Q1 or Q2

[residentialguy]

Q2 kitchen vs Q1 kitchen

 

[Joe Flacco]

Looks like about 3,500 SF. $800k renovation puts it at about $230 per SF. I wouldn't consider that to be anywhere close to Q1 construction. Obviously we don't have interior photos but I would bet borderline Q2/Q3 construction.

Edit:

I just read the original post again and there is basement. I would guess about 5,400 total SF. which would put it at about $150 per SF which is probably closer to Q3 construction.

 

[The Warrior Monk]

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.

$600,000 / 2,000 = $300/sf without even consideration of the land and other improvements; i.e., the contributory value of the improvements is less than $300/sf. No way would I even consider a Q1 rating for such a home. I'm currently working on a project where I'm using a Q1 rating, but the price/sf is in the four-figure range.

Where I work, a $300/sf home is only going to get a Q3 rating.

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

I make a living appraising the atypical. :icon_mrgreen:

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.

Without seeing the interior, I can't split hairs, but clearly from the exterior photos it can't be Q1.

BTW, in one of those links I posted, one of those fireplace mantles cost more than your renovation.

 

[residentialguy]

Here's my kitchen. No more than Q3

 

[factsandtruth]

I would mark a Q3

 

[residentialguy]

OP...would love to see some interior photos of that house

 

[factsandtruth]

I would mark a Q3

Because of the unique exterior and interior quality.

 

[residentialguy]

Because of the unique exterior and interior quality.

What are you talking about???

 

[factsandtruth]

This is a very unusual home. It was a barn built from stone in 1920 with a full basement. People bought it and made it into a house. Used very high quality materials inside. The cost to renovate the property was nearly 800,000. I can rate the interior clearly as Q1. But the exterior still looks pretty much like the old barn in terms of the facade. Of course you would never be able to build the outside with these kinds of materials today. It would cost a fortune. But it still looks like an old barn. So to me it's a Q1.5. I have included an exterior picture.

Opinions wanted.

His description above...what I'm talking about.

 

[residentialguy]

It may be a Q2 or a Q3. $800k for an interior renovation can get you some very high quality, easily Q2. Q3 is a nicely upgraded house. My house would fall into a Q3 (see photo of my kitchen above). It's very nice, but it doesn't come close to 800k worth of upgrades in it.