• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Unique property, need help- Please

Status
Not open for further replies.

Pamela Biggers

Thread Starter
Junior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Arizona
This is a letter my husband has been posting on appraiser related forums. If you have any helpfull information, please let us know.

Pamela Biggers

Hello.

Before I begin, you need to look at the photos of the subject. You
can see them if you click on the url below (or go to
ncvsoftware.com and click on the "Pictures" link on the left-hand
side).

I have the unfortunate priveledge of having a reputation for dealing
with difficult properties. Usually, they aren't really that
difficult, just take some thought.

I have a very unique "house" which was constructed by blowing up
three vinyl baloons, spraying the inside with foam to hold a shape,
and then plastered on the inside.

The overall characteristics are 1-bedroom, 1-bath, stove, 1940s
bathtub (not the nice claw-foot ones), about 1100 SqFt, and a wood
stove. The home is located in the desert south of Tucson, Arizona.

It characteristics would not be recognized as being a home as the
market seeks no less than 3-bedrooms, one bath, and generally more
than 2k SF, even for manufactured housing. Most site-built housing in
the township (36 Sq Miles) are custom homes ranging from 2k-5k SF and
generally would be considered as high-end housing. Most manufactured
home in the area range from 2k-3k SF, and generally are top-of-the-
line ranging in retail (personal property) price from $100k to $175k
for the improvements alone.

Without going into great detail, I know that there is no market for
the subject as a single family residence and that a potential buyer
would treat the subject as a whole as little more than vacant land
plus a really nice/unusual workshop.

Problem is, I can usually prove this. Usually, I can find a similar
property from another market in a similar situation and extrapolate
the data. However, in this case, I can't find a sale in the last ten
years of a similar property in Arizona.

If any of you can help me find a similar property, and then sales of
more traditional housing in the same market, I'd greately appreciate
it. I don't care about time..could go back 10 years if you want.

For that matter, if you just want a good laugh, go take a look at he
photos. The underwriters and several review appraisers throughotu the
country are already having a good laugh at my expense (I sent them an
advanced look at the property so they could see why a 72-hour turn-
time was not feasible). One review appraiser asked if the subject was
located on the moon. Others just laughed hysterically.

John-David Biggers


[www.ncvsoftware.com/pics.htm ][/url]
 

rtubbs

Junior Member
Joined
Jan 15, 2002
If it wasn't for the center structure, I would say that it reminds me of Dolly Parton.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
There is a similar style property in Hillsboro (sp?) San Mateo county, CA... It is however significantly more elaborate than your subject and in a VERY different (very high end) market.

It is at least the same general eerrrr... style?

That home has gone through several gyrations ranging from derelict repo to prize home. It leaked for many years. Not sure of address but if this would be of any help I can find out more for you.

Good Luck.
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
Why can't you rely on the cost approach for this one? The market approach is not applicable given the lack of sales data... or market for that matter.

What gives the buildings their structural integrity? is it the arch of the dome shape or is there reinforcement in the foam or plaster?
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
That's pretty weird. :lol:

Wish I had some better help than to say, Good Luck. :wink:
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
Dear, dear. What a problem! Well, I wouldn't go with the cost approach, as it is likely to be much higher than what a buyer would pay. (That's assuming you could find a buyer!)

I almost didn't post this as it sounded too tongue in cheek, but..... Have you thought about contacting the folks at HGTV? Their 'Extreme Home' program has to have some pretty wierd submissions that don't get aired. The picture almost reminds me of one of their segments a few months back that an artist in Mexico had built. It was about 900 SF, one bedroom, and in the shape of a sea shell. It's a wild stab, but you never know.

I look at that photo, and re read what you've stated about your market, and all I can think of is 'Desert Tumor'.
 

jt

Freshman Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Pennsylvania
It certainly is of a unique design, but not all THAT unusual. As long as it is structurally sound, is of a legal conforming use and functions as a residential dwelling, including utilities, I would agree with Frederick, do the cost approach. In addition, I surely would consult with the manufacture; maybe they will give you the location of other similar dwellings.

The person who had it built, just may have created a market. Since the neighborhood is of large three bedroom dwellings, it may have additional value due to scarcity; is there demand for a one bedroom house of unique physical characteristics?

Also, it may be just what I’m looking for, what did it cost to build?
 

Ted Martin

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Kansas
Looks to me like a round, one bedroom, ranch style home. At least that's what it would be described as on our MLS. If it had square corners would it bother you as much, or is it that it's only one bedroom? You might take a poll of local real estate agents / brokers and get a feel for an extended marketing time adjustment. There is a buyer out there for just about every property, but some times it takes longer to get the property and the buyer together.
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Looks to me like a screwed up situation with a very narrow weirdo market. New-age lunatics foisting their space age visions on the market, and expecting that everyone should share their affinity for Star Trek. I believe you've got serious functional depreciation here. Hey, I'm all for progress, but when John & Jane Doe are looking to spend their hard earned money for a home, they usually don't want to live a in a roadside attraction.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Umm Dave:

I am quite sure that John and Mary Doe thought they were building the dream house of thier life, and probably never intended to leave....


orr were too stupid to even consider that thier hard earned cash expendature might not appeal to anyone else int he world...

I am with Ted, there will be a willing buyer ...eventually... some day. Protracted marketing period is however quite likely. Square pegs are hard to fit in round holes :lol: :lol: gotta find one with the corners shaved off a bit :!:
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks