Main living area is partially below grade.

[shrubberyvaluation]

I'm curious how others would handle this. I am working on a split foyer home. The top floor is just 4 bedrooms and 2 full baths. The lower level is partially below grade and includes a living room, dining room, kitchen, bedroom, and full bath. The lower level is above grade on the left side, the rear, and part of the front. The living room, dining room, and kitchen are at above grade areas of the lower level.

The way the house is set up is more similar to a 2 story than a typical split foyer. Functionally I believe a typical buyer would consider the main living areas above grade and not react negatively to it. Would you report it to ANSI standards and make adjustments for differing appeal of lower levels that are not mostly above grade? Would you explain and deviate from ANSI since the main living areas are treated in the market as above grade despite the level being partially below grade (foyer and bedroom).

 

[Dublin ohio]

I'm curious how others would handle this. I am working on a split foyer home. The top floor is just 4 bedrooms and 2 full baths. The lower level is partially below grade and includes a living room, dining room, kitchen, bedroom, and full bath. The lower level is above grade on the left side, the rear, and part of the front. The living room, dining room, and kitchen are at above grade areas of the lower level.

The way the house is set up is more similar to a 2 story than a typical split foyer. Functionally I believe a typical buyer would consider the main living areas above grade and not react negatively to it. Would you report it to ANSI standards and make adjustments for differing appeal of lower levels that are not mostly above grade? Would you explain and deviate from ANSI since the main living areas are treated in the market as above grade despite the level being partially below grade (foyer and bedroom).

As long as I had at least on comparable sales that had similar floor plan. I would deviate. I have before. Have a neighborhood that actually has a number of homes that are set up like you describe. Have always been able to find a similar sale

 

[shrubberyvaluation]

As long as I had at least on comparable sales that had similar floor plan. I would deviate. I have before. Have a neighborhood that actually has a number of homes that are set up like you describe. Have always been able to find a similar sale

Last sale with a similar floor plan in the community was in 2017. The community is predominatly split levels. I have been searching for a similar floor plan on a split foyer that is relavant as an indicator of market value. Thank you for the help.

 

[TerryRohrer]

Last sale with a similar floor plan in the community was in 2017. The community is predominatly split levels. I have been searching for a similar floor plan on a split foyer that is relavant as an indicator of market value. Thank you for the help.

I would take that older sale, put it in a grid, and adjust sales from that time to it (but similar in configuration to what you have for comps now). If you see a difference from a few, that could be your adjustment. Otherwise, you can opine there is no difference and have a work file to support it.

 

[lostinthezone]

Last sale with a similar floor plan in the community was in 2017. The community is predominatly split levels. I have been searching for a similar floor plan on a split foyer that is relavant as an indicator of market value. Thank you for the help.

In Maryland most agents will list those as a "Bi-level" in the MLS. You'll also see them use "Raised Ranch/Rambler" sometimes. You may have an easier time finding comps if you focus on those search terms. Lacking that, try focusing on two story homes without a basement as a search, that's the other way I've had luck finding similar comps. If you still don't have anything, do a quick analysis of the 2017 sale you found and see if it was affected by it's floorplan at that time. That should tell you whether there might be market resistance to it. Also, think about the function and utility of that area. Does it look and feel more like a basement or an above grade area? Those are some options for doing the analysis...

 

[shrubberyvaluation]

In Maryland most agents will list those as a "Bi-level" in the MLS. You'll also see them use "Raised Ranch/Rambler" sometimes. You may have an easier time finding comps if you focus on those search terms. Lacking that, try focusing on two story homes without a basement as a search, that's the other way I've had luck finding similar comps. If you still don't have anything, do a quick analysis of the 2017 sale you found and see if it was affected by it's floorplan at that time. That should tell you whether there might be market resistance to it. Also, think about the function and utility of that area. Does it look and feel more like a basement or an above grade area? Those are some options for doing the analysis...

The living room, dining room, and kitchen seem similar quality to how they would be on a main level and they feel above grade as you can see outside from the tall windows and rear slider door that they are above grade; however, the right side of the house is partially below grade. How would you use a 2 story without a basement? The GLA would be about double if I use a similar size house (both floors of the subject are the same size), unless I get lucky and find one that is partially below grade on the first floor. Would you just explain they would attract a similar buyer since the lower level finishes are similar and both homes are similar in size?

 

[BRCJR]

Gross Living Area​

The most common comparison for one-unit properties, including units in PUD, condo, or co-op projects, is above-grade gross living area. The appraiser must be consistent when he or she calculates and reports the finished above-grade room count and the square feet of gross living area that is above-grade. The need for consistency also applies from report to report. For example, when using the same transaction as a comparable sale in multiple reports, the room count and gross living area should not change.

When calculating gross living area

• The appraiser should use the exterior building dimensions per floor to calculate the above-grade gross living area of a property.
• For units in condo or co-op projects, the appraiser should use interior perimeter unit dimensions to calculate the gross living area.
• Garages and basements, including those that are partially above-grade, must not be included in the above-grade room count.

Only finished above-grade areas can be used in calculating and reporting of above-grade room count and square footage for the gross living area. Fannie Mae considers a level to be below-grade if any portion of it is below-grade, regardless of the quality of its finish or the window area of any room. Therefore, a walk-out basement with finished rooms would not be included in the above-grade room count. Rooms that are not included in the above-grade room count may add substantially to the value of a property, particularly when the quality of the finish is high. For that reason, the appraiser should report the basement or other partially below-grade areas separately and make appropriate adjustments for them on the Basement & Finished Rooms Below-Grade line in the Sales Comparison Approach adjustment grid.

For consistency in the sales comparison analysis, the appraiser should compare above-grade areas to above-grade areas and below-grade areas to below-grade areas. The appraiser may need to deviate from this approach if the style of the subject property or any of the comparables does not lend itself to such comparisons. For example, a property built into the side of a hill where the lower level is significantly out of ground, the interior finish is equal throughout the house, and the flow and function of the layout is accepted by the local market, may require the gross living area to include both levels. However, in such instances, the appraiser must be consistent throughout the appraisal in his or her analysis and explain the reason for the deviation, clearly describing the comparisons that were made.

 

[Terrel L. Shields]

In the 70s and into the 80s these were semi-popular here. I absolutely loath them. No comps because few sell, they have functional obsolescence as a significant segment of the market does not want to go down stairs to the living room, middle level to the kitchen and upper level to bathrooms and bedrooms. Constantly walking up and down stairs. Arthritic homeowners and elderly don't want them. Young couples with children that could tumble don't want them. Very small market here.

 

[shrubberyvaluation]

In the 70s and into the 80s these were semi-popular here. I absolutely loath them. No comps because few sell, they have functional obsolescence as a significant segment of the market does not want to go down stairs to the living room, middle level to the kitchen and upper level to bathrooms and bedrooms. Constantly walking up and down stairs. Arthritic homeowners and elderly don't want them. Young couples with children that could tumble don't want them. Very small market here.

That must be something else. This is just a 2 level home. Other than having to walk down a few steps after entering the front door to get to the main living areas it functions like a colonial. The last one in the community sold in 2017 with a marketing time of 7 days. There is one bath on the level with LR, DR, Kit, and 2 baths with the bedrooms on the upper level.

 

[Terrel L. Shields]

That must be something else.

One definition is

A split foyer has a separate section on the ground level between the house and garage. so it is essentially 3 boxes side by side. Bi-Level, if you enter and can go up or down. Raised ranch is where the entry is on the main/upper level, and a garage is in the basement.​

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I view a split foyer as where you enter into a space that is either an narrow foyer and must go up or down to access other finished living area. In some I have seen this middle section is normally a kitchen and dinette. Down to one side is living room and perhaps a master bed. Going up (over the garage or other rooms) is bedrooms and bathrooms. So in the foyer you have 3 stairs - up to bed, down to each side. The bi-level is simpler and you enter on one level with only the garage being below grade, but it could be that level 1 is also below grade if on a hillside.​

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