Newer Manufactured home with old comps

[Zoe]

That is what I'm trying to say. You can paint and do carpet and even reroof, but you paint thin vinyl wall board the homses have very little insulation,.. Outlets just pop out of the walls because they're not even in the studs lol. I know, I rented one many many years ago.

I am hoping they at least consider cost basis to some degree. I provided the manufacturer spec sheet, maybe that will help.

Here is my stance. Those really old manufactured homes are not even considered substitute buyers for the manufactured home you have.

They are just not good comparables. The typical buyer of your subject will not want those other properties. The typical buyer of your subject will be owner occupant.

That same owner occupant would not even consider those old manufactured homes.

 

[Zoe]

Well now maybe if it is setting on the ocean with fantastic view for weekend get away. LOL

Water views and rights have increased more in value than anything percentage wise.

Anyway, I am somewhat confident your subject compares closer to the homes right around it than those way older manufactured homes.

Now you know why I was leaning cost approach.

 

[Zoe]

Just for you OP:

Principle of Progression Definition - Real Estate License Wizard

The principle of progression states that the value of a property increases when more valuable properties are built in the area.

realestatelicensewizard.com

"The principle of progression states that the value of a property increases when more valuable properties are built in the area.

The idea is that if your property is worth $250,000 and is surrounded by $400,000 properties, its value will likely go up."

 

[Zoe]

Always better to be least valued property in subdivision development than highest valued property. Principle of regression works also.

I can spend a million on my house. I won't get it back. Principle of regression.

However, when I get through with what I am doing. It will be north of $500K. Closer to million than further. LOL

Paid for too.

 

[Zoe]

Whoever buys my house will have way more money than me.

They can pretty much have a private estate on 4.5 acres and fence it all in with brick fence and gated entrance.

County tax only. Memphis city taxes are high.

I am in only area in Shelby County that is not in an annex area from any jurisdiction.

Shelby County has like 7 or 8 jurisdictions. Largest County in Tennessee.

Strong democrat in shelby county.

Shelby County always votes democrat.

Blue county through and through.

Trump won't be visiting. LOL

 

[Tiffany Gibbons]

New appraisal meet contact price, which was a 30k difference

I'm relieved, but tempted to beg (or to reimburse them some $$) for a copy of the report just so I can see it for comparison purposes. Maybe I will after closing

It never hurts to ask, they gave you a copy of the one that didn't make contract. Wait till after closing. You might have just gotten an appraiser who knows the value of the extra acreage and the big shop. Some do not, especially the ones that don't do rural properties that often. It'd be interesting to know what the differences were.