Historic houses

[Ray Miller]

I have found homes and buildings like these are not able to be done on a Fannie form, if they are you need a lot of pages of comments.

Nor is a standard fee. If this subject were assigned to me. First off my mentor for the CG I have been working on would get a call. The first question would be I hope you are charing more then $2500, because it is going to take you more then two weeks to get the research done.

The next question would be are you doing this in a narative format.
Then he would suggest that it be a complete report.

Then the last question would be where is my 75% because you did get paid up front did you not?

These are hard to do, but can be a lot of fun.

Leaving for my trip to Cobells, just love those appraisal orders for old homes along the Mississippi River, got to buy a holster for my new .44 Mag. and what ever else I can find in there discount room.

 

[Brad Ellis]

Alan,

Hope you are having fun. This is the stuff I like.

You are on the right track; historic commissions often have sales data- if not the actual selling price, then at least they can tell you which historic homes have sold over the recent years IF they are an active commisson.

Of course you will have to get/confirm selling prices with those owners. You may well find that they give you a presonal tour and even coffee- had ne wher they fed me too and showed me a video of the restoration they did- almost as good as "This Old House".

Brad

 

[BOB PADRICK]

I was going to suggest

something different-but you said it isn't on the national register. That can make life much easier.

A couple of things-

Are there restictions on what can and cannot be done with the homes? Some districts make it impossible to touch them, while others place very light limits. In the Orlando market, the fronts cannot be changed, or must be changed in conformance with what's already there-but the interiors and areas not visible from the street may be updated/modernized at will.

Some places though are much more restictive. While this preserves the homes, it can also make the demand for them much less, becoming a negative.

Rotsa ruck-we have Saint Augustine here in Florida-the oldest European settledcontinously occupied city in North America-the old stuff is always fun.

 

[Workbox]

I still have not accepted the assignment. They are going to be surprised by my fee. lol

I have been requested to do a historic home also, and I am on the fence. I too have done odd difficult ones. But this client did not come upfront with me. She said that she is going to use it for her own dwelling and then later told me that she had already had clients wanting to use it for meetings...................SO?, it this going to be used for commercial purposes? "What do you mean?" she asked "is that bad?". For me, with this kind of complicated assignment, at least be honest. She is going and doing this with some mortgage guru, which I think he is full of it, reminds me of those late night "YOU ALSO CAN! be rich with real estate" type mentors. I think she has been hiding some facts form me and that make me feel uneasy. My sixth sense is kicking.

At the same time what does one charge?

 

[hastalavista]

Al-

IMO you couldn't charge enough to work with a client that is misleading you.

 

[RustyLingerfelt]

Ok,
the very first thing I would do is get the book,
Historic Properties Preservation and the valuation process 3rd edition from the AI!
next -read it.
you must establish a whole section of facts before you can start to value the subject.

Texas does not seem to have a tax incentive for historic type propertys.
I would find out what makes it "historic" for real or just in someones mind!

You first step with the propert is "to accurately understand its physical and functional qualities." Identify its style- palladianism, federal period, greek revival, gothic revival, industrial era, shakers or victorian????

Complex is just the start of this appraisal! The valuation process is very complicated!

Some questions:
what is the significance of this property to the history of the United States

What disignations does the proeprty have?

Is the property solitary, or is it one of a grouping of historic properties?

Is the property eligible for historic rehabiliation tax credits or other tax credits?

is the property eligible for grands, low-interest laoans and other benefits?

Will the rehabilitated property benefit from heritage tourism?

many more!

get the book!

Rusty