Q1 or Q2

[factsandtruth]

Are you serious?

 

[Joe Flacco]

Are you serious?

Yup .

 

[Esox]

Maybe it has hardwood floors?

 

[Metamorphic]

Q1= "Is there's a bigger, better, or more expensive material I can get in place of this one here? Seriously, I've got a lot of coin and I can send my jet to Japan for a toilet seat if that's what it takes. Are you sure we can't resurrect this Frank Lloyd guy...his stuff is the shizzle." You're hiring 1%'er craftsman from around the country, at least, to do a lot of the specialty work. If you can see drywall somewhere a mistake has been made.

Q2= "I've got more money than sense, but just barely." Almost nothing you can touch in a C2 home can be sourced at a home depot and the guys standing around the front looking for work don't have the skills to execute many of the construction methods and materials being used.

Q3=Really nice residential construction. Fundamentally, the materials and methods are no different from a tract home. There's a little more effort on design. Materials can be mostly be sourced locally, maybe not from home depot, but from from a nice specialty store in the next big city over is no problem. The home depot crew can do most of the work as long as they've got competent supervision.

One of the things I check out sometimes to keep my Q1 Q2'er calibrated is this site.

http://www.flickr.com/groups/photographyforrealestate/pool/

Here you'll see some work from top photographers shooting some of the nicest homes in the country.

 

[The Warrior Monk]

FWIW, the only homes that I've used a Q1 rating on have replacement/reproduction costs of four figures per square foot.

 

[Peter LeQuire]

"detailed, high quality exterior ornamentation" isn't a requirement, imo. You can have an plain rectangular mansion with millions in the interior, and a strict adherence to that being a requirement would drop it into a Q3. What about a high end condo on a typical Q4 exterior building. It never can rise above Q4 or Q3? Typically, in SFR they do go hand in hand, but this is a special circumstance where the exterior had to be preserved. With the amount of money he's talking about in interior improvements, this could fall into the C2, imo. It's a possibility....we haven't seen the inside, so that may or may not be the case.

I only know what I read in the funny papers - the Q1 definition says what it says. And, most people who have it flaunt it, unless it's folks like the Vanderbilts who built it so far off the road it couldn't be seen by anyone who wasn't invited.

 

[J Grant]

I've done a handful of Q1 over the years, and in my area the CA tended to range best recollection was $600-$800 a sf but now would probably cost more...these were maybe one house like this every two years so CA is dated by now.

With so many custom details and imported exotic materials, CA is an educated guess. At the Q1 level, some of the cost is so over the top it could be a super adequacy . Not that it matters to the billionaire owner who only uses the masterpiece as a vacation pad a few weeks a year!

 

[Peter LeQuire]

Few owners/purchasers of Q1 properties finance their properties through lenders who will sell the loan to either Fannie or Freddie.

No matter what we as individual appraisers want to think, few appraisers have seen the inside or outside of a true Q1.

Read the definition and consider that "exceptional" to an individual appraiser does not equate to "exceptional" in the marketplace.

While the loans made on Q1 properties don't wind up going to FNMA/FHLMC, there are many lenders (at least in my experience) who package and document their non-conforming loans to GSE standards - including the use of the GSE forms, UAD compliance and all the rest.

And, like everyone in this forum, I hope that you're prevailing in your illness: we all hope for the best possible outcome for you.

 

[The Warrior Monk]

I've done a handful of Q1 over the years, and in my area the CA tended to range best recollection was $600-$800 a sf but now would probably cost more...these were maybe one house like this every two years so CA is dated by now.

With so many custom details and imported exotic materials, CA is an educated guess. At the Q1 level, some of the cost is so over the top it could be a super adequacy . Not that it matters to the billionaire owner who only uses the masterpiece as a vacation pad a few weeks a year!

I recently completed an assignment where the cost/sf was about $1,000. By the rating/definition of Q1, this home is clearly not Q1, but rather Q2, because it lacks the ornamentation.

Interestingly enough, the most expensive home I ever appraised (in terms of actual cost) might even quality as Q2, following the definition strictly. The home costs a few grand per square foot, but it noticeably lacks ornamentation; it's one of those extremely expensive contemporary-style residences with top-notch everything, but overall minimalist in design.

 

[residentialguy]

I recently completed an assignment where the cost/sf was about $1,000. By the rating/definition of Q1, this home is clearly not Q1, but rather Q2, because it lacks the ornamentation.

Interestingly enough, the most expensive home I ever appraised (in terms of actual cost) might even quality as Q2, following the definition strictly. The home costs a few grand per square foot, but it noticeably lacks ornamentation; it's one of those extremely expensive contemporary-style residences with top-notch everything, but overall minimalist in design.

Ornamentation really needs to be taken with a grain of salt. Basically means decorating bling....but the clean all granite wall is a style of ornamentation...a less is more type of art/style of highest quality = Q1

Picasso doesn't have near the details in his art work that Rembrandt has, but I won't classify him as a Q2 artist because of it.