In door basketball court

[J Grant]

Sale was difficult, per broker, and the final price was about $200K less than cost to construct and about $75K less than similar 3,200 sf homes.
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Which illustrates why the cost approach can be so off when it comes to market value...

The 75k less is likely due to the fact that most buyers are going to have to pay to convert the court to useable living space. We had a luxury home here with huge indoor batting cage (pro player owner), I guess some dumb realtor thought it was worth something so the house was overpriced and sat on market forever (eventually went into default, sadly)

 

[Steelers74]

I know of one that sold last summer with an indoor half court in NW Ohio. I think is was a short sale though.
Very unusual amenity around here too. Hard to verify if amenity actually adds value, would most likely be found to be an over-improvement around here.

 

[Deleted member 77547]

Call a couple of realtors who deal with the high end client and see if they have any recollection of a bball court. Also, there are companies who design indoor gymnasiums as well; they may be able to give you some addresses of homes who have them.

I've run across four of five with gymnasiums/basketball court. Two stories with locker room and bathroom, water fountains and a kitchenette with spectator glass overlooking the gym.

 

[tmon43]

So I found a few sales with indoor basketball courts. Of course they are all custom homes. So extracting any adjustment is nearly impossible without nearly completing an entire appraisal on each sale. I've looked at indoor tennis courts, too. I am sooooo tired of this report!

 

[DTB]

I'll venture a guess to say it has contributory value of it's potential increase in GLA, less the cost to frame and finish it into GLA.

i.e. extra foundation area of zzz square feet X $ of GLA square feet minus XX,zzz to separate the levels into basement, 1st floor and 2nd floor.

That would likely return the highest value in the quickest time in the event of a resale.

 

[J Grant]

Best way to (more quickly ) find out how much these indoor tennis and basketball to see if the features contributed (or if they detracted) from value, do a search of sales in the sf footage and area range of the custom home sales you found, of houses without these indoor courts...are (roughly) the prices similar/more or less than the custom homes with the courts? Then you can extract a percent adjustment and apply it to subject and homes similar to subject without courts.

How about marketing time...did the homes with these indoor courts take much longer to sell or sell in similar time frame as homes without the courts (I am assuming the custom homes you refer to are resales that sold through MLS)

These are thankless difficult assignments for sure.

 

[mark young]

Is it hardwood or paved? Also, is court comprised of traditional baskets or net? If net,what about metal chain baskets?
These adjustments should be in the first field on the 1004UAD as far as I am concerned, I am sick and tired of putting these adjustments in a field at the bottom of the grid when they are pertinent for every appraisal I do.

 

[mark young]

Bring on the Flames... I am going to Vegas in 7 hours so I will make sure to check every recent post prior to boarding....if they let me board...wspmfp

 

[tmon43]

Is it hardwood or paved? Also, is court comprised of traditional baskets or net? If net,what about metal chain baskets?
These adjustments should be in the first field on the 1004UAD as far as I am concerned, I am sick and tired of putting these adjustments in a field at the bottom of the grid when they are pertinent for every appraisal I do.

This one is a real mess. The court has the college three point line instead of the more traditional pro three point line. Then to make matters worse they have the NBA restricted zone under the basket. I just know some U/W is going to demand that I find another indoor basketball court suffering frim similar deficiencies which sold in the last three months and located within 1/2 mile if urban, or no more than one mile if suburban.

 

[gwinkler]

We just got a new listing on our MLS, and broker was sure to mention a great feature of the property "New concrete reinforced helipad on top of roof".
That is sure to bring in the buyers.
I pity that poor appraiser.