ZZGAMAZZ
Elite Member
- Joined
- Jul 23, 2007
- Professional Status
- Certified Residential Appraiser
- State
- California
Regarding the hypothetical conclusion of the projectd: Yes & No. I do have one and possibly two comps within an extended area about 2x as large as the actual subject's neighborhood, although the standard in this upscale neighorhood is about 5,100 sf, and the subject GLA will be 7,300 sf, when compmleted. There isn't a sufficient quantity of data IMO upon which a meaningful opinion of the completed value would be based, because of the subject's superadequacy, but the caveat will be that the data is the best data available, and also that the SCA and the CA were considered as being equal in importance, presuming that results of the two approaches dovetail.His estimate would be from cost factors...since he has the builder breakout on what materials and labor costs.
Your estimate is an opinion of 'as-is' value with the cost approach developed 'as-if' complete solely to help derive an estimated deduction for properties that sold fully finished.
Do you have comps that sold similar to what the appraiser understands the final product will look like?
I also obtained a contractor's quote of $900 to provide his professional opinion of the percentage of comstruction completed, advising the client and his counsel that based upon peer advice [per the AF] I am comfortable to provide my professional opinion, although the credibility of my endeavors--which those guys both hope will support their common goal--might be quashed if the original contractor who is pissed because of the BK-based loss of revenue shows up at the BK hearing to call bullshixx on my Opinion of Value--which IMO he can and will do, primarily because once he finds out my estimate, it would take him about 10 minutes to create an alternative percentage, because ain't nobody gonna be available to contest his presentation, actual or fabricated.