• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Comps for Brick School House

Status
Not open for further replies.

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
I just received an apprisal order to do a remodeled one room red brick school house. Where would I find comps. Woudl you use cost approach.
:?

It has undergone a world of transition during the past decade, while still maintaining its' open floor plan. :) The hard wood floor, 12 ft. ceilings, and massive windows and storms, are also still in place. New roof. The old slate chalkboards have been taken down, reconfigured and now surface the counter and shelving that separates the dining/sitting area from the living/family room area of the home. It was built in 1941. 2100 square feet living space in the school house.

A lovely kitchen is no located in what used to be the school's office. A buffet/breakfast bar acts as a partial divider between the kitchen and dining area. Here and throughout the kitchen surface areas are inlaid with small delft blue tiles. The wooded cupboards have been painted white and their recessed areas also inlaid in white ceramic tiles. There is plenty of cabinetry as well as counter space to make this an efficient and pleasant work area.

A dining/sitting area is adjacent to the kitchen. A very comfortable space, its' focal point is the beautifully crafted, domed wood burning fireplace. Hand painted, Mexican tiles adorn the base under a curved rock hearth, adding a feel of the southwest. A partial wall of slate covered counters separates this area from the rest of the living area.

Refinished wooden steps take you downstairs from the foyer to the lower living area. Approx 15' x 47', it currently serves as two large sleeping areas and an office. A full bath, the laundry area and utility room, which also serve as a mudroom, are also located on the lower level. Another small room is located off the utility room that has been converted int a walk-in closet.

The garage/workshop: The garage was completed in 1998. Larger than the norm, fully insulated and finished, it houses two vehicles easily. The attached shop area has 12 ft. ceilings, large south facing windows and plenty of built-in shelving and counter space. An open staircase in the garage takes yo to the finished upper level. Primarily used as sleeping quarters for visiting guest, it is fully carpeted, dry walled and painted. It has recessed lighting, full sized windows, a sky light and full bath.

Lots of landscaping, rock garden, gazebo, rose garden, fish pond and water fall, fruit trees.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Ray,

I know there are some in Michigan that have been updated yet maintain their original 'aura'. Just can't remember where they all are. I'll post to you with some names and numbers if I can remember who there might know something about them.

This kind of assignment, you can go all over the place. Hope you quoted a very high or variable fee.
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
The big question here is, what is the current use of the property?
If the schoolhouse has been converted into a single family residence, and is zoned as such, then find comparable older residential homes in the area.
Sounds cute as a button to me. :)
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Run, run like the wind!
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Well...let's see. School house in Westville, OK was converted to a home and has sold in the past 5 yr. or so. About 4 mi. NW of town next to a small cemetery where Will Rogers g-father is buried. Then old Norwood School House south of Siloam Springs, Arkansas has been converted to a house, but I don't know if it sold recently. The Union School sold 10 yr of so ago west of Guyman, OK in the panhandle. Auctioned for $5000 I heard and the school was only 20-30 years old with Gym, and several class rooms. Resold for $10K, then burned. I think it has been repaired since if I recall from the past time I was past it. Then Check the Three Rivers Red School House building at Three Rivers about 15 miles North of Tularosa, NM - appears to have been worked on recently (I was there about 1 year ago) Finally, the Goodman Point School House was for sale last year when I was in Montezuma Co., CO. $95,000 if I recall correctly. My dad's cousin bought it originally and converted to a dwelling about 20 years ago. My father went to school there in the 1930's, riding a pony 3 miles from home. It lies about 10-12 miles NW of Cortez, CO.

Are those comps far enough for ya?
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Look at the subject, then say, "What's it most like?". What you are looking at is the principle of substitution. The fact that this WAS a school is somewhat irrelivant now in that it has been remodeled to a residence. Again, you have to look at the property as a buyer would. If this home was put on the market, what other properties in the area would they be comparing it to. Don't overkill on this thing. If you have any other unique homes, such as a geodesic dome or an underground home that has sold, that should give you a comparison as to how unique homes are considered by the buying public vs. a typical home of similar age.

Open designs are quite the thing down here, so that shouldn't be an issue.

Just do your best.

Roger
 

David Beavan

Freshman Member
Joined
Oct 2, 2002
Professional Status
Certified Residential Appraiser
State
Wisconsin
Ray,
There are a couple of remodled school houses in the Sun Prairie area. One was sold in 1996 the other remains with the family and appears to have had no sales.
I am the newest of newbies and don't know if it is permissable to list addresses in replies. Let me know if you are interested.
Dave
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks