Model home 2 years old sold as never occupied

[Dublin ohio]

Haha! Careful - you're getting pretty good at the sidestep.

One step at a time. Cross each bridge as you come to it. You have determined that the "newer" home has been sitting vacant without adequate upkeep. Next step..................

 

[alebrewer]

One step at a time. Cross each bridge as you come to it. You have determined that the "newer" home has been sitting vacant without adequate upkeep. Next step..................

Fully agreed. My point was that the C1 rating is not so clear cut as some would like to believe. To wit: if a home has been built for a while, but hasn't been lived in, and HAS received adequate upkeep and maintenance - it still qualifies as C1. Problem is - there is no definition for what 'adequate upkeep and maintenance' consists of. As I've said all along - it's up to the appraiser to use reason, logic, and common sense in applying what he/she thinks is the most appropriate condition rating given the condition of the property and the promulgated definitions. Then - explain to the user(s) WHY that condition rating was chosen. As a past peer investigator for the Texas board - I assure you, if the reasoning makes sense, it's not an issue a state board is going to pursue.

Example: home is a year old, but has all hardwood and travertine floors. The plumbing has been off for most of the time, and the home is in a very moderate climate with no extreme weather. When the appraiser walks in the home it still 'feels' new. Depending on the argument built, the appraiser could make a strong argument either way. Again - explain what you're doing and why, and make sure you're comparing apples to apples.

To Surf Cat's point, it really does make it more challenging when the subject is in that 'between' stage - it's not really new construction, as it's a year old, and it's not really C2 because it still fits the definition of C1. How do you quantify market reaction? Just take the average between what C1's and C2's are selling for? Rhetorical question.

 

[Mark K]

AMC: Vendor to comment as to their assessment of the subject property's condition of C2 when 2 previous peers have determined C1.

That's easy. Everybody knows that some new homes are newer than other new homes.

 

[Surf Cat]

That's easy. Everybody knows that some new homes are newer than other new homes.

You pulled a Kamala!

 

[mp2277]

"The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new and the dwelling features no physical depreciation."

Specifically says, "have not been previously occupied". Call it a C1 and explain/comment if there is any notable physical depreciation. I know, "....features no physical depreciation", but how much if it has never been lived in? Enough to have an affect on value? Besides, no other classification fits.

A model home has to an extent been occupied. Usually a sales person's domain with a working office. Probably a good deal of traffic, utilities and mechanicals used regularly, yes it is definitely C2. Doesn't mean there is necessarily an adjustment. Call it C2 , comment and move on.

 

[mp2277]

You pulled a Kamala!

I guess you prefer " a big beautiful new home, you know they tell me, you know smart people like I associate with, tell me new homes are new, except my new homes, they're newer than new, like big, beautiful, new, not like other new homes, ya know new and Putin, I tell ya his homes are really new, like high tech new, like hidden cameras and stuff like he used to film me doing water sports and scat play with Russian hookers, you know and they say he did but he really didn't Russia has fake news too till they kill them like we should do and ya know it's like those Jeffrey Epstein files, they want to declassify them but I say no there's a lot of fake stuff there. Yeah, new homes, big new homes and Kamal is weird all those fake crowd pics, even Martin Luther King's crowds were smaller than mine and all he did was preach freedom and equality but they say I tried to overthrow the government... but new homes are new..."

 

[J Grant]

That's easy. Everybody knows that some new homes are newer than other new homes.

Or, as the saying goes, everybody is created equal, but some are more equal than others.

 

[JTip]

If the home had a #2, then it is C2.

 

[Tom D]

The builder has rented his own new house to the business as a sample & office for X amount of time. There were tenants in it for X months/years.

 

[Fernando]

Years ago I appraised this few years old newer home. Owner hardly lived there. It appeared new and excellent condition.
With due diligence, I reviewed all reports on property. Surprise to see there was some depreciation cost. A new home would have none.