Two story or Raised Basement Ranch

[DTB]

If any interviews a trusted broker or a significant amount of market participants about a house similar to the subject property, their response will be eewwww., I wouldn't touch it with a 10' pole.

To think then that an adjustment for lack of basement when the kitchen is in the basement is...way out there IMO.

Take a look at DOM with these weirdo properties, that's the reality.

 

[TJSum]

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.

Sounds like you have to use those split foyers, split levels and ranches then. Maybe you can come up with a functional or design adjustment from the price differences of when your subject or other bi-levels sold compared with what the other designs sold for at that time. Like I mentioned, in our region, bi-levels do seem to have the least market appeal and therefore sell lower than the other styles. (It could be because of the ski slope like lots they typically sit on and why that design was chosen as it was the only option).

 

[residentialguy]

Sometimes the 3 and 4 level splits will have the kit, dining, liv rm in the lower level. Those are the ones to target. Those are the most similar to the subject, as far as splits go. I would also expand your search area. You have a 2 story on slab. Go further out and find some. A 2 story is completely different than a bi level, unless you can find one with a similar lower level that has kit, din rm liv rm on the lower level.

 

[DTB]

In 1,000s of reports I've had the fortune (good or mid) of appraising 1 bi-level with kitchen below grade (Skokie). It was a HUGE impact.

I spoke with dozens of agents who had properties listed, sold or even expired that MAY have had a basement kitchen. I also asked them for leads of a property with a similar feature-they all lead back to my subject, but 1.

A sale in Wauconda, I believe had the similar setup, I was able to extract a % adjustment-it was big.

Simply ask yourself, if you have no similar setups, is this likely to be perceived as a positive feature or a negative feature. Typically a positive feature will begin to show up more often due to being a positive feature. Negative feature, not so much.You are to be the expert in your market, do you know what people like to buy? Homoginety usually, they also like some uniqueness, but definitely not a one off.

 

[residentialguy]

OP doesn't have a bi-level. He has a 2 story on slab.

 

[DTB]

OP doesn't have a bi-level. He has a 2 story on slab.

That's your description. It's a kitchen in the basement here.

 

[residentialguy]

That's your description. It's a kitchen in the basement here.

LOL...take a 2 story and throw some dirt on the back wall and they now call it a ranch or rambler with the main level on the basement, huh? :laugh:

 

[DTB]

LOL...take a 2 story and throw some dirt on the back wall and they now call it a ranch or rambler with the main level on the basement, huh? :laugh:

nope, they still call it a house with a kitchen in the basement, and run like their hair's on fire.

 

[residentialguy]

nope, they still call it a house with a kitchen in the basement, and run like their hair's on fire.

LOL...I don't doubt it. Funny how each market is different. I was picturing a colonial kinda 2 story backed into a hill. There would definately be a hit for that either way you look at it.

 

[sandpiperapp]

I would like to see pictures of front, rear and sides if you have them.