Fireplace Adjustments

[Nancy Heiss]

Before I comment on a review assignment, do my CA peers make adjustments for fireplaces? If so, why? If MLS notes that the fireplaces do not work, do you still make those adjustments? (FYI, subject has FAU and a wall heater, so the fireplaces are not the heat source.)

 

[hastalavista]

I typically do not make FP adjustments.
In the residential reports I review, the adjustments I see for fireplaces are non-material/trivial; so I don't comment on them either (assuming this is for a mortgage-related appraisal).

 

[CANative]

I seldom include that category in the adjustment table.

 

[Nancy Heiss]

I typically do not make FP adjustments.
In the residential reports I review, the adjustments I see for fireplaces are non-material/trivial; so I don't comment on them either (assuming this is for a mortgage-related appraisal).

I typically would not comment either, except the OA made no mention of them being non-functional and made positive adjustments on the comps. AND.... he used a C2 comp and made no condition adjustment (he called it a C3, it was all brand new including exterior paint, systems, walls, cosmetic, etc...) but did comment that the reason the most recent (grid) sales price for this comp was so much higher than the previous sale is because it had been 'extensively rehabbed'. The subject is a C3 with absolutely no upgrades noted. I find his report to be very misleading with no specific comments about the subject or comps.

 

[EddieB]

I have found some model matches on tract builders where a small adjustment could be discerned and have adjusted on similar rental analysis

But as a rule, no adjustment warranted. Similar to low grade fences, larger patios/deck than standard size

 

[glenn walker]

It depends on where the property is located but my area ( Southern California ) most of us never use them so I make no adjustments BUT in the Mountain Communities fireplaces are a real positive and folk's use them all winter long. On Reviews I try to stay focused on the big issues that would effect value and try not to get blind sided with things like fireplaces and patios.

 

[Deleted member 134708]

I was taught $500 per. I did this for 1st year on my own, then I wised up and actually analyzed data. I now do $0.

Most parts in CA you can't use a wood burning fireplace if you have other means of heat. If gas, it ain't gonna heat anything so it's useless.

 

[EddieB]

I must have a really old Book of Adjustments. Mine says $1500 per

 

[Peter LeQuire]

Fireplace



Fireplace

All fireplaces are not alike - to arbitrarily treat them all of the alike could be compared to treating Miss Universe the same way you treat Miss Vacant Lot of the World.

 

[Mr Rex]

I have never been able to extract a difference except in new construction virtual model matches. Peter's first photo might as well be an in ground pool around here. Both have little to no contributory value. I'm sure in mountainous areas it may make a difference but around here a masonry FP is an over-improvement with drastically reduced contributory value that just F's up the TV location...