Multimillion dollar appraisal tips

[Richard Carlsen]

I've done 3, $1MM+ homes so far this year.

You want hard, try finding $1MM+ comps in northern Michigan. The last one was as interesting as they come. The house was situated on a 20-acre parcel with 18 of the acres having been put in a nature conservancy. All of my $1MM+ house comps are located on either inland lakes or have Great Lake frontage. My justification for using the GL frontage houses was that the frontage is nearly all view with some beach usage but no boating, etc from the frontage. (Plus they were all that I had). Try putting a dock out on Lake Michigan and the storms will sweep them away fast.

Fortunately, most of the comps available were newer construction so I didn't not have to worry about the age factor.

 

[Oregon Doug]

Before I became Oregon Doug, I was a SF appraiser and did several larger homes in SF, Hillsboro, Atherton & Palo Alto along with a few down along the 17 Mile Drive and other such places.

It was not uncommon to have to use comps from Woodside, maybe one up in Marin or even down in Montery when it came to such large homes. I remember appraising a home in Tiburon using a similar waterfront comp in the Seattle area. Sometimes, you have to go a little farther afield to find comps.

I've done quite a few celebrity owned homes throughout th Bay Area and don't think that celebrity ownership has a profound impact on value but - depending on the celebrity - it may have some. It needs to be addressed individualy.

I got to appraise the home in Berkley that the FBI shot up in their battle with the SLA. After the home was repaired, the owner kept the front door jamb with three bullet holes in it. Back in those days, I figured each bullet hole was worth about $1,000.

I love this business!

Oregon Doug

 

[bradellis]

Pay attention to plumbing and water availability. My northern CA friends tell me they often see redeveloped homes that have limitations on the number of baths and types of toilets.

Two million homes with one bath! Typical purchasers? Very DIRTY people!

Brad Ellis, IFA,RAA