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Tri-level List Price Help

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j.hall0525

Freshman Member
Joined
Jul 5, 2017
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Real Estate Agent or Broker
State
Virginia
I have a 3 bedroom, 2 full bathroom tri-level that is 2,004 sq.ft.
I have very little data specific to tri-levels to compare it to. What else is a suitable comparable? I have attached a picture for a more accurate visual.
 

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CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
in my market area no one even understands the term. no difference whatsoever from a 2-story home of similar size and features. your area may be different.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
In my world we call that a "Split-Level".
Are you counting the basement
(area partially below grade level, and/or it may <also> have a true basement)
in the square footage?
 

j.hall0525

Freshman Member
Joined
Jul 5, 2017
Professional Status
Real Estate Agent or Broker
State
Virginia
In my world we call that a "Split-Level".
Are you counting the basement
(area partially below grade level, and/or it may <also> have a true basement)
in the square footage?

Yes, counting the basement. The basement is entirely finished with a full bath, laundry room and family room with fireplace.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Yes, counting the basement. The basement is entirely finished with a full bath, laundry room and family room with fireplace.

Here we call it a split level.

Compares to a bi-level, or even a two story because of the interior stairs. Don't count the partial basement as GLA. It's still below grade, finished or not.
 

Jim Bartley

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
What else is a suitable comparable?

Other styles with 2000 GLA, 3 bedrooms and 2 baths. You may need to adjust for the Style.
Generally speaking, Split Foyer's are the cheapest (on $/sf basis), then Tri-levels, followed by Capes, Colonials and Ranchers.
So a 2000sf Tri level may sell for 3% - 7% less than a 2000sf Colonial.
 

TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
Yes, counting the basement. The basement is entirely finished with a full bath, laundry room and family room with fireplace.

be careful what you consider living area. in the two counties i cover they are reported differently, and the market views them differently. in one county the lower level is basement, in the other it is part of the living area (which results in more taxes paid too). if going by ANSI standards the lower level is basement and not living area (no matter the level of finish).

in my market the only other comparable properties, according to what the market/agents/buyers actions have taught me as an appraiser, are bi-level houses. these styles of homes are very dated (70s) and do not have the same appeal as a ranch or colonial. there is a large segment of the buying pool who does not want to walk up and down steps as much as these styles of homes require. they typically have longer marketing times and sell for less than similarly sized colonials.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Split levels may sell for less since burglars don't need a ladder to get into the lower level windows. Not to mention stairs, stairs, everywhere you go freaking stairs. No bueno since the 70s.
 

Salty

Member
Joined
Mar 12, 2010
Professional Status
Certified Residential Appraiser
State
Pennsylvania
In my area they tend to sell for less than the typical 2-story colonial. Even if you consider all the levels in the GLA and is is similar to the colonial, the colonial still has a true basement in addition to the GLA. Unless its one of those split-levels with a true or "sub" basement in addition to the lower level that is typical of these homes. I will go back in time up to 2-years if I have to to pull other split-levels. Otherwise, like others have said, I use ranch homes with finished basements and bi-levels. The key, at least for me, is if the split-level has that additional fully below grade basement level I mentioned.
 
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