Very Interesting Project But I Need Some Help

[Stephen J. Vertin MAI]

About once a year I get, what I considered a really interesting project. This year Christmas came early. I am appraising a +/-20,000 square foot, 38 room, mansion located of 50 acres in Green Bay, Wisconsin. It has water frontage and is about 3 years old. It cost about $7 million to build. Cost do not include land. The amenities are to long to list. I have been working with two brokers in the area and no comparables exist in Green Bay. I have decided to expand my search regionally. I am looking for anything that is somewhat comparable in Minnesota, Wisconsin, Illinois, Iowa, Indiana, Michigan or Ohio. Next time any of you get on MLS check out your biggest sold homes and send it my way. My fax number is 708-524-8936. Any comments are greatly appreciated because I could really use some input.

Steve Vertin

 

[rtubbs]

Stephen, I know it does't help the mortgage folks or the appraisers but, don't you sometimes think that people buying these types of properties should be made to pay cash for them?

 

[Dave Smith]

Steven:

About four miles from where I am sitting right now is reportedly the largest house in Wisconsin. Locals call it "The Big House." It was completed about six years ago.

According an October 5, 1994 Milwaukee Journal article it has 32,340 square feet of GLA whch includes the indoor swimming pool. It has roughly 4,500 square feet of patio area, a twelve seat movie theater, and the master suite is about 4,800 square feet.

It has supposedly been for sale in the past for $10,000,000 but I don't know if it is still listed or even who had ort has it listed. I was told it has been advertised in the Wall Street Journal. It isn't in our MLS and never has been.

Give me a call at 920-854-2443 if you think I might be able to help you out in any way.

 

[Stephen J. Vertin MAI]

Ron:

I am glad you brought that up. The man who built it, built it for cash. He is a rags to riches story. He started out washing cars and built an empire. His company went public and he cashed out for hundreds of millions. He showed me around Green Bay. Very nice man. He was telling me since he sold his company he is bored to death. He said he has been working all his life. He appears retirement age. The purpose of the appraisal is divorce. The guy was married 24 years. Meet his wife on inspection. She seemed like a sweet lady to. It is a shame. I hate stories like this, but it sure goes to show you money cannot buy everything. Dave, your the man! I will call you tomorrow morning. I have got to go on inspection in a few. Thanks buddy.

Steve Vertin

 

[Doug Walters]

Steve,
The air is very thin at that high an elevation. Have you considered contacting any auctioneers for sales they may have handled in the past few years. The following firm handles luxury home among many other high end items

http://www.sothebysrealty.com/

Good luck with the assignment. Are you going to slip into a smoking jacket and have Jeeves chauffeur you around to view the competing properties :?: Remember, as the appraiser, you must put yourself into the shoes of a buyer for the property type you are appraising. It's the kind of empathy one could really enjoy :!: 8)
Doug

 

[Tim The Enchanter]

you must put yourself into the shoes of a buyer for the property type you are appraising. It's the kind of empathy one could really enjoy

SHOW ME THE MONEY :!: :lol: :lol:

 

[Tony O\'Regan]

Stephan,

Might give this a try.

www.luxury-realestate.com

Use "sold" as your keyword when searching, and you never know what might pop up.

Tony :wink:

 

[Stephen J. Vertin MAI]

Tony:

Thanks, that is a great site. Where and how did you find it?

Steve Vertin

 

[Nancy in Friday Harbor]

Steve,
Another possible source is www.robbreport.com -- they don't show solds, but there are listings and agents.
Good Luck!!

 

[Tony O\'Regan]

Stephen,

Two years ago I did a 4 million dollar appraisal, I searched everywhere I could for some sales, and luckily came across that web site, using "web ferret"


Tony