Ray Miller
Elite Member
- Joined
- Feb 20, 2002
- Professional Status
- Licensed Appraiser
- State
- Wisconsin
:? Back to the big brand new log home, with 20 inch logs, 1,589 sq.ft.. Living space, 1709 sq. ft. basement with storm shelter and 2,688 sq. ft attached and detatach garages'. Small village 1/2 acrea lot. To much home for the neighborhood.
Researched my comparable’s, they are 40 to 50 miles away to the north in a recreational area and resort area. Two are well over 30 years old, 715 and 900 sq.ft and are in a rural lake region, setting on acreage, sold for $96,000 and $99,000. The third is one year old, 2100 sq. ft and sits in the center of a four season resort, sold for $250, 000. No comparable’s can be found in the initiate area, of the subject or any sitting on a city/town lot. Other comparable’s can be found to the S.E , 200 miles away or to the N.E. 200 miles. Next to the big city. Different market. There are six log homes in the initiate area on the market but they are not selling, some have been on the market for over a year. Went back as far as two years for sales. None on the books. Spent all day yesterday pouring over the comp books and taking to all the brokers with in a fifty mile radius of the subject. Nothing at all showed up. None on the four MLS systems in that fifty mile area, except what I have.
Found one in the area that was near the size and garage space that was too close on 10/25/02 the realtor said. It did have 35 agriculture acres with it and was new this year. When I got out there the man was really up tight. Because the people had back out of the deal. They found out as I did, that it was a log sided house not full logs. Selling price was $277,000. :evil:
Marshall/Swift brings the property at $300,600 through there auto system and manual calculation. The lender wants no comparable’s with more then a 10% net adjustment or 20% gross adjustment. Right now I am at 26%/44%, 9%/17%,17%/95% on adjustment. :?:
Because the subject is new. Do I bing it in at the Marshall/Swift value? :idea:
Researched my comparable’s, they are 40 to 50 miles away to the north in a recreational area and resort area. Two are well over 30 years old, 715 and 900 sq.ft and are in a rural lake region, setting on acreage, sold for $96,000 and $99,000. The third is one year old, 2100 sq. ft and sits in the center of a four season resort, sold for $250, 000. No comparable’s can be found in the initiate area, of the subject or any sitting on a city/town lot. Other comparable’s can be found to the S.E , 200 miles away or to the N.E. 200 miles. Next to the big city. Different market. There are six log homes in the initiate area on the market but they are not selling, some have been on the market for over a year. Went back as far as two years for sales. None on the books. Spent all day yesterday pouring over the comp books and taking to all the brokers with in a fifty mile radius of the subject. Nothing at all showed up. None on the four MLS systems in that fifty mile area, except what I have. Found one in the area that was near the size and garage space that was too close on 10/25/02 the realtor said. It did have 35 agriculture acres with it and was new this year. When I got out there the man was really up tight. Because the people had back out of the deal. They found out as I did, that it was a log sided house not full logs. Selling price was $277,000. :evil:
Marshall/Swift brings the property at $300,600 through there auto system and manual calculation. The lender wants no comparable’s with more then a 10% net adjustment or 20% gross adjustment. Right now I am at 26%/44%, 9%/17%,17%/95% on adjustment. :?:
Because the subject is new. Do I bing it in at the Marshall/Swift value? :idea:
