

if you are lucky enough to find one, you could so call it below grade to satisfy that lender itch

 

[Tim The Enchanter]

Sounds like the kind of thing you need to read comments in the listings and pray to find a basement.
Maybe last resort you can provide something with a detached rec room or storage amenity along with comment there are NO basement comps, yadda yadda.