Resort - Personal Property Valuation

[kathybee]

I am currently completing an appraisal assignment on a resort. The client is also requesting the value of the personal property which includes all the furnishings of four cottages along with misc. items, row boats etc. I have done very little personal property. Please give me tips as to where I might find values and what type of format you use. Thank You!

 

[nstanbru]

You might want to consider contracting with an appraiser that does personal property valuations to handle that part of the process. I would suggest checking with a local ASA member which you can most likely find through the ASA web site.

 

[kjablonsky]

You might consider contacting a member of the International Society of Appraisers in your local area. They are all personal property appraisers.

 

[Terrel L. Shields]

Furnishings are difficult to value and normally are valued differently "in use" than "in exchange" in that a vacant resort the furnishings may not bring 10¢ on the dollar of cost. In an on-going concern they are more likely to be valued at 50% or so...the old "Lightbulb" rule. After a time, you replace such items as they are damaged or broken. Hence, at some point not to far in the future, half of the improvements are less than 50% "used up" and half are more than 50% used up. Any such items - replacement cost - can be found on commercial or retail prices on line or in store catalogs.

You are valuing a resort, so you are valuing an on-going concern (unless it is vacant) and thus, you best read up if you don't understand that clearly. You can (and will have to for a bank) allocate the values between land, improvements, fixtures, personal property, and the BEV. The bank is only going to lend on the real estate portion.

 

[Howard Klahr]

The bank is only going to lend on the real estate portion.

That is not necessarily an accurate statement. The bank can and very well may loan on each and every value segment for this property. It will likely involve more than one loan type but there is no restriction as to what the bank may lend on only on the type of loan.

 

[redfish]

Hey, I am personal property appraiser and my client wants me to appraise the house in addition to the collection of Cabbage Kids and Corvettes in the garage. I've never appraised homes, could someone please tell me where I can find a value for homes and what form to use.

 

[Terrel L. Shields]

In a business loan I suppose the whole thing could be lent upon, but the typical real estate loan would limit you to the value of the real estate as I understand.

 

[VolcanoLvr]

Redfish.....

OUCH!

 

[JamesRockford]

Sounds like this is at least two separate appraisal assignments.

One for a real estate appraiser and one for a personal property appraiser.