Marshall & Swift

[dblbogey]

Folks I am checking to see if I am doing this right or not.

Using Marshal & Swift on a split level house are you using the total of the finished square footages or are you using above ground and adding for finished basement in your cost approach.

For areas where the MLS always reports these together, do you break them apart in the Sales Comparison or leave them together and explain.

I see these so rarely I am now questioning the way I am doing it. i'd like to know how my peers are doing it.

Thanks in advance!

 

[ccooper]

I've trained my appraisers to use the split level calcs on the above grade area and to use the basement calcs on below grade area for the Cost and Sales Approaches. Since we have generally hilly terrain, our split levels generally don't even allow for an egress window on the lower level on 2-3 of the 4 walls. This to me is below grade/basement area for calculations and grids.

I have reviewed other appraisers who placed all the square footage in the above grade row of the Sales grid. I don't think this it technically correct if the area is below grade, however. Consistency and disclosure is the ultimate answer.

 

[challenger]

I have also had this problem occasionally. In my area there are very few homes that are split level, due to flat terrain.
If the local realtor association, county property appraisers are considering this living area and the market is considering it living area. Isn't this the markets reaction. Also how are you determing the basement area on the comps if is not broken out by the realtors or county property appraiser. I would treat it differently from a cost perspective. The cost to construct is different than a single level home and should be reflected in the cost approach.

 

[Thomas Fiehler]

Rick-Why do you care how the MLS reports GLA. I do hope you measure the house and not use published data.

 

[Michael Tipton]

Contact Technical Support

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Call:
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[Mike Kennedy]

Post a pic Rick. (hey that rhymed). (a wide variety of Split Levels exist)

 

[dblbogey]

Rick-Why do you care how the MLS reports GLA. I do hope you measure the house and not use published data.

I don't generally measure comps!