Has anyone appraised a property with a casita?

[The Sheriff]

Sorry Ken... I'd have to agree with Tim on this one... It's all about functionality.

 

[Ken B]

What is functionality without a measurement of its affect?

How does one make that measurement? I would be interested in the results of a sales study comparing prices paid for properties with a "typical" floorplan with prices paid for "casita" floorplans.

The most cost efficient house design is a square box. "Casita" style homes of the same GLA will have a higher cost per SF and the market will pay that higher cost as demonstrated by the popularity of the design. If the market did not reimburse the builder for the higher cost, the builder would not construct the design. I assert that on a square-foot basis, "Casitas" have a higher value than a "typical" floorplan.

 

[Caterina Platt]

What is functionality without a measurement of its affect?

How does one make that measurement? I would be interested in the results of a sales study comparing prices paid for properties with a "typical" floorplan with prices paid for "casita" floorplans.

The most cost efficient house design is a square box. "Casita" style homes of the same GLA will have a higher cost per SF and the market will pay that higher cost as demonstrated by the popularity of the design. If the market did not reimburse the builder for the higher cost, the builder would not construct the design. I assert that on a square-foot basis, "Casitas" have a higher value than a "typical" floorplan.

It depends! Tim is right when the market is primarily populated with families having children. Ken's points make sense for a market that is heavy in boomers with aging parents. It all depends on the demographics and needs of the populace as to where the functional issues and value lie.

In my market, casitas come in all sizes and quality levels. In 99% of the cases, regardless of the quality, detachment, attachment, etc., if it is accessed as a seperate unit, it doesn't equate to equal value of GLA as the main dwelling. The reason the agents want it included in the GLA is it temporarily misleads the buyers and their agents into thinking they're looking at a 3,000 SF for cheap rather than a 2,500 SF house with a 500 SF mom in law quarters that is priced slightly on the high side. It gets the listing noticed and it may help pump the value, period.

What makes sense in my market may not make a lick of sense in Florida, or Sun City, AZ.

 

[Tim Hicks (Texas)]

What is functionality without a measurement of its affect?

How does one make that measurement? I would be interested in the results of a sales study comparing prices paid for properties with a "typical" floorplan with prices paid for "casita" floorplans.

The most cost efficient house design is a square box. "Casita" style homes of the same GLA will have a higher cost per SF and the market will pay that higher cost as demonstrated by the popularity of the design. If the market did not reimburse the builder for the higher cost, the builder would not construct the design. I assert that on a square-foot basis, "Casitas" have a higher value than a "typical" floorplan.

In most cases it does have an effect. You, yourself state it has a positive effect in your market. If what you say is true for your market area, then you should separate it to show the "higher value" attributed to the functionality of casitas. I do wonder how much of this "assertion" is personal opinion and not appraisal fact related. I don't see how the design would really be that much more cost than a typical design because they base their building costs on price per foot. I would like to see their actual cost for a casita plan versus a regular plan of the same size. Plus, you know as well as anyone, cost does not equal value. Maybe your market is different or maybe too many are drinking the builder's kool-aid.

Some appraisers are going to do what they do no matter what anybody else thinks. I should know better than to try to argue with this type appraiser. Hopefully, it never comes back to haunt them. Hopefully, others wanting to learn will see my points.

 

[Elliott]

Texas Casita



Las Vegas Casita



Palm Springs Casita



Northwest Casita

 

[Tim Hicks (Texas)]

Actually, Elliott, the casita homes I have appraised have all been nicer than any of the pictures you have posted.

 

[Ken B]

I agree with Caterina. The previous owners of my home were a young couple with one pre-schooler and another on the way. This home did not work for them and I have no idea why they bought it to begin with. However, my kids are grown. The median age in my little area is probably mid-40s. I and many of the people in my area area do not have the concerns that go with monitoring younger kids.

People who buy properties with "Casita" floorplans similar to mine do so for the privacy offered by the semi-attached bedroom/office/den/hobby room/drum room/whatever-you-want-to-use-it-for room and bath and the very private interior courtyard design of the yard common with this home style.

Account for the air-conditioned area under roof anyway you feel appropriate, but if you can't compare apples to apples by using comps of a similar style, think twice with regard to demographics and climate of the market area before automatically deciding the design has adverse functional issues. It may just be a more desirable design than a "typical" house.

 

[Vegan702]

I can say in my area for the most part the only 2 bedroom homes with a casita are in the age restricted developments. So the buyers in there are usually senior couples without kids and they are looking for a place to put people when they come and visit. The areas that are not age restricted that have casitas are not usually 2 bedroom homes but homes with 3+ bedrooms, so any functional problems are irrelevant.

 

[Rlong]

As long as the comparables are similar, (casita/ in-law); sure it doesn’t matter (to valuefunction) what line you report it on, but clearly disclosing what the subject and comparables actually are - priceless.

If the subject and comps do NOT share similar features, they better be on separate lines, or it is misleading to the lender; regardless of what the locals like or dislike.

More disclosure is better.

Bob

 

[Mike Garrett RAA]

Right on, RLong!