No Above Grade Kitchen (only An Illegal Kitchen In The Basement)

[Deleted member 77547]

I would explain the functional issue with the floor plan; appraise it as is. See if you can find a sale (no matter how old) with a similar functional issue. Ask the realtor if they are aware of a sale with similar issue (I bet they are!) I wouldn't make it subject to. Note the functional issue, explain that the market doesn't appear daunted by the functional issue because its had several offers and is selling for at or above list. Note how many days it was on the market before people put in offers. Having appraised in Chicago for a long time (until my recent move) there are enough Chicago buyers who wouldn't care....particularly if its a new kitchen.

There is a section of Streamwood and Carol Stream that have raised ranches with kitchen basements only. They don't have problems selling and have similar marketing time with the similar model whose kitchens are on the above grade level. No measurable impact on marketability there.

If this was located in other areas like Orland Park, Oak Brook or Western Springs. Then it would be an issue.

 

[residentialguy]

There is a section of Streamwood and Carol Stream that have raised ranches with kitchen basements only. They don't have problems selling and have similar marketing time with the similar model whose kitchens are on the above grade level. No measurable impact on marketability there.

That would certainly have an impact on marketability in MN. I lived in IL (both Urban Chicago and suburbs) as well, and it is similar housing mindset to the Twin Cities. I find that very hard to believe. I think once you adjust for all the other variables, it will show a price variance. However, I'll bow down to the local geo-competent professional of that market. Do you appraise in Streamwood and Carol Stream, IL?

 

[Deleted member 77547]

That would certainly have an impact on marketability in MN. I lived in IL (both Urban Chicago and suburbs) as well, and it is similar housing mindset to the Twin Cities. I find that very hard to believe. I think once you adjust for all the other variables, it will show a price variance. However, I'll bow down to the local geo-competent professional of that market. Do you appraise in Streamwood and Carol Stream, IL?

I don't find the mindset between Twin City buyers and Chicago buyers to be similar at all! In fact, that was my biggest learning curve between the two areas because they do have different market expectations. Yes, I have appraised in both Chicago and Suburbs solidly for 15 years up until 18 months ago. Yes, I have appraised many of those raised ranches in Streamwood - that's how I know they exist. Just my two cents.

 

[residentialguy]

I shall bow down to you, then.

 

[residentialguy]

I have appraised many of those raised ranches in Streamwood - that's how I know they exist

Could you post a photo and floor plan of one of those? Thx.

 

[Deleted member 77547]

I shall bow down to you, then.

Could you post a photo and floor plan of one of those? Thx.

Sure, I'll dig one up. Its called "raised ranch" in Chicago burbs....and I believe a split level in MN. Basically, the lower level has the kitchen, eating area, family room and bath (and sometimes a tuck garage) while the upper level has living room and bedrooms.

 

[Mr Rex]

As appraisal Gods, we are required to demand an above grade kitchen. Otherwise all of civilization will be overcome by the mole people.

 

[Deleted member 77547]

ok, resguy (and others who may be interested) Look up on Realtor.com, truilia or Zillow 11 Big Oaks Rd. Streamwood or 118 Walnut Dr., Streamwood.

" Raised ranches" (called split entry bi level in MN) with the kitchen located in the basement while the upper level has the living room and bedrooms.

I remember the first one I did many years ago. I walked in and my shoulders slumped when I saw it. Then I went on the MLS and found several others. Phew!

 

[Meandering]

Awe, the heck with it.

It's only an as-is, appraisal.

Call for the whole place to be remodeled to fit appraisal definitions.

Throw the book at 'em.

.

 

[Kitarkus]

I did a split entry liquidation inspection yesterday. The kitchen was in the basement...which was walkout and full daylight. To my surprise, I found a recent distressed sale of a nearly identical dwelling which shares the Subject configuration, identical square footage, and kitchen in basement. Matched pair analysis in this market area indicates no adverse market reaction for kitchen below grade in this split entry style property. My data indicates that this is not always the case...so obviously this is a market dependent issue.