GLA Adjustments

[Zoe]

After all that, you can use weighting or some other factor to give a comparable or certain other comparables more weight in qualitative analysis. Like more weight was given to this comparable in sales comparison reconciliation because.......................

 

[OG80]

Most folks use Valuation Labs for time adjustments, but they’ve also got a solid Site and GLA adjustments tool too.

https://valuation-labs.streamlit.app/Site_and_GLA_Adjustments

Thanks. I just tried it but not sure what I am looking at. Thought it would give me a number to adjust the GLA by per sq/ft. It gave me this.

 

[Jerry Bone Jr]

I extract it from the comps on the grid - adjust for all the other key factors, and the last adjustment left is the GLA $ per sf.

Me too.

 

[OG80]

Generally, GLA adjustments are treated as contributory value, not cost to build. The GLA adjustment is the last adjustment made on the market grid. The proper SF (GLA- gross living area) adjustment is that which tightens the range of adjusted values, that results in the smallest range of adjusted values, determined by using simple regression & sensitivity.. I followed the ANSI Z765 standard when I measured the house. However, with obstacles around the house that precludes direct measurements, such as junk, debris, landscaping etc, and set-backs on upper levels or steep inaccessible walls with drop-offs, GLA is estimated and not guaranteed. The ANSI Z765 standard is not intended to supercede any locally imposed system of residential measurement. It may, in many places around the country, challenge long standing paradigms. The gross living area reported is the square footage measured with the ANSI Z765 standard. The sketch is an approximation, and may not be exact.

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Any chance I could get this spreadsheet from you and try it out?

 

[Terrel L. Shields]

 

[chad hampton]

I use experience and knowledge of my market. I’m an expert in my local market. This is why geographic confidence is the most important element of experience an appraiser can have!!

 

[Surf Cat]

Thanks. I just tried it but not sure what I am looking at. Thought it would give me a number to adjust the GLA by per sq/ft. It gave me this.

You move the sliders to "dial in" the properties most similar to subject. For example, for GLA, move the slider from the left towards the middle and from the right towards the middle until you have 15 to 20% below and above the subject's GLA.

After you adjust all the sliders, what properties remain will give you your indicators of adjustments.

 

[J Grant]

Me too.
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Interesting - we accomplish perhaps the sme result in a different way - I use the comps on the grid on the appraisal report and adjust for all other factors and what is left is the adjustment i apply for SF living area that narrows the adjusted comps range.

 

[NC Appraising]

I ran 5 differant approaches to determine GLA adjustments.

1. Mass MLS data average. $60 per sqft
2. Regression $45-71 psqft synapse
3. Ratterman method 65 psqft*
4. Cost depreciation $101 psqft aloft
5. Base price new construction $66 psqft 2,500 sqft to 2,800 sqft. Matched pairs.

Subject was 2,600 sqft sold 465k


This was for cookie cutter tract data. Rural appraisers or high end properties good luck. Regression goes down hill quickly.

 

[Zoe]

Interesting - we accomplish perhaps the sme result in a different way - I use the comps on the grid on the appraisal report and adjust for all other factors and what is left is the adjustment i apply for SF living area that narrows the adjusted comps range.

Most direct way for sales comparison approach imho. I won't swear you don't need to go find new comps if things don't rhyme in indicated values very close.

That throws a red flag if you have like 30% difference in indicated values of the comparables after adjusting for GLA. .