Ray Miller
Elite Member
- Joined
- Feb 20, 2002
- Professional Status
- Licensed Appraiser
- State
- Wisconsin
I did an appraisal a couple of weeks ago.
Subject is in Montfort, I used comparables in Lancaster, Fennimore, and Dodgeville west side.
Original appraiser used comparables in Mount Horb, Platteville, Mineral Point. Would you consider these the same market as Montfort????
The other appraiser marked his reported marketing time 3 to 6 months, yet two of his comparables were on the market 336 and 370 days. Yet his report said they were on the market 19 and 156 days on those two. I mark marketing time over six months.
He gives the neighborhood as Iowa County, but yet goes out of Iowa County for comparables sales with out noting why. He said property values are increasing yet my research said decreasing over the past year, He said supply in balance, but I show a much larger inventory then last year. He marks the area as suburban, I mark it as rural town, he marks the area as 75% built up, I mark it as under 25% for Iowa County, he notes low price is $300K and high $400K, I note $35K to $1M+ for the area, he gives the predominate age as 2 with a new to 5 for the area, I give new to 99+, he gives the area 80% single family, no two and multi and 20% ag, no commercial.
He also figured the age adjustment at $2000 per year on these new homes Subject is one year old, yet the other comparables were built at the same time and he gives them 1 to 3 years in age. My figures indicate on a new home around $500 a year difference. I have not check this for 12 months now, have things changed that much????
The other appraiser used acreages vs. lots. The subject is on .60 acres, where his comparables are on 1.5 to 3.5 acres. I think a town lot has a different appeal then the acreages lots. (Note below)
The subject is on a down hill lot on the down hill side of the main county trunk. The comparables he used are all on nice acreages with nice lots with similar types of homes and nice views the subject is among old small rural town homes. (I would think you know the area) So I am thinking a lot adjustment on views if you would use his sales selected as comparables, but there were none.
Myself I think Montfort is not really the same market as Mount Horb, Platteville and Mineral Point. Due to location on interstate and drive time to Madison and Debuke, Ia. Same for size of towns and appeal. Platteville also being a college town.
My appraisal came in at a lesser value and the owner and lender are having a fit. I came in $38K below the first appraisal that was done early last spring.
Would you say I am off base and need to reconsider or should I hold my ground.
Subject is in Montfort, I used comparables in Lancaster, Fennimore, and Dodgeville west side.
Original appraiser used comparables in Mount Horb, Platteville, Mineral Point. Would you consider these the same market as Montfort????
The other appraiser marked his reported marketing time 3 to 6 months, yet two of his comparables were on the market 336 and 370 days. Yet his report said they were on the market 19 and 156 days on those two. I mark marketing time over six months.
He gives the neighborhood as Iowa County, but yet goes out of Iowa County for comparables sales with out noting why. He said property values are increasing yet my research said decreasing over the past year, He said supply in balance, but I show a much larger inventory then last year. He marks the area as suburban, I mark it as rural town, he marks the area as 75% built up, I mark it as under 25% for Iowa County, he notes low price is $300K and high $400K, I note $35K to $1M+ for the area, he gives the predominate age as 2 with a new to 5 for the area, I give new to 99+, he gives the area 80% single family, no two and multi and 20% ag, no commercial.
He also figured the age adjustment at $2000 per year on these new homes Subject is one year old, yet the other comparables were built at the same time and he gives them 1 to 3 years in age. My figures indicate on a new home around $500 a year difference. I have not check this for 12 months now, have things changed that much????
The other appraiser used acreages vs. lots. The subject is on .60 acres, where his comparables are on 1.5 to 3.5 acres. I think a town lot has a different appeal then the acreages lots. (Note below)
The subject is on a down hill lot on the down hill side of the main county trunk. The comparables he used are all on nice acreages with nice lots with similar types of homes and nice views the subject is among old small rural town homes. (I would think you know the area) So I am thinking a lot adjustment on views if you would use his sales selected as comparables, but there were none.
Myself I think Montfort is not really the same market as Mount Horb, Platteville and Mineral Point. Due to location on interstate and drive time to Madison and Debuke, Ia. Same for size of towns and appeal. Platteville also being a college town.
My appraisal came in at a lesser value and the owner and lender are having a fit. I came in $38K below the first appraisal that was done early last spring.
Would you say I am off base and need to reconsider or should I hold my ground.
Last edited:
