Two story or Raised Basement Ranch

[RSW]

OK! I’ve been appraising since 1986 and this is the first time I have run into this situation. I have a property that has two levels and according to ANSI it would be a basement ranch or a raised ranch. Here is the layout. The subject sits on a hillside with the front entry being the lower level. The lower level has a LR, KT, DR, ½ Bath and a Garage. The upper level has 3 BRs and 2 full baths. The upper level has an exit to the rear of the dwelling from one of the BRs. The functionality is that of a two story home.
Here is my problem:
I don’t have or can’t find any comparable sales of two story homes (even going back a few years) that can be used if it is appraised as a two story home. The subject property is more reflective of split foyer or basement ranch style homes.
How should I report the improvements on page one of the URAR? Number of stories? Design?
I am going to be using split foyer and basement ranch homes in the appraisal report as comparable sales.
I plan on providing an extensive commentary on what is there and why I am doing it.

 

[Pilgrum]

If you are using "Split Foyer" comparables then I would call the subject the same. Personally I would use something like multi level ranch.
The biggest problem I see is your statement that you are going to use "extensive commentary" to explain what is there. I have always found that less is more and too much verbosity (?) confuses the reader. Even more now that we are dealing with 10th graders that don't know a Victorian from a Ranch.

 

[residentialguy]

OK! The lower level has a LR, KT, DR, ½ Bath and a Garage. The upper level has 3 BRs and 2 full baths. The upper level has an exit to the rear of the dwelling from one of the BRs. The functionality is that of a two story home.

Then it's a 2 story, imo

.
Here is my problem:
I don’t have or can’t find any comparable sales of two story homes (even going back a few years) that can be used if it is appraised as a two story home.

I agree that is a problem, but that has nothing to do with the subject being what it is - a 2 story.

The subject property is more reflective of split foyer or basement ranch style homes.

I disagree....it is reflective of a sunken 2 story on slab.

How should I report the improvements on page one of the URAR? Number of stories? Design?
I am going to be using split foyer and basement ranch homes in the appraisal report as comparable sales.
I plan on providing an extensive commentary on what is there and why I am doing it.

I just did on of these - a real PITA. I ended up counting both levels as GLA and using both 2 stories and adjusting for their basements and Splits with main levels of DR, Kit etc, below grade and counting that area as GLA. Then I put a hit on the designer of the subject. (j/k)

 

[DTB]

Then it's a 2 story




I agree that is a problem, but that has nothing to do with the subject being what it is - a 2 story.



I disagree....it is reflective of a sunken 2 story on slab.




I just did on of these - a real PITA. I ended up counting both levels as GLA and using both 2 stories and adjusting for their basements and Splits with main levels of DR, Kit etc, below grade and counting that area as GLA. Then I put a hit on the designer of the subject. (j/k)

Not again?

 

[RSW]

Then it's a 2 story, imo




I agree that is a problem, but that has nothing to do with the subject being what it is - a 2 story.



I disagree....it is reflective of a sunken 2 story on slab.



I just did on of these - a real PITA. I ended up counting both levels as GLA and using both 2 stories and adjusting for their basements and Splits with main levels of DR, Kit etc, below grade and counting that area as GLA. Then I put a hit on the designer of the subject. (j/k)

There is nothing sunken about it. The first level is on a slab on grade and is not sunken.

 

[residentialguy]

I meant "sunken" in that part of the first level with kit din lr was below grade (built into a hill) and there is no basement below. Is that accurate? "2 story on slab, built into a hill"

 

[residentialguy]

Not again?

Yes...I'm back with my apples to apples comparison, not your apples to watermelon sized comps.

 

[TJSum]

In our area, what you describe is called a Bi-Level. It really depends on what comp data you have to work with and how your market treats it. If you have no bi-level comp data, it could be most similar to a colonial on slab. Then, split levels could be second best to compare with. Lastly, if you have none of the above, then split foyers or ranchers, the reason I would put these last is because of the vastly different floor plans (kitchen and main living area on the upper levels). Can you go back in time or further out to find any other bi-levels? In our region they do seem the have the least market appeal of all the other styles.

 

[DTB]

I just did on of these - a real PITA. I ended up counting both levels as GLA and using both 2 stories and adjusting for their basements and Splits with main levels of DR, Kit etc, below grade and counting that area as GLA. Then I put a hit on the designer of the subject. (j/k)

If that's apples to apples, then you've got one effed up market up there.

 

[RSW]

In our area, what you describe is called a Bi-Level. It really depends on what comp data you have to work with and how your market treats it. If you have no bi-level comp data, it could be most similar to a colonial on slab. Then, split levels could be second best to compare with. Lastly, if you have none of the above, then split foyers or ranchers, the reason I would put these last is because of the vastly different floor plans (kitchen and main living area on the upper levels). Can you go back in time or further out to find any other bi-levels? In our region they do seem the have the least market appeal of all the other styles.

I tend to agree with Resguy. But, with the lack of sales available it is almost impossible to appraise it that way. The subject is located on a small lane with about five homes of similar design as the subject. These homes are not any where near to design of other two story homes in the area. They are surrounded by neighborhoods of mostly split foyer, split level and basement ranch homes. There are some two story neighborhoods in the area but they are much larger and younger than the subject property.