Luxury Residences

[Shan Srivastava]

Hello,

Does anybody know where I can find information on how to appraise luxury homes in California?

Thank you!

 

[rbrienza]

What kind of information do you need? and what part of CA?

 

[JRS at OBX]

First you upgrade your license so you won't be exceeding your license limits. Then you receive an order for a luxury home. You inspect the home (depending on the scope required) and consider and develop your approaches to value. Reconcile the approaches. Report your findings.

 

[hglenbetts]

First you upgrade your license so you won't be exceeding your license limits. Then you receive an order for a luxury home. You inspect the home (depending on the scope required) and consider and develop your approaches to value. Reconcile the approaches. Report your findings.

But it's worth more, there must be more work then that.

Oh, and can't we charge more, just because the value is higher??:Eyecrazy:

 

[JRS at OBX]

Oh, and can't we charge more, just because the value is higher??:Eyecrazy:

I have often found the higher end properties to be more complex. woohoo

 

[Smokey Bear]

You talk to a more experienced appraiser in your area, ask them if they'll take you along on the inspection of their next high end home. Ask them lots of questions, help with measuring (which can take more than an hour on a high end home) and do your own sketch along side with the senior appraiser and ask them to share their report with you to compare with the one you'll do for practice. Do this a bunch of times and you'll be competent.

In your area there aren't that many high end homes in most of Sacto except on the riverfront, unless you get over near Folsom Lake and all those custom homes. I did one in Folsom that was a custom home for a Designer's Showcase - ten or 12 homes all built by different builders to show off their skills. (I used to work in your area).

 

[Mike Boyd]

But it's worth more, there must be more work then that.

Oh, and can't we charge more, just because the value is higher??:Eyecrazy:

Yes.....because luxury homes are likely to have more features to evaluate, take longer to measure and inspect. Don't forget greater liability. And, I''ll repeat what one oil company executive stated publicly when asked why gasoline prices are higher in San Francisco than they are in other, less affluent cities........"They can afford it."

 

[hglenbetts]

But it's worth more, there must be more work then that.

Oh, and can't we charge more, just because the value is higher??:Eyecrazy:

Of course the fees are based on scope of work and complexity of assignment, not just the final value.
That's what I get for trying to be humorous after my bed time:new_sleeping: