two guest houses

[rowdydog]

think of it this way, check with the county assessor, has all the livable area been combined for tax purposes, is this a common practive with you MLS realtors?

 

[prasercat]

Please, please don't misconstrue this as a putdown in any way. You need help on this one. Find an appraiser who is experienced in appraising large, estate type properties in your area. The education you receive will more than pay for whatever amount of money you give to the other appraiser. Best of luck!

David, likely good advice at this point!

 

[Mike Kennedy]

I suppose I really did not know what I was getting myself into, lol. I understand the use of the Cost Approach to derive a value to be utilized in the Sales Comparison Approach as a lump sum adjustment in this case. Obviously I am not going to be able to find a comparable with the same number of accessory units that have the same GLA. In terms of functional super adequacy, I don’t see the subject being super adequate based solely on its design or layout and the division of the total living area into small rooms or units accessible only from an exterior courtyard. In terms of total GLA, the subject is at the higher range for the market; however, I was able to produce a sale of a property approximately 1/3 mile down the road that had around 3,000 square feet on my subject. My point is that custom homes with a large GLA are typical of the area. My subject is located within a suburban area with conveniences to every-day services or amenities. I would not understand the use of comparables located in different counties given the locale of my subject. And I also understand that extensive narrative analysis is needed; however, in this case it will be in the way of a large addendum as the assignment is a summary appraisal report.

Considerations:

Is this a mortgage financing assignment? GSE, FHA Guidelines applicable?


What Definition of GLA are you planning on using?

Are there Zoning and Building Ordinances in place?

Do the existing improvements represent a Legal, Legal-Nonconforming, or Illegal Use IF Zoning/Building Ordinances/Laws exist?

 

[Functional Obs]

You know what they say?

Two guest-houses are better than one!