Living Area Below Grade

[Hall McClenahan]

Here is the rear photo of the reverse 1.5 story

Hall

 

[CANative]

Originally posted by jay trotta@Jan 8 2006, 10:17 AM
(most Realtors in the area use this as a Selling tool)

In Missouri it is a sales term that has recently been used by agents to market a ranch with a walk out basement.

Same here. Good evidence that the market discerns these areas as something different than above grade GLA.

 

[Neil Melby]

Mike,

The best thing that you can do for yourself is to adopt the ANSI standards, then no matter what, you will always be consistent. The argument of contributory value above vs below grade is a separate issue, and borne out by market extraction. In my market, I have to subscribe to two separate MLS services, and all GLA's have to be confirmed at assessor's office, as many realtors add the finished basement GLA to the main level (ranch) property in reporting the total GLA. This is also why it is so important to do the exterior insp. of the comp, you may drive up to what is obviously a approx 1100 sf ranch yet the MLS sheet says its 2000sf, as they counted the below grade level, which contributes at a different amount in most of my market area.

 

[Hall McClenahan]

Originally posted by Greg Boyd@Jan 8 2006, 10:39 AM


Same here. Good evidence that the market discerns these areas as something different than above grade GLA.

Correct

I list the GLA as above grade. Regardless of what the agent claims.

The house in the photo is listed in MLS as 4800 sf 5 br 5.5 bath.

I describe it as a 2400 Sf ranch with 2413 SF finished basement.
there is 927 SF of unfinished area in the basement.

In this case there is an unfinished utility room plus a large storage room under the floating garage.

All the comparables used were listed the same way and I had to identify the basement area by measuring the outside of the comparables. and interviewing the sales agents to see if they had floating garages as well.

A hell of a lot more work and time. And yes it made for some very upset parties when I called it a 2400 SF Ranch. Not to mention comming in $500,000 short of the contract price. (fraud case but we won't go there at this time)

My point is what others said we don't conform to what agents or contractors say but by what the industry has determined to be the correct way. GLA is above grade and anything else is basement regardless of how much is actually there.

Hall

 

[ginna currie]

Thank you so much for expounding on the "reverse 1.5"(sound like a basketball term- he did a reverse 1.5 to the hoop!")

My inlaws have a house like that in Virginia--- never knew there was an exact term for it. THANK YOU!!! We have always discussed(argued) when we get the houses on a slope---- "IT'S A TWO STORY!
The Boss: NO IT'S A ONE STORY!
The lowly appraiser: TWO
The Boss: ONE"

They are going to laugh at me in the office but I LOVE THIS new knowledge.

You people(appraisers)are great!!

 

[Hall McClenahan]

Originally posted by ginna currie@Jan 8 2006, 11:44 AM
Thank you so much for expounding on the "reverse 1.5"

Welcome!
Least I could do since I started that mess
Hall

 

[Michael Geis]

Hey everyone,

Is there a way to see these ANSI standards without being a member? I went to the website and I don't find any information to view without becoming a member. Thanks.

 

[jay trotta]

Hall,
am I missing something in your Photo :question:

sorry, for some reason the Front photo was missing when I first looked - that is Not similar to what I was talking about; but that appears to be of high end quality; significant various roof lines; custom garage doors; inside of similar quality :question: Looks like an expensive house to build - what was the Original Sale price :question:


h34r:

 

[Hall McClenahan]

Originally posted by jay trotta@Jan 9 2006, 05:57 AM
Hall,
am I missing something in your Photo :question:

sorry, for some reason the Front photo was missing when I first looked - that is Not similar to what I was talking about; but that appears to be of high end quality; significant various roof lines; custom garage doors; inside of similar quality :question: Looks like an expensive house to build - what was the Original Sale price :question:


h34r:

Hi Jay!

Not sure. What were you looking for. The photo was posted to answer the question of what is a reverse 1.5 story. Answer a ranch with a walk out basement.

I chose this one because it also adressed the what if the below grade finish is of the same quality as the above grade finish. Answer it is still basement.

Yes it is of higher quality than others of same design. Originally listed for $799,900.00 has been on markert for 649 days and was lowered to $679,000.00 in July 2005. December 17th a contract for $1.2 million was made between the builder and a subject widely known around here for less than ethnical practices. As of todays date it has not sold.

I even have a complete appraisal from another firm valuing it at 1.6 mil. of course it uses 5 listings within 7 miles of subject and no closed sales. Some how they missed the 16 closed sales in the subdivision this year.

Hall

 

[Jim Hill]

I did an appraisal where the home was built on the water so the entire lower level cannot be counted as living area which is the way I completed the report.

The problem is the homeowner finished off the lower level with two bedrooms and a complete bath and together they total about 1,500sf

I wondered why work from one AMC slowed up so I called and and asked what was going on and it seems I killed their deal and they found another appriaser who included the entire lower level in his report and the deal went through.

I even included a statement in my report sent to me from the Zoning Dept. ssying that all living area must be above 13'

I was not happy about the whole deal but they have made their minds up.

Public records did list the entire area as living but it was wrong and when I pointed it out to them they agreed with me.

I explained all this to the AMC but they were not to interesed in hearing it.

Somedays you just can't win no matter how hard you try.

Jim Hill