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Built in spa's

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Dennis Ross

Thread Starter
Freshman Member
Joined
Mar 14, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Any ideas about determining a supportable value of a built in spa? I know about matched pairs but there are just not that many built in spa's in this marketplace and there is no good way to search them in the local MLS.
 

Sid Pachter

Sophomore Member
Joined
Feb 26, 2008
Professional Status
Banking/Mortgage Industry
State
Florida
Did you fully analyze your market by going back in time to use dated sales to determine a spa adjyustment since you say there is no current data? Adjustments come from the market. Why must you think the spa is worth something? If you do your due diligence and go back in time and cannot satisfactorily detemine a spa adjustment, then don't make one and comment why in an addendeum. Don't fall into the trap and use a PFA adjustment.
 

Gregory Beck

Senior Member
Joined
Aug 6, 2003
Professional Status
Certified Residential Appraiser
State
Florida
If it's built in and gunite it's worth 5,000 to 7,000 depending on how many jets etc.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
ditto Sid..........plus utilize actives & contracted listings.........

the market MAY indicate F.O.S.-C.

orrrrrr

the market MAY indicate SUPPORTABLE residual / contributory
value - COST means nothing.


p.s. CALL the Listing & Selling Agents. if yur ML utilizes interior video views ........CHECK the bathrooms and/or florida rooms....etc.
 

Sid Pachter

Sophomore Member
Joined
Feb 26, 2008
Professional Status
Banking/Mortgage Industry
State
Florida
Gee its amazing that a Florida appraiser knows what the Arizona market's reaction is to contributory values of spas. I'd like to see your paired sales analysis or was the "estimate" based on PFA data?
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I'd like to see what a gunite spa contibutes to a 1500 sf manufactured home versus a 7500sf McMansion.
 

Matt McCormick

Freshman Member
Joined
Nov 9, 2004
Professional Status
Certified Residential Appraiser
State
Oklahoma
I'd like to see what a gunite spa contibutes to a 1500 sf manufactured home versus a 7500sf McMansion.

Per Hondros, if you cannot figure it out on a paired sale analysis, you should adjust 30% of cost new. That falls into some of the previous thinking.
 

Charles Witt

Senior Member
Joined
Dec 13, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
In some homes, I have seen things like spas, hot tubs (built-in) and pools actually reduce final sales value, i.e. would that not require a negative adjustment?
 

George W Dodd

Senior Member
Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Wait. No adjustment is still an adjustment and you need just as much reasonable support as you do for a positive/negative adjustment.
If you can not find spas look for other type of extras that are part of a sale. Maybe a pool? Maybe some highend exterior amenity, compare its cost to these features, do pools add 15% of their cost? maybe that could form part of the basis for an adjustmetn. Also talk to several agents/brokers and get their input. Maybe they'll say the market values them, maybe not.
Then reconcile your information and develop an "opinion"
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Charles: That is likely because you are in Delaware where your pool season is from Memorial Day to Labor Day, but in Arizona pool season is probably year round in some places like we have here in FL.

Greg: That's a classic answer. I love it.

But here it is really hard to find a house with a built in spa without a pool attached. I doubt too that the built in spa could be perfectly extracted by finding the difference between a pool package with a spa and a pool package without one. Still, if you strike out on everything else and you could find that situation, you might have a basis at least to say the market paid "X" for the spa.
 
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