Q1 or Q2

[J Grant]

Q2 imo from info provided and ext photo. The high quality interior might rate Q1, but exterior though has costly materials is plain and not charming architectural appeal as one might expect a restored barn to be. What's up with that ugly deck...based on what you are telling me of interior , that sounds sensitively done with attention to detail and imported high end materials making the whole a Q2 .

 

[glenn walker]

Maybe this is why Fannie Mae is going to (CU) or Collateral Underwriter system at the end of January 2015. (PLEASE READ THE DEFINITIONS) of construction quality.Then also think about what kind of marketability this type of property has. PLEASE READ THE FANNIE MAE definition of quality ratings and Condition Ratings. If you still want to rate it as a Q1 or Q2 then God Bless You but you may want to consider a good contractor , MAI and Real Estate Attorney for your defense.

 

[Deleted member 128537]

Functional Obsolescence? 3 bedrooms 3 1/2 baths. The layout is just like any other house. In fact the layout is very functional. Each bedroom has it's own bath. The layout is an open concept floor plan which is great for entertaining. It has infloor heating with a forced air furnace for upstairs if needed. This house will easily out last any other house in the area with the reinforced concrete floors, walls, etc. The architect did a great job of making this historic barn into a house. It cost a fortune to do, but it is a one of a kind house. And in Door County where I appraise it is the kind of house people from Chicago would buy for a second home. Plus it overlooks an orchard. The only hit I would give it is they don't have a garage. But there was a 2400sf house on 6.7 acres that just had a carport (detached) that sold for 720,000 that sold just over a year ago in the same area.

 

[Deleted member 128537]

Q2 imo from info provided and ext photo. The high quality interior might rate Q1, but exterior though has costly materials is plain and not charming architectural appeal as one might expect a restored barn to be. What's up with that ugly deck...based on what you are telling me of interior , that sounds sensitively done with attention to detail and imported high end materials making the whole a Q2 .

That's where I am coming down. Plus people have to understand this is Door County Wi. People from Chicago love these types of unusual historic homes. You should see what people from Chicago pay for old farm houses here! Just had an old log home (late 1800's) with 2000sf on 10 acres sell for over 600,000. It has antique written all over it. That's what this is like as well on the outside. I'm guessing that this house will easily sell for over 700,000 because it's so atypical and Door Countyish with it overlooking an apple orchard. Plus on this road it is an exclusive area that we call million dollar road.

For those that are use to appraising in typical neighborhoods you have to kind re-think your approach.

But JGrant I think Q2 is probably the way to rate it. I'm thinking because it's so Door Countyish I will probably take that into consideration as well.

 

[glenn walker]

If the information you have is correct ? Then just step up to the line and just do it and be done. Without physically inspecting the property and bringing a licensed contractor nobody really knows if the property is a Q1 , Q2 , Q3 I would Complete the report and be done !!

 

[residentialguy]

800k in renovation? 700k MV? It certainly is not a Q1. Q1 starts at about 2.5 Million. I probably would rate it a Q2. The barn exterior is not of "high quality exterior ornamentation", imo, but the interior seems to offset that.

Q1 is rarely used. Most cities don't have that kind of housing. Think Q1 when you're appraising on the 5 million dollar road.

 

[Deleted member 128537]

This was an interesting dialogue and experiment.

So here we have an atypical house that has been restored and renovated in a way that fits the neighborhood in a unique way. And we are now having all these various opinions on the Q ratings. Can't wait until the CU comes out.

So how does the UAD fit into rating a home that has an historic or antique quality to it?

I don't think it can.

 

[Deleted member 128537]

800k in renovation? It certainly is not a Q1. That starts at about 2.5 Million. ....probably not even a Q2 as the barn exterior is not of high quality exterior ornamentation.

2.5 million? Where did you get that number?

 

[Michigan CG]

..............Q1 is rarely used. Most cities don't have that kind of housing. Think Q1 when you're appraising on the 5 million dollar road.

I have a hard time finding anything in the rating system that talks about $$$$. My $250,000 house is worth $500,000 in some Chicago suburbs and over $1,000,000 on Long Island.

 

[residentialguy]

2.5 million? Where did you get that number?

LOL..I'm talking construction cost that starts a Q1 rating, and I'm not including land. Exceptional quality costs an exceptional amount of money to build, and that doesn't mean high cost because it's huge. If you don't have 2 million+ in improvements, you're not in a Q1. I just did a home that sold for 4 million. Land was 1.5 million. I rated it a Q2. In places where construction cost are higher, then the costs to qualify a Q1 would be higher.

I'm not trying to insert a price, as there are too many factors that drive price...I'm trying to give you guys an idea of what Q1 means

Here's a good example of a Q1