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Long Beach Comp 4 An Attached SFR

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ZZGAMAZZ

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Elite Member
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Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
The assignment is based upon the conventional loan for the sale of a SFR attached to a liquor store.

The zoning is CNR Neighborhood Commercial/Residential with SFR a legally permissible use; and I have a copy of the City Occupancy Permit designating it as a SFR.

MLS Alliance does not appear to have an "attached/detached" search option; and all of the realtors who post on IMRMLS do not appear to understand the significance of the "attached/detached" concept.

I might need to drive busy commercial streets in a search for any addresses and do a part of the SCA "by proxy" based upon historical sales; but want to make sure I don't overlook any current comparables.

Any suggestions would be greatly appreciated.

p.s. I'm basing my competency upon having done numerous assignments of non-conforming SFR--none attached to a commercial improvement--on commercial lots, before I realized that I might not have been competent to have accepted those assignments...
 

Tim The Enchanter

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Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Is the liquor store a separate parcel? So, you just have an external issue? Or do you have a mixed use commercial and residential property? :beer:
 

ZZGAMAZZ

Thread Starter
Elite Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
The store is a separate, adjacent parcel that is attached to the subject, which is an attached SFR on a 3500 sqft lot that includes a parking area behind the SFR. One would think from looking at the subject from the exterior that it's a vacant office/store, but inside it's a relatively "traditional" 2bed 2bath SFR, with full permit history describing "conversion from commercial builiding to single family dwelling," and including a sketch of the improvements, available on the City website.

Complexity notwithstanding, I'm confident that the due diligence is acceptable, pending the availability of appropriate comparables. The IMRMLS search function includes an "attached-detached" toggle, but the 30-40 potential comps are actually detached SFR's. (And I remember from prior searches that realtors aren't aware of the distinction.) I'm sure I'll find appropriate comparables by plodding along but am hoping for insight from the Forum.
 

Jim Kliegl

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May 20, 2004
Professional Status
Certified Residential Appraiser
State
California
I use the reciprocal password for SoCal MLS in that area (offered within IMRMLS in the help menu). I believe the search criteria is far superior to MLS Alliance (you can actually set search within a defined distance as opposed to searching individual Thomas Grid cells on Alliance). I did a condo within the CNR zoning district last week (4th Street). Talk about a grab bag as it relates to property use. Apartments, SFR's, condos, commercial businesses, churches all on the same block.

The whole Attached/Detached issue, and the Realtor's interpretation of it, is a whole different issue. Many of them answer this question depending upon whether the garage is attached to the dwelling. As opposed to whether the structure is attached to another separate structure. Thank goodness for photos on profile. But takes forever.
 

Mike Boyd

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Jan 18, 2002
Professional Status
Retired Appraiser
State
California
See if you can enlist the assistance of the agents. They might have more knowledge of comparable sales because of the unique character of the property. In the meantime, try condos.
 

ZZGAMAZZ

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Elite Member
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Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
CW kicked back my report because "we are unable to determine whether the opinion of value is appropriate because of a lack of comparable data," because the property is complex and because it is still listed as commercial on NDC.

Now I decided to drive all of the busy mixed use streets in Long Beach, looking for SFR's attached to commercial buildings, and then cross referencing them with NDC and MLS, after the fact, in order to conduct a subsequent "proxy analysis" as described previously on the Forum.

Problem I now encounter is that the SRF's attached to commercial buildings typically are located on the same lot, and there is no way visually to tell where one lot stops and another starts.
 

ZZGAMAZZ

Thread Starter
Elite Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
I tried to find help from appraisers in Long Beach, but according to the OREA "Find an Appraiser" website, there are none in Long Beach. Bet that would surprise a lot of appraisers. Has anybody tried to use the OREA search function recently? For the past couple of months the text fields are behind the search parameters...kinda like a dyslectic database...
 

ZZGAMAZZ

Thread Starter
Elite Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
Finally the Forum Let Me Down !

The Forum abandoned me on this thread, unalbe to provide insight into SFR's attached to an attached commercial buliding.

Consequently and with the lender's blessings I am including a SFR attached to a commercial store that sold approx 4 years ago, and some relativley recent sales of SFR's attached to other SFR's on adjacent parcels, in near-by Carson.

Twenty additional hours of on-line research and driving back-&-forth along the commercial corridors doing the "reverse property search" as it will now be named: first looking for a property with the desired physical attributes, and subsequently researching the property for prior transfers.

Success via proxy--thanks to the Forum!
 

Randolph Kinney

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Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
Sorry to let you down GAMA. However, you have the absolute weirdest appraisal assignments next to Greg Boyd and Ray Miller. I can't help you there. Sometimes you have to create your own solutions because no one has anything just like yours.

I had a class in appraising odd balls. The example was a land sale to the state for a park. There were no sales in the area for more than 50 years to the state and nothing specifically for a park, ever. The solution? The appraiser went around and asked Realtors what they would list the property for and also asking appraisers the method or technique they would use to determine value. It was all opinion of other professionals and that was accepted as a valid technique for determining value.
 

ZZGAMAZZ

Thread Starter
Elite Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
RK: I actually tried the "professional opinion of local market participants including peer appraisers" in the original report but u/w didn't buy into my approach. Also, none of the participating agents appear to have given any consideration into finding appropriate comparables, including the listing agent who didn't bother even responding to my messages. I've always poo-poo'd others who sought advice in the absence of comps because I figured that they just weren't looking hard enough. This time I went back 3 years and actually found a perfect comp--similar GLA, almost identical adjacent commercial building, the SFR sale was list on MLS, and sold in Dec of 2006. It would help considerablly if the MLS "attached" properties were actually attached in the appraisal sense of the word. Now that the MLS sites are collapsing, it is hoped that the best of each will be available in the new site. I visited one of the local MLS shops a few days ago. The rep wasn't sure but she thinks it will cost me about $500 a year to have my own fob rather than to share it with my mentor who doesn't like to start work at 4 a.m. Others on the Forum think that the personalized MLS system will run out the skippy appraisers. As far as I'm concerned it's just another nail in the coffin, although admittedly a legitimate foil on the part of MLS.
 
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