GXX001 Not Invoked After Work Completed

[Zoe]

I thought there might be a lookout tower or something up there. A fort. LOL Higher ground in case water rises. LOL

Maybe a storm shelter built in the hill. Maybe a skyride or amusement park.

 

[MoistMitten]

I thought there might be a lookout tower or something up there. A fort. LOL Higher ground in case water rises. LOL

Maybe a storm shelter built in the hill. Maybe a skyride or amusement park.

The houses lowest point is about 30ft above the water and there is a dam to avoid flooding. There is no way to flood that house! I will be putting a deck and a dome up in the back corner to achieve that kind of look out vibe.

 

[residentialguy]

The houses lowest point is about 30ft above the water and there is a dam to avoid flooding. There is no way to flood that house!

 

[Zoe]

I thought it might be restaurant up there or a bait shop. LOL

 

[MoistMitten]

View attachment 74177

Yeah its a lake owned dam and if it were to flood all water would go to another chain of lakes.

 

[residentialguy]

Yeah its a lake owned dam and if it were to flood all water would go to another chain of lakes.

Son:
Dad... the dam broke!

Dad:
Don't worry son, it's a lake owned dam and if the were to flood, all the water would go to another chain of lakes.

Meanwhile, at the lakefront...

 

[Zoe]

Yeah its a lake owned dam and if it were to flood all water would go to another chain of lakes.

Have you ever heard of Noah and Pharoah?

 

[Zoe]

I initially had an ARV appraisal that took into account the GXX001 exception as the house (shown in the link below) is 100% below grade. I sent the appraiser the discussion and they opted to not use the exemption. That is fine, but this changes the value from what I was anticipating especially taking into account price/sqft.

Essentially I'm looking for the proper way to counter this to have the value all on one line like it was in the ARV appraisal I had around 7 months ago.

View attachment 73955
https://appraisersforum.com/forums/threads/second-opinion-on-above-grade-vs-below-grade.233357/

If anyone has some input please share! I only get one counter opportunity to my understanding and the needed value is off by about 60k. IF I was to go based on price per sqft all on one line the estimated value would be around 565k instead of 445k.

View attachment 73953
Here is one example of a house that is similar to my property, be it 5 miles away (this lot is rural) For the initial ARV they used a property 8miles away

Comp shown below from the appraisal.

View attachment 73954


Comp thats more accurate for the given property.

5104 Joslin Lake Dr, Lyndon Twp, MI 48137 - 4 beds/3 baths

(REALCOMP) Sold: 4 beds, 3 baths, 1700 sq. ft. house located at 5104 Joslin Lake Dr, Lyndon Twp, MI 48137 sold for $565,000 on Sep 23, 2022. MLS# 20221037974. LAKE FRONT - 100' of frontage on Joslin Lake. Upd...

www.redfin.com

That property has the same bed/bath count as me, 100sqft less than mine, also a ranch. If they used the exemption it would be a comp.

If you need any additional information please let me know as I want to be thorough.

I can provide the appraisals as a DM since this is a public site.

It's hard to play really good appraisers.

I am not crazy about the cost approach grids you posted. I have absolutely no clue on the sales comp grid you posted.

And you wouldn't tell me where the stairs lead. Your a beautiful woman if that is you in the picture. Who took the picture?

 

[Zoe]

Maybe I am getting closer. Your bought it for investment to renovate. Your targeted sales price or rental price is what?

 

[MoistMitten]

Son:
Dad... the dam broke!

Dad:
Don't worry son, it's a lake owned dam and if the were to flood, all the water would go to another chain of lakes.

Meanwhile, at the lakefront...
View attachment 74184

If the dam broke the lake level would drop... Confidence without all information leads to bad choices.

@Zoe
My question has been properly answered by others. But I do appreciate the entertainment!