Historic home adjustment

[Digger88]

I have a perfect comp next door that is 235 years old in a semi rural area that brackets my home beautifully sensitivity indicates a tidy 15% adjustment fits well but I can find no other source for historic home adjustments other than broad 10% to 30% in the northeast any ideas

 

[jay trotta]

Historic homes are very difficult and IMO-limited Buyer market, they are unique and draw a unique market buyer. Those that seek them are in search of Historic factors and therefore the difficulty in locating comps. I would stretch a 3–4-year timeline, because of those factors. Using the more recent as the best supporter.

 

[Terrel L. Shields]

If no evidence to support an adjustment in the market area, then I would not make one. I might mention it deep in the comments.

 

[glenn walker]

I have a perfect comp next door that is 235 years old in a semi rural area that brackets my home beautifully sensitivity indicates a tidy 15% adjustment fits well but I can find no other source for historic home adjustments other than broad 10% to 30% in the northeast any ideas

Historically what ? Lincoln was born in it or the first judge was born in it ? If it really has "significantly " higher value than it's not really a comparable it's just a similar home. How do you know the buyer just didn't over pay by 15% or maybe their related to the so called historical person or event ?

 

[Digger88]

If no evidence to support an adjustment in the market area, then I would not make one. I might mention it deep in the comments.

3 other good comps (subject is post and beam) are similarly constructed on the interior and adjust to 1.35m but all different styles this house next door is at 1.5 which also has similar appeal on the inside but the only difference remaining is the historic appeal which is a thing in horse country west of DC

 

[Terrel L. Shields]

Among the homes on the National list, I've known several to have sold and none of them sold for any premium. For the most part, they require much more maintenance that probably offsets any positive attributes to being named on the list. OTOH, there might be some premium if the original owner or a historical figure actually lived there. Like Graceland or Will Rogers California home that recently burned.

 

[The Bob]

3 other good comps (subject is post and beam) are similarly constructed on the interior and adjust to 1.35m but all different styles this house next door is at 1.5 which also has similar appeal on the inside but the only difference remaining is the historic appeal which is a thing in horse country west of DC

If you're near Middleburg, I'm not so sure there is much of a difference in style/age assuming they have similar GLA/features/appeal. You'll see 200+ yo stone houses along side newer contemporary. Location and land are the predominant factors.

 

[glenn walker]

What's it's historical significance and can you define it and extract an adjustment?

 

[Elliott]

Let's say you want to remodel a bath or kitchen, or add a window.....a committee will decide if you can do that. Also, often there is a requirement it be open to the public once a year. YMMV

 

[Digger88]

If you're near Middleburg, I'm not so sure there is much of a difference in style/age assuming they have similar GLA/features/appeal. You'll see 200+ yo stone houses along side newer contemporary. Location and land are the predominant factors.

It wasn't Middleburg but I had to use a Middleburg comp to bracket lot size and there was no premium for that location to Round Hill (my subject) which was surprising. This direct lender is great but they have a convoluted scoring system I need to be mindful of. Anyway, all adjustments backed up with data except that sensitivity adjustment which I backed off to 10% it's surprisingly tight and I do have a study that shows elsewhere there is a marketable difference so we'll see if I get pushback.

I finished CE yesterday and noted a video that said many appraisers don't use view adjustments which I see daily through Total's exchange. I guess I've been doing new construction so long I have lot premium pounded in my head so I almost always make them. I put myself in broker mode sometimes and work my way through 'would a client pay more for this amenity' and in my experience around here with McMansions on every corner and cash to blow they do pay more for this amenity.