Unique Property Appraisers

[Pittsburgh Pete]

LOL,
Actually Presumptuous Pete, He did not say anything of the sort. While that may be the case, it also may be the case of looking for advice to help him complete it, which is how I understood it.

Anyone that stopped me from doing something I'm not supposed to do, I would be very grateful for Mr Helpful's help.

You assume he's doing something inappropriate; I assume the opposite.

 

[Mile High Trout]

Interestingly enough, those types of properties are oftentimes grouped separately in various data source locations. A castle is not your typical home.

You'd expect to reach back 5 years or more and a regional search with accompanying long form cost approach.

That's a several thousand dollar job, to be certain.

Before the AMC nonsense, I had assisted the appraisal of many multi; mils in Telluride. Appraised famous peoples housing and all.

Comps regularly went back several years and even out of county.

Since the AMC explosion, I have no interest in completing jumbos for penny change. Get what you're worth on orders like that, and perform them with exceptional aptitude and experience, or don't do them. Those multi mil homeowners are highly astute investors a lot of times and they expect more, and have more resources to challenge what they feel may be errantly derived valuations. Just food for thought, that castle is the big leagues appraisal you don't take on lightly. We used to partner with other appraisers, specialty castle/mansion sale mb's and Realtors to get those jobs done. Turn times were typically two months on many of the tough ones.

You need a strong base of continued full fee orders before you ever touch an appraisal like that. Records and research alone could ring in the hundreds.

 

[residentialguy]

You assume he's doing something inappropriate; I assume the opposite.

Your assumption above is wrong. If I had made that assumption, I wouldn't have asked. :laugh:

 

[Mr Rex]

http://www.sothebysrealty.com

http://www.luxuryrealestate.com/

http://www.luxuryportfolio.com/

 

[Mile High Trout]

If he's taken this job for 5 or 6 hundo, I'm going to fall out of my chair laughing.

Still trying to have the benefit of the doubt.

But I've just got to ask this question: AMC order?

 

[George Ellerman]

There is a property in my area in which a potential investor is interested ... it is very unique, to say the least ... for lack of a better description, it's a castle, a very big one ... off-the-charts custom-built.

Of course, there are no comps in our area for this kind of property and to find anything remotely like it that has sold in the past couple of years would require a regional search, if not a national or international search.

Is anyone aware of an appraisal firm that specializes in these kinds of appraisals? Someone who may already have a database of similar sales?

Yes, I am aware that there are "highest and best use" issues with this property, but the property is so unique that it could reasonably be considered residential or commercial ... very tiny market regardless of use.

Thanks

Did this semi-castle in the mid 80's here in the eastern end of Cincinnati.

 

[Pittsburgh Pete]

Your assumption above is wrong. If I had made that assumption, I wouldn't have asked. :laugh:

Sorry, you didn't assume. That was merely "how I (you) understood it." Watch those hammies--too much backpedaling puts a strain on them.

 

[Pittsburgh Pete]

If he's taken this job for 5 or 6 hundo, I'm going to fall out of my chair laughing.

Still trying to have the benefit of the doubt.

But I've just got to ask this question: AMC order?

Learn how to read--from the OP: "There is a property in my area in which a potential investor is interested ... it is very unique, to say the least ... for lack of a better description, it's a castle, a very big one ... off-the-charts custom-built."

 

[J Grant]

I would think these type jobs are a lot more risky in current environment than in the past.

Imo, as a humble res appraiser but I have appraised a number of high end properties upward of 12 million....if I were not finding sales in the past 2 years in a large regional area , I would hesitate to start taking 3 or 4 year old sales and assuming there is a comparable market for them today. I would look hard at the listings...any of them in contract? On the market for three years or more?

On the other hand, if there is a market and even a few listings are in contract, then an assignment like this might be worth taking on.

Keep in mind that a number of mega mansion owners are defaulting, and that some mega mansions, castles, whatever you want to call them, were built in Florida and Texas for the sole reason of sheltering money from creditors...both Florida and Texas are among a very few states that allow a person to shelter unlimited $ in a homestead property from creditors...which is why Bernie Madoff had a mansion in Palm Beach (but since he was involved in a criminal enterprise, not a regular bankruptcy, the FBI siezed his house in PB )

 

[Thomas Fiehler]

George-Is that the house that Rainman was filmed in? If so, I aprpaised it about a dozen years ago. Nice house but could easily use 1M in upgrades!