GXX001 Not Invoked After Work Completed

[Zoe]

1st quarter 2023 residential just arrived in the mail today.

So stating a 3/1/23 cost effective date from M&S is impossible unless one owns a DeLorean with a Flux capacitor.

Just saying.

I am not sure the cost approach is necessary here except for the big renovations. The number $50 on basement is not right.

 

[Zoe]

$225 upstairs and $50 downstairs is not right if they have totally redone downstairs in cost approach.

Costs could be considered in sales comparison approach for the big renovations.

If I did cost approach on this appraisal, my weight would be minimum on cost approach with those numbers.

Maybe M&S needs updating again.

 

[residentialguy]

Yes the 650 is below the 1150 and both are below grade and finished to the exact same finish. I its 8.5 ft ceilings with a bathroom and a fireplace. I can only go back 18 months, but I might be able to drive around the area to find another though I do doubt that. Is the ROV sent back to the same appraiser? They seemed on the fence about using the exemption even though the initial ARV appraisal did.

It doesn't matter if it is a berm, split level, ranch, 2 story... GLA is not based upon the grade. 99.9% of the time, the GLA will start on the kitchen level (Sorry, not sorry, ANSI). Below that will be the areas that can be finished and function as a finished basement of a typical ranch or 2 story. It'll be a rec/family room, extra bedrooms, extra baths, utility room, etc.
You tell the GLA by the inside of the home with all the windows covered; you won't know where the grade starts... it may be typical, it may be built into a hill, or it could be completely under ground or hanging in a tree. If it strays from the typical placement in the dirt, then you make an exception from ANSI standards. It's all about function and keeping the comparison on an equal level so that your appraisal is done in a way that is simple to understand and produces the least amount of adjustments.

 

[Zoe]

It doesn't matter if it is a berm, split level, ranch, 2 story... GLA is not based upon the grade. 99.9% of the time, the GLA will start on the kitchen level (Sorry, not sorry, ANSI). Below that will be the areas that can be finished and function as a finished basement of a typical ranch or 2 story. It'll be a rec/family room, extra bedrooms, extra baths, utility room, etc.
You tell the GLA by the inside of the home with all the windows covered; you won't know where the grade starts... it may be typical, it may be built into a hill, or it could be completely under ground or hanging in a tree. If it strays from the typical placement in the dirt, then you make an exception from ANSI standards. It's all about function and keeping the comparison on an equal level do that your appraisal is done in a way that is simple to understand and produces the least amount of adjustments.

Yeah and the basement needs to be safe. Need to know you can get out in a fire. Totally below grade with only walk up exit is huge problem.

 

[Zoe]

Here is my issue there on living space. If you only have one exit and that exit is a walk up stairs interior only, then you have a very serious functional issue. It is a safety issue. It can be cured but it will be in thousands to get another exit to outside because they will have to dig down to foundation level and tear a door out and build steps up.

That could easily run $20,000 to $50,000.

 

[Zoe]

Of course I bet many residents in Mississippi would have loved an interior basement when that 4 category tornado came through. I would have loved to get below ground somehow.

A mile wide and stayed on the ground 60-90 miles.

 

[residentialguy]

Yeah and the basement needs to be safe. Need to know you can get out in a fire. Totally below grade with only walk up exit is huge problem.

Hmmmm.... so tell me your exit plan on that fire raging outside your door on the 63rd story high-rise condo. That 1st step out the window is a doozy, lol.
If the code allows it, the appraiser appraises it. Whether you feel it is safe or not is immaterial.
*Cues song; "Feelings... nothing more than... feelings"

 

[Zoe]

Hmmmm.... so tell me your exit plan on that fire raging outside your door on the 63rd story high-rise condo. That 1st step out the window is a doozy, lol.
If the code allows it, the appraiser appraises it. Whether you feel it is safe or not is immaterial.
*Cues song; "Feelings... nothing more than... feelings"

It is still functional obsolescence. Like a bedroom without a window or security bars without quick release on windows or window base height is functional obsolescence. They are all safety issues. I want them cured.

I would almost bet this subject has more than one exit.

 

[Zoe]

My guess here is walk out and walk up. I could be wrong. I picture it in a hill. Nobody spends that kind of money on a walk up interior only renovation.

 

[Zoe]

Hmmmm.... so tell me your exit plan on that fire raging outside your door on the 63rd story high-rise condo. That 1st step out the window is a doozy, lol.
If the code allows it, the appraiser appraises it. Whether you feel it is safe or not is immaterial.
*Cues song; "Feelings... nothing more than... feelings"

Well, that is a different story. They can get out the front door and jump or go stairs or elevator. They have a balcony. Don't try to play me boy. LOL