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Luxury Residences

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Shan Srivastava

Freshman Member
Joined
Mar 18, 2003
Professional Status
Licensed Appraiser
State
California
Hello,

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

Thank you!
 

rbrienza

Member
Joined
Sep 16, 2007
Professional Status
Certified General Appraiser
State
Colorado
What kind of information do you need? and what part of CA?
 

JRS at OBX

Elite Member
Joined
Jun 13, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
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.

:peace:
 

hglenbetts

Senior Member
Joined
Dec 3, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
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.

:peace:

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

Elite Member
Joined
Jun 13, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
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. :rof: woohoo
 

Smokey Bear

Elite Member
Joined
Dec 8, 2004
Professional Status
Certified Residential Appraiser
State
California
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

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
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

Senior Member
Joined
Dec 3, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
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:
 
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