Unique property, need help- Please

[Pamela Biggers]

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]

If it wasn't for the center structure, I would say that it reminds me of Dolly Parton.

 

[Farm Gal]

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]

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?

 

[Tim The Enchanter]

That's pretty weird. :lol:

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

 

[Caterina Platt]

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]

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]

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]

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]

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 :!: