Unique Property Appraisers

[Restrain]

There actually is a sale in the DFW area from several years ago. Should be able to use to get a comparison to other custom homes.

 

[J Grant]

There actually is a sale in the DFW area from several years ago. Should be able to use to get a comparison to other custom homes.

This imo represents the problem with this kind of assignment...one sale was found that is 3 years old. How much has the market changed in 3 years? Just because something sold 3 years ago, does not mean it would sell today ( even applying a time adjustment does not truly answer the question). Are unique castles as marketable today, as they were 3 years ago? For that, one must look at the listings, the expired and cancelled ones as well. Many of these type of unique properties are taken on and off the market over a period of years. If all you can get is a sale here and there and no access to the listings, I don't think you can do a marketability study.

RE, sometimes markets for these types of properties are such a unique niche buyer pool, that the sales are not affected by typical market forces, however other times they can be. (which is what the appraiser needs to find out)

Esp as the buyer is an investor, would he not be looking for some kind of return on his money? Vs a private buyer who just fell in love with said castle, is wealthy, and doesn't particularly care if they are buying over market or not (but then again, if they are so wealthy, why aren't they paying cash? Another factor to consider, are most of the sales cash in this market? )

 

[Mile High Trout]

In my opinion, these investors would be better served by

Three cheers for Bill.

That's the meat of it you know. Establishing engagement.

Especially with A-typical, back and forth regarding proper scope definement is necessary and warranted. Almost always leading to a more reliable product.

I had asked about AMC order regarding that very point. One cannot negotiate or alter scope with those companies, so that would have made it possiblyl unacceptable assignment conditions, given the potential complexity.

 

[TrioAppraisals Group]

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


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George,

Just wondering but when you inspected a property like this do you just show up with a pad of paper and a tape measure? Seems like this would be a gem to measure. I have had a few custom homes on multi-levels with crazy angles here in California take upwards of 3-4 hours just to measure. How long did something like that take you? It looks like the whole of the home is on a curve.

 

[George Ellerman]

George,

Just wondering but when you inspected a property like this do you just show up with a pad of paper and a tape measure? Seems like this would be a gem to measure. I have had a few custom homes on multi-levels with crazy angles here in California take upwards of 3-4 hours just to measure. How long did something like that take you? It looks like the whole of the home is on a curve.

As I recall, I arrived around 10:00AM and completed the entire inspection with tape measurements and some 40 pictures around 4:15PM. Had no Disto at the time. It was a sketch nightmare. The owner's wife,a real conversationalist, and three small children seemed to want to follow me to every nook and cranny !
Not one of the better days to say the least !