Outdoor Kitchen

[maryalice]

How do you determine the value of an outdoor kitchen when it is atypical for the s/d? No comps can be located in the s/d, or within 2 miles of the subject. Matched pairs, not an option. Subject is 2300 sqft, pool, 20,000 sqft lot - typical size lot for most s/d in my area. Guidance please. What adjustments should be made and for how much?

 

[PropertyEconomics]

Maryalice .. can you expand your search area by a bunch and find anything similar?

 

[RSW]

I believe they have a lot of them in Guam!

 

[Greenback]

At your discretion - contributory value - if not considered an over improvement. Site improvement (not attached?).

What would you consider to be market reaction?

I just noticed that you are in Louisiana (at least you know that they aren't rare here). Good luck with your valuation

Sincerely,

 

[Greenback]

How big is the out door kitchen?

May I ask what town the subject is located in?


Sincerely,

 

[Greenback]

Do any of your comparables have a small shop with electricity?

Sincerely,

 

[Terrel L. Shields]

What kind of "kitchen"? The most probable way the market would look at it would be some value less than cost less depreciation. If it cost $10,000 and there are no comps, a cost related adjustment is about your limit or a great big stab in the dark...maybe something similarly rare; big rock entryway, large fish pond, outbuilding. What do they add? probably something less than 50% of the cost. A pool house /sauna comes to mind and most I have seen might add no more than 25% of their cost.

 

[Frederick]

Clearly the market sees no need or desire for such a feature in this area. The lack of comparable sales over a number of years and a broad geography provide evidence of it being a superadequacy.

 

[airphoto]

Is this the only kitchen?

 

[Mike Boyd]

Clearly the market sees no need or desire for such a feature in this area. The lack of comparable sales over a number of years and a broad geography provide evidence of it being a superadequacy.

I agree with Frederick. I would consider it to be patio area. With the elaborate BBQs you can buy at Lowe's or Home Depot....I don't think a outdoor kitchen is much of a benefit unless you can find direct market reaction to this amenity. No comps = no desire for this type of thing.