Ranch Or Cape

[HelenTestin]

Ok,

I looked at a house today for my moms neighbor who wants an appraisal done for a refinance.

I pull the town records which indicate it is a Ranch. I go to the house, and sure enough, their are 6 rooms, 3 Bedrooms and 2 baths on the first floor. Their is also a walk up attic. It is kind of small, but does have a windows on each side, very much like a Cape. The attic is entirely unfinished, although, I bet a bedroom could be finished up there.

The 1st floor is 1350 SQ total. I have a house that is similar to it for Comp #1. It is listed as a Ranch on MLS and Public Records.

How would you guys break down this one. Ranch with walk up attic, and go with the Public records, which makes comping it a breeze? Expandable Cape?

I am interested to see what you guys think.

Helen

 

[Rich Hahn]

I assume its 'as is'. I have the exact same sort of deal working now..
As is now. Compare it to other ranch style with similar room count and size. You could mention the attic, but it is still an attic and I bet its cold in the winter and hot in the summer.

Like others say "it is what it is".

 

[Ghost Rider]

For me, it's an expandable cape, and I would use similar expandable capes first, then ranches second......

The realtors in the area here sometimes refer to them as a "cranch"....Guess it's their version of a caped-ranch.

 

[Mike Garrett RAA]

I like to say what ever the public record says. The exceptions can be split level homes. Quite often you see the homes refered to as trilevel with basement when in fact it is a four level. Much depends on local custom.

 

[Randy Beigh]

Helen

The answer will depend on your local area, at least somewhat. If these types of things are common, then find similar ones as comparables.

But, if your area is like mine, then I tend to think of the easiest way to go. The fact that it could be finished really isn't relevant, depending on what the client is ordering. It is similar in utility to a basement, which is to say, it's good for storage. Maybe, someday, someone will expand the area, but that is the same as a basement, also.

In other words, I would treat it like an unifinished basement, measure it and put it on one of the lines as a separate line item and value it as an unfinished basement.

 

[TC]

In my area there are a lot of 1.5 story dwellings that have a walk-up unfinished 2nd floor. I compare those properties to similar 1.5's or ranches with similar square footage.

TC

 

[Greg Hyland]

What is "normal" for your market?

You said it was unfinished.

Should be finished and heated in my market.

Unfinished attic with walk up stairs....sounds like.

 

[Stone]

In my area, the windows have to be a certain size to get a building permit for the attic. That keeps some people from finishing the upper level, since it is one more step and costs $$. I would have no problem comparing it to a ranch of similar age, as well as to other properties with similar attic space. They have the same buyers, for the most part.

 

[Steve Forstner]

What would the finished ceiling height in this attic area be? I've seen people finish attics and have 5 or 6 foot ceiling height. This is not living area.

For now, CYA. Public records say it's a ranch, and any review done on your work will probably mention it as a ranch. (For myself, I would tend to call it a ranch with an unfinished attic space. Otherwise, you have a 1.5 story with an unfinished second floor. Those aren't real common around here.)

Steve

 

[HelenTestin]

I went with the public records and called it a ranch. I found 1 ranch in the area with an attic, and used 3 other ranches that were silimiar in GLA. Sometimes the best motto is too keep it simple.

Thank you guys once again!

Helen