Outdoor Kitchen

[maryalice]

Thank you all. I agree - the lack of market comps would indicate that the outdoor kitchen is not a desirable feature in the market. Any suggestions for an acceptable comment? I was able to find one comparable, over 3 miles away, 1,000 more square feet than the subject.

 

[Mike Kennedy]

New York outdoor kitchen (couldn't resist, sorry)

p.s. have photos ????

 

[maryalice]

How an I send you a photo of the kitchen?

 

[Greenback]

An idea for a comment:

Due to the lack of recently, similar, sold sales with an out door (utility) kitchen (which can be common for many areas in Louisiana), it was necessary to expand research beyond the immediate neighborhood (market). However, there was no market evidence indicating that demand prefer an out door kitchen comparable to the subject property, as of the effective date according to the additional scope of work involved.

The Appraiser found one sale more than 3 miles away from the subject property, which did have an out door kitchen; even-so, this sale had more than 1,000 (GLA) than the subject property and, not considered comparable. This sale, however, was paired. The location didn't appear to have an affect on market value, but, the variance in size did conclude that the paired sale analysis did not give an adequate read for the adjustment or additional scope of work being discussed.The analysis resulted in a mis-interpretation of market behavior due to the variance in size. The Appraiser added this sale as a fourth (similar) sale in order to show the client the additional scope of work. The analysis portrayed this sale as a similar and not a comparable.

Therefore, due to the lack of market activity (supply/demand), it's our opinion that the improvement (out door kitchen) in question doesn't hold any contributory value as of the effective date. The out door kitchen is known as an over-improvement for the market area (super adequacy).

No adjustment was made.






Mary Alice,

make sure the out door kitchen doesn't hold any contributory value. I highly recommend that you go back and read Mr. Shields' response after taking into consideration all of the replies. Mr. Shields is familiar with Louisiana, as well. make sure there are no comparables that may have an offsetting feature.

 

[Blue1]

"The subject has an outdoor kitchen which is not typical for the area. Market recapture value is limited." You could make a conservative across the board adjustment if none of the comps have an outdoor kitchen or explain it has no real Market value and make no adjustment at all. Remember...Cost does not equal value....Good luck

 

[Terrel L. Shields]

The kitchens I have seen are from a screened in porch with a wood stove that an older lady insisted upon canning fruits and vegetables on. It was about 400 SF. Another was a separate building, not much finish and with a commercial sized stove, wash basin, and used for the same purposes. The rear of the building was an insulated building used to store the veggies... In the off season her husband made a little home brewskis in the kitchen and you really didn't want to shake the bottles very much Mr. Coiner's home brew had considerable kick to make up its lack of flavor.

 

[TEL2002]

When I was in Baton Rouge about 2 weeks ago, my daughter dragged me to a specialty hardware store that had loads of 'outdoor kitchen' equipment. Man, that stuff is pricy. You could easily put 7-10K into the equipment.

Perhaps you can think of it this way. How do you compare two properties with patios when one patio is 12'x12' concrete slab, and the other patio (your subject) is 15'x40', terraced, brick, and with landscaping lights? Patios are like appraisers, some are better than others. Now what's the fancy patio worth...there is the rub.

I suspect the outdoor kitchen is a great item to have for crawfish boils. (Now that is lip smacking good!)

Geaux Tigers.....................

 

[chad hampton]

I wouldn't select a comp outside the subd just because it has an outdoor kitchen, which I'm assuming consists of a sink, stove/grill. It's a minor adjustment in the grand scheme of things IMO. You can buy any just about any home and put what amounts to an outdoor kitchen in it if you have the room.

 

[maryalice]

Thank you!

 

[john mcgrain]

Here in SW Florida a lot of upscale houses have an outdoor kitchen. I mention it as an additional feature in the subject improvements section & make no further mention of it. Never had a callback.