For background, read the thread on Doozie of an assignment.
If you recall, the assignment, for estate purposes, was for the owners to get an accurate estimate on how much additional value could be attributed to an over-sized granny unit on the same lot as the original house in an average neighborhood.
The property consists of a 15,850 sf corner lot. The lot is diamond shaped with the widest side being the frontage on one street and a long side fronting on the other street. Each house fronts on a street and each look like separtate detached homes. The recently completed granny has 1624 sf with 2 stories while the original is a one story with 1397 sf. The original house was built in 1978 but recently updated and in excellent condition. My estimate of effective age is 10 years. The granny has 1 bedroom a huge hobby or game room, living room, kitchen and 2 full baths, one of which opens to the outside. The original house, although smaller, is a typical ranch style with 3 bedrooms and 2 baths and attached double garage and two very large patios, both of which are enclosed with glass panelled walls. One could be considered an all weather room while the other is more like a covered and partially enclosed patio. The yard areas are separated and landscaping is excellent.
The lot cannot be legally subdivided.
The original house is rented and has been for 10 years to the current occupants. The 1/3 owner (tenants in common)are both retired school teachers in their 70s and are seeking the value in order to insure that another daughter, who is mentally handicapped, will eventually receive a fair share of the estate.
There is nothing similar in the same town. I will be using comps from an adjacent community where there are several tracts of new homes being built that ARE similar except that the grannys are attached.
I will not start working on the report for another day or two and will post how it progresses.
If you recall, the assignment, for estate purposes, was for the owners to get an accurate estimate on how much additional value could be attributed to an over-sized granny unit on the same lot as the original house in an average neighborhood.
The property consists of a 15,850 sf corner lot. The lot is diamond shaped with the widest side being the frontage on one street and a long side fronting on the other street. Each house fronts on a street and each look like separtate detached homes. The recently completed granny has 1624 sf with 2 stories while the original is a one story with 1397 sf. The original house was built in 1978 but recently updated and in excellent condition. My estimate of effective age is 10 years. The granny has 1 bedroom a huge hobby or game room, living room, kitchen and 2 full baths, one of which opens to the outside. The original house, although smaller, is a typical ranch style with 3 bedrooms and 2 baths and attached double garage and two very large patios, both of which are enclosed with glass panelled walls. One could be considered an all weather room while the other is more like a covered and partially enclosed patio. The yard areas are separated and landscaping is excellent.
The lot cannot be legally subdivided.
The original house is rented and has been for 10 years to the current occupants. The 1/3 owner (tenants in common)are both retired school teachers in their 70s and are seeking the value in order to insure that another daughter, who is mentally handicapped, will eventually receive a fair share of the estate.
There is nothing similar in the same town. I will be using comps from an adjacent community where there are several tracts of new homes being built that ARE similar except that the grannys are attached.
I will not start working on the report for another day or two and will post how it progresses.
