Model home 2 years old sold as never occupied

[Cob]

C1

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.

Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings
provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been
rehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if they
have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without
adequate maintenance or upkeep).
I would call it C1, unless the property did not show "adequate maintenance or upkeep" or significant physical depreciation by the builder.

 

[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.

My point is that even if not occupied, 2 years in the elements will take a toll on the building, thus no longer C1.

 

[Surf Cat]

My point is that even if not occupied, 2 years in the elements will take a toll on the building, thus no longer C1.

Plus.....all the tire kickers trampling through the place opening, closing, pushing, pulling and curtain crawlers drooling.....

 

[Fernando]

Plus.....all the tire kickers trampling through the place opening, closing, pushing, pulling and curtain crawlers drooling.....

It wasn't the inside that had issues. I surprise there was some depreciation on the exterior.
I have to admit subject's area has more fog than other Bay Area cities.

 

[Surf Cat]

It wasn't the inside that had issues. I surprise there was some depreciation on the exterior.
I have to admit subject's area has more fog than other Bay Area cities.

No issues were mentioned by the op with the exception that it was the viewing model with heavy foot traffic and hasn't been lived in for 2 years.

Do you really think with 2 years of heavy foot traffic, no one touched anything? Come on man, you're a landlord, you have rentals. You know what tenants do to a property in 12 months.

 

[Fernando]

No issues were mentioned by the op with the exception that it was the viewing model with heavy foot traffic and hasn't been lived in for 2 years.

Do you really think with 2 years of heavy foot traffic, no one touched anything? Come on man, you're a landlord, you have rentals. You know what tenants do to a property in 12 months.

If I had a choice, I wouldn't rent to families (Fair Housing says can't discriminate). More people in the premise, more things break down.
In a house which owner hardly live in as well as a model home not lived in, can't imagine thousands of dollars needed to repair.
Back to my house, even though hardly lived in the exterior had thousands of dollars in depreciation.

 

[Overimprovement]

Here's a different angle to the question--which one of you would pay EXACTLY the same for this 2 year old house with countless folks having trudged through it....as you would for the house just finished this week, which only had you, inspectors, and the builders inside it? And no one inside it after the final clean?

It's a rhetorical question but feel free to comment. If you would pay less, but would still call it C1, explain your reasoning.

 

[Fernando]

Usually model homes have more upgrades and rear yard landscaped.

 

[Tom4value]

Even though it has not been lived in, the home has been exposed to the effects of weather for two years. The roof shingles, exterior paint, etc. have some wear and are not new.
The physical depreciation might be very low, but it would not be zero, as required by the definition of C1

So how do you get past never been lived in.

 

[Overimprovement]

So how do you get past never been lived in.

Because and is not or. All requirements must be met not just one that you pick.