Mid Century Modern question

[CGinMN]

This is a ranch with a walkout, not a two story. If any of the area on a level is below-grade, the whole level is considered below grade. The kitchen and living area being on the upper level supports this.

 

[Mid Century Mod Ohio]

Attached is a guide I utilize to assist in describing the type/style of a house. Sometimes they don't always fit inside a mold. It typically makes no actual difference (in value) what an appraiser calls a home.

Over many years of being an appraiser as well as a real estate broker I have heard the same comment you made.....the appraiser does not appreciate the value in the uniqueness of a particular home.

We do try and compare apples to apples but sometimes we have to compare a Fuji apple to a Granny Smith apple and adjust. A good appraiser will make sensible adjustments that can be explained and backed up with statistical data.

If a home is so different/unique......it can have LESS value than more typical homes. See the "shoe" house. It is unique....but most people don't want it. Unique does not always mean more value.

I would simply call the home in your photos a 2-story or contemporary.

Thanks for the guide. I will take a look tonight.

 

[Mid Century Mod Ohio]

Styles like this are always a challenge in central Ohio. A lot is going to depend "where" in Columbus you are located. Not a large number of homes of this specific style in central Ohio. I have appraised homes with similar floor plans. Just did a purchase this past year that had a very similar flooplan and walkout. Somewhat of a "unique" style as it had what I would call a "commercial" look to it. You are probably aware that school system around here is a major factor. Now the uniqueness of your home could negate some of the school system difference as it would typically appeal to a somewhat more specific market that may not consider school system above style. But location is still going to be a factor. Hope the appraiser you get is familiar with appraising this type property around here. It gets complex.

I am located in Upper Arlington and within walking distance of 2 schools. I have found 5 other similar style homes with similar sq ft in UA. A couple have sold recently which could be good comps. Appreciate the reply.

 

[Tim The Enchanter]

I am located in Upper Arlington and within walking distance of 2 schools. I have found 5 other similar style homes with similar sq ft in UA. A couple have sold recently which could be good comps. Appreciate the reply.

When you have an appraisal, then provide the appraiser those addresses when they are there, if not when the make the appointment. Don't wait until later.

 

[Dublin ohio]

I am located in Upper Arlington and within walking distance of 2 schools. I have found 5 other similar style homes with similar sq ft in UA. A couple have sold recently which could be good comps. Appreciate the reply.

Good location. Even with your style home. Your location is important. Luckily UA does contain a relatively fair number of homes with unique architectural features.

 

[ddnma]

This is very helpful. Appreciate the response and information.

Personally, I would not listen to an appraiser in SoCal (no offense TMG) about styles of homes in the midwest... completely different markets.

 

[Mid Century Mod Ohio]

Personally, I would not listen to an appraiser in SoCal (no offense TMG) about styles of homes in the midwest... completely different markets.

Agree they are very different markets but it helps to hear from different viewpoints. I have lived and owned homes in Seattle and Columbus. They are very different markets but this thread helps me understand different view points for different homes.

My home has precast concrete floors for the upper level, master bedroom that is completely open to the living room and low voltage lighting system. Its not typical for the midwest market at all.

 

[sputnam]

1- Gross Living Area is a standard that is used to describe residences. It is a published standard... although there are variations, all of them have this in common.... Gross Living Area is above grade. In practical terms, that means that if any of the floor is below the outside ground level... it's a basement. It might be well finished and could be as valuable on a $/SF basis as the upper level... but, it is basement.

2- As always, part of the appraiser's job is to locate and verify sales of properties that are the most recent, proximate, and physically similar to the subject as possible. Appraisers don't get to make the sales, we have to find them. Sometimes, there simply aren't any sales that are highly similar to the subject property. When there aren't, adjustments are made for the differences. All adjustments should be supported and ultimately are related to market reaction.

 

[Mid Century Mod Ohio]

1- Gross Living Area is a standard that is used to describe residences. It is a published standard... although there are variations, all of them have this in common.... Gross Living Area is above grade. In practical terms, that means that if any of the floor is below the outside ground level... it's a basement. It might be well finished and could be as valuable on a $/SF basis as the upper level... but, it is basement.

2- As always, part of the appraiser's job is to locate and verify sales of properties that are the most recent, proximate, and physically similar to the subject as possible. Appraisers don't get to make the sales, we have to find them. Sometimes, there simply aren't any sales that are highly similar to the subject property. When there aren't, adjustments are made for the differences. All adjustments should be supported and ultimately are related to market reaction.

Thanks for your response.
For question 1. How are you determining Grade? From an architect it is the average around the dwelling unit. In this case my lowest grade is the lower level and we ramp up to the upper level. In the end it may not matter to your point that the value of the lower level is the same as the upper. Its just strange to look at my house and think its a ranch with a walkout basement.

For question 2. I get that similar homes around us may not have sold recently but if you have to compare my home to a split level (80% of the homes around me) do you give any value to the design. Can you use comps that sold 2 to 3 years ago that are more similar?

 

[TMG]

Personally, I would not listen to an appraiser in SoCal (no offense TMG) about styles of homes in the midwest... completely different markets.

I agree with you. Point taken. I did note that mid century modern homes were becoming more sought after in "some areas". In my opinion, this house still needs similar comps.