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Help with Comps

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Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Be careful of what you ask for - you might get it. These are words to live by. I opened my mouth and got the appraisal that a client queried - 35K square foot estate - copy of Versailles - $25M?

Does anyone have any comps - will reciprocate. In this instance, anywhere in the US - high $$$, not necessarily same price.

Thanks in advance. email to [email protected].

Roger Strahan
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
R, .......You may also want to position your posting in our "Urgent--Help Wanted" category ! Some go there solely to see if they might be able to assist someone. In your shoes....I might go to that one prime, big-time realty sales office in your city who only deals with properties of this size, value and type. I'll bet they subscribe to one of those national listings magazines which offers all these sort of stately places from Malibu to Seattle to The Hamptons and down to Miami, and Texas, of course. There may be a sold directory within the publishers records. Best of luck with the assignment !
 

Randy Beigh

Senior Member
Joined
Jan 16, 2002
Roger

These types of homes have "law of diminishing returns" issue, alot of the time. In other words, money spent does not mean money earned.

You still have to deal with your market. In our case, we have a couple of people spend over 7M to build, but the highest sale ever of a house in this area is 2M.

Good luck
 

David C. Johnson

Senior Member
Joined
Jan 15, 2002
<span style='color:darkblue'>RStrahan,

Might want to check with the Wall Street Journal. I have heard they publish listings for unusual (e.g., expensive, large, etc.) national residential real estate. There may be an archives deal on their website. You will probably want to email Steve Vertin. He just did a large one too (not as large as yours, though).

Probably good advice by Ross on posting to the "Urgent -- Helped Wanted" sub-forum. I will post there this week for the first time myself regarding a small (i.e., 2,500 yearly enrollment), venerable private four-year University (i.e., all their real estate holdings including the main campus and its improvements) in North Carolina this month. Ought to be a similar challenge.

dcj</span>
 

Stephen J. Vertin MAI

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Illinois
Randy:

Lack of sales within a local market does not mean lack of market. It may simply mean lack of product for sale. That is unless the market is made up of such properties (Beverly Hills, Palm Beach, etc,). Most homes said size are sold nationally or at minimum regionally. Just finished a 15,000/sf in Green Bay. Used 9 sales throughout Midwest. All above 10,000/sf; however, none above 16,000/sf. Spoke with all of the brokers. Only one was purchased by a local buyers. I have cost, plus land value, of an +/-11,000/sf built 2 years ago. This home sold at a profit relative to cost to build. I found no proof of obsolescence in this size range.

RStrahan:

But 35k is a monster. The air is really thin up there. None the less, if you have no evidence of obsolescence, do not assume it exist. I have actual cost for my 15,000/sf and cost of some other similar sized homes. If you would like I can ask the client if I can provide them to help you. Your also welcome to the sales, photographs are included. They paid me to travel the Midwest to look at these things. If you are not charging +$5,000.00 you need to turn the job back as a loss. To reasonably understand buyers and sellers you need to talk to everyone involved. It is a whole different world up there. Furthermore, you can look at the string I posted in Spring or early Summer asking for information. It is in the General Forum. There is a lot of helpful information on the string with some good websites. It is worth your time to look up.

Steve Vertin
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Steve:

New York Times, Sunday edition (usually in the NY Magazine) also regularly has homes in the sort of stratosphere you are flying in, but mostly as you say a bit smaller... They do get listings from all over.

Yup yup, Its a national market for that kind.... folks able to purchase and maintain :!: a really, really, big box of that size, can afford to live anywhere they want 8) .

California is liable to have a few, but I haven't HEARD of any in that size :roll:
 

David C. Johnson

Senior Member
Joined
Jan 15, 2002
<span style='color:darkblue'>aaugh -- RStrahan,

You guys may be taking this

"Everything Is Big in Texas"

a bit too far sometimes...

dcj</span>
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Roger your in Texas, get hold of some of those Enron pukes that built those $20 Mil. puppies; if ya miss there, head over ta FLA, where some of the other pukes hide their (other peoples money) cash. Saw a few of em on any of the News chanels all last week.

Marfa won't be have n, any fun in the near future, there's a class action goin ta take place soon. This may be an indicator of future things ta come.

8)
 
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