Ranking Analysis for Retrospective Appraisal

[Carnivore]

Jim K,

Here ya go I replaced comp #1 with a lessor house.

 

[hastalavista]

Now we are all going to try to extract differences based on the four comps when none of it made any sense to you looking at a large set of data! :laugh:

So, is there a 15%+ location difference between "The Point" and "Stonemarket"?

 

[Mztk1]

Jim K,

Here ya go I replaced comp #1 with a lessor house.

Now as you know Carnivore I don't know NC, so I am only going off what looks like the surface appearance of the report.

Your old comp #1 should probably have been saved as your upper end of value comp. Especially as it is, allegedly, on the golf course. But quality-wise it looks better too. I'd be interested in comparing interior photos of the subject and the sale if they are available in the MLS.

The new comp #1 is likely a good comp for being equal to the subject. It has one extra bath, but is 100sf smaller and lacks some minor outside amenities. But its elevation looks at least more in line with the subject.

Then, perhaps, a comp that is definately - and I mean definately - inferior to the subject should be used. Smaller, equal bath count at best.

Before your comps looked to be "superior", "more superior" and "very superior"; now they are "equal", "more superior" and "very superior".

But that is strictly from my desk, not knowing NC, never having been in the neighborhood, etc., etc., etc.

 

[Carnivore]

Now we are all going to try to extract differences based on the four comps when none of it made any sense to you looking at a large set of data! :laugh:

So, is there a 15%+ location difference between "The Point" and "Stonemarket"?

exactly, now you see the problems I am having. The prices and values are all over the place. This new #1 is definitely inferior from my personal exterior view. Interiors of the comp on stonemarker are not to impressive and the description is plain vanilla. I can see the quality differences. I really dont want to use it , as it has none of the PUD amenities like the others do.

The subject was a model home and it sits in a small gated sub-community to the point. but I would not think of it as a gated community and most people around there see it as a pain in the butt. The interior has been jazzed up with designer stuff.

Currently the subject is listed for $675k and has not sold. The market is soft on non-waterfront properties right now. But this report is not about now, it is about back in better times.

Jim and Denis, I really appreciate all your input. You can bill me when you learn my real address.

Jim, heres the interiors on the golf course house. Its not to impressive.

 

[Mztk1]

That golf course house is DEFINATELY superior. Look at the back view with the angled wall and the five sided roof!
The interior is pretty nice, as far as interiors go. The hardwood is everywhere, they look like all wood 42" cabinets in the kitchen, the French doors, the woodwork, the brick around the fireplace...Are those travertine floors in bath?

I am not with you in thinking your new comp #1 looks inferior to the subject from the outside. I think it looks more equal. It has more peaks and valleys than the subject, but it is boxxy like the subject. The pillars out front are more in line with a luxury tract house than a custom house and your subject looks like a luxury tract house while the other sales look more custom.

There could be value in the gate and the differences in the projects. If you can extract that somehow, maybe your new comp #1 is definately inferior due to location...

Do you have data on how much the market has changed since the time of the first appraisal? That'll give you the maximum it could have been worth based off the list price it cannot sell at today, and that type of data is a viable method for court purposes.

After seeing the back of your old comp 1, I'm guessing you have a downward adjustment to make for quality if the subject interior is equal to it; half of an adjustment down to make if the subject interior surpasses it.

Can you get any sales between now and then from your two separate projects that sold around the same time, were equal, and can help in showing a location adjustment? My guess is "No". That would be too easy.

 

[DTB]

Never having been to The Carolinas, it appears to be a classic case of taking a lower end house (smallish GLA and bath count) and overloading it with bling.

This house will remain at the low end of the subdivision and get lower (% wise) as time goes on. The bling gets worn but the GLA and bath count never grow.

From a Yankee perspective, the subject also has the least appeal of all presented.

Good luck.