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Pool in question

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John Oesterle CA

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Sophomore Member
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Jul 17, 2002
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Certified Residential Appraiser
State
California
:?:
The pool in question is a super custom free form style about 25' long and from 5' to 10' across, mostly about 7'. It varies in depth from 3' to 5'. Across the middle and under about 1" of water is a rock bridge. The rear area around the pool has a stucco wall and two 4' high, simulated rock areas each with a double waterfalls. At one end of the pool is a two section free form spa with double, 1', sheer waterfalls. The surrounding area has very good masonry work and fiber optic lighting. Plus solar. Plus top of the line pumps. All on remote. This Bay Area house (2,100 SF, lot 6,500 SF) and pool is almost new and comps are around $350,000. Retail cost of the pool is $70,000! 8O
How much would you adjust?
 

Dave Smith

Senior Member
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Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Wisconsin
What do comps without a pool say the house without a pool is worth?
What do comps with a pool say the house with a pool is worth?
 

John Oesterle CA

Thread Starter
Sophomore Member
Joined
Jul 17, 2002
Professional Status
Certified Residential Appraiser
State
California
:lol:
Well, typically in this price range pools are adjusted around $10,000 to $12,000 sometimes as high as $20,000.
Paired sales analysis is not much help here as the pool is unique and has a slight problem in my opinion - being only 5-10' wide.
 

Judy Whitehead (Florida)

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Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Here in sunny Florida where we have lots of swimming pools - although usually not that costly or fancy we adjust about 50-75% of cost to construct, although our market does indicate that it doesn't seem to make much difference whether or not the pool is 15 x 30 or 12 x 24 or 20 x 40, etc. In other words, a pool, is a pool, is a pool. The waterfalls, spas, etc. certainly add value.

Your adjustment has to be decided by the market - in other words, homes that sold with pools, how much was the contributory "value" of the pool versus the reproduction cost. But your problem appears to be that you have a more costly than normal swimming pool or perhaps pools are not typical in your area. I would want something to support an adjustment, even if it is on sales of homes with inferior pools.
 

Karl

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Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
this is Y I got one of those Appraiser's that listen to the Mortgage broker & or the home owner, I have what the first post describes. So to be sure the Appraiser got the TRUE value of my back yard I pointed out that THIS IS NOT a POOL It is a WATER VIEW. About the same as LAKE SIDE Property without the PROPERTY TAX. Sometimes the less than ethical Appraiser has a Value, As long as the State allows the Mortgage Co to use whoever the Borrower suggest who am I to protest in certain situations.??
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Karl,

Tell me that was a joke.........

John,

If you cannot find a comparable with a similar pool then it just may be an "over-improvement" and thus, it will suffer some functional utility problems. Ya just can't win...... :twisted:
 

Karl

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Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Like I said I was only a Homeowner lookin to Refinance at a lower rate with the improvements I've made. If there are Appraiser's that will except Mortgage Co's description that I have a Water View ME as a Home Owner should NEVER ARGUE with the KNOWLEDGE of LOAN OFFICER's & PROFESSIONAL's such as APPRAISER's. I NEVER seen anywhere that a homeowner has to devulge to an Appraiser what he does for work. And YES out here the Homeowner can SUGGEST to the Mortgage Co who to use as the Appraiser. WHO am I to ARGUE with the RULES? OH & whenever I buy a piece of property I never tell a Real Estate Agent what I do for work either.
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
this is Y I got one of those Appraiser's that listen to the Mortgage broker & or the home owner, I have what the first post describes. So to be sure the Appraiser got the TRUE value of my back yard I pointed out that THIS IS NOT a POOL It is a WATER VIEW.

I always listen to the homeowner and loan rep (if I talk to them).
Stuff like that goes in 1 ear and out the other. A pool is a pool is a pool.
If that's a water view I've got a small round one in my bathroom. :lol:

And if the yard is flooded, is that a water view? lake front property? Or just a nasty drainage problem? :roll:
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
And if the yard is flooded, is that a water view? lake front property? Or just a nasty drainage problem?

Septic view. :wink:

I have had them tell me that oh, that is nothing.... I just washed the car. Yeah right, with how milky white that water is, you must have scrubbed a good bit of white paint right off that car. 8)
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Time to pump that thing and get rid of the stinky view eh? :lol: 8O
 
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