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This is the biggest home I've ever considered doing

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Restrain

Thread Starter
Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I have been called to consider doing a 'time is of the essence' appraisal for a home. However, the home is appx. 50,000 SF with two additional homes of appx 15,000 SF each. The home is a full scale replica of Versailles, total cost appx. $50M. I should have all the builder data, plans, etc so measuring is not the issue. The valuation is. The only good comp just burned to the ground and it hadn't sold. I'm figuring national comp search, not just an area search, and a narrative, relying heavily on the Cost Approach.

Suggestions from you Heavy Duty Appraisers out there?
 
B

Bemis Pownall

Guest
heard about that mansion burning
was it really the same week it was listed?
cant emagine your work file for this one, sorry cant help

good luck
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Deffinatly national/international comps.

The only thing I can say is better you than me on that one.

Ryan
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Check with Steve Vertin regarding the cost approach. M&S just doesn't cover this.

Get professional help (psych?) :lol:
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Oh, and by the way, it's a rush. :lol:
Here is an idea, start watching the Travel Channel or Life Styles of the Rich and Famous.

Wow, 8O 8O 8O If they can afford that kind of house, they darn better not fuss about the fee.
 

TEL2002

Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
Back a couple of months ago someone listed a couple of web sites for the BIG MANSE!!! I looked at the web sites and they were interesting and I think they would be helpfull to you.

I'll have to get them off my home computer.

My fee would definitely end in at least several zeros.

Good luck. Should be fun and a challenge.

Terry
 

lafferty

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Try LuxuryRealEstate.com. Fun to look at and wonder what these people do for a living.
 

JeffMann

Freshman Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Florida
The report on the “home” is doable. Under not conditions or circumstances would I take the assignment on a rush basis.

This should be a narrative report.
The fee should be commensurate with the work. My guess is 5 figures prior to the decimal.
The time frame, yours, should be stated and give yourself 1.5X the amount of time that you think it will take.

If you can’t get them to accept the fee and time that you can live with then suggest that they go to another appraiser. At that point I would consider myself lucky.

Don’t put yourself in a box.

Jeff in Florida
 

MARKETVALUE

Sophomore Member
Joined
Feb 11, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
CYA, CYA, CYA

I personally would be excited as hell about the assignment. A ton of work but you should be able to compensate yourself accordingly.

I would think you are looking at atleast 5 trips to the actual site which may or may not include the two dozen meetings you need to have with various parties involved.

Remeber: A 10% mistake on a $50m home is $5,000,000, a 10% mistake on a $100,000 is $10k.............

Make sure you charge accordingly.

Might want to look at contacting your insurance provider. Is a million in E&O coverage going to mean anything for this assignment?

My hair is hurting already thinking about this one.

Have fun and CYA CYA CYA CYA

And oh yeah did I say charge accoringly? For instance if my attorney where to charge me for his services $10,000 and I had two months worth of work tied up into the report say at $6k per month =$12,000 and my expenses were $7500 including possible airfare, hotel accomidations, rental cars, payments for services provided not presently assessable, and I wanted to run my company profit margin at say 10-15% = another $3-$5k all those numbers add up to around $30,000.......Im not saying that is what you should charge or what i would charge but hypothetically if in this situation that figure wouldnt seem unreasonable.

Can you ask for COD?.............Cash?

MRM
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Rstrahan,

You may even carve yourself out a nich by doing this. Consider if these people talk around to each other. Or the Lender gets another mansion like this they may remember you and call you up. Just a thought.

Ryan

P.S. We have Bill Gates house here cost $50M to build though I don't think that it has sold or will sell anytime in the future.
 
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