That is a condo in my community that is different from mine. Mine is a patio/villa type. I have the same amount of bedrooms (3) but 1/2 less bathroom. Mind has all the main living on one level, so it is classified as handicap accessible. That type--depending upon it's condition --is selling up to $240,000. All of those type of condos have totally below grade basements. That one is unfinished. It is really a very different floor plan altogether.
The Premier Online Community for Real Estate Appraisers!
-
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.
Walk Out
- Thread starter LiveJoy
- Start date
-
- Tags
- low appraisal
- Status
That is a condo in my community that is different from mine. Mine is a patio/villa type. I have the same amount of bedrooms (3) but 1/2 less bathroom. Mind has all the main living on one level, so it is classified as handicap accessible. That type--depending upon it's condition --is selling up to $240,000. All of those type of condos have totally below grade basements. That one is unfinished. It is really a very different floor plan altogether.
Also, you will see that there are an assortment of 1 bedroom condos in apartment-type buildings. There are two bedroom, one floor living condos and, as I recall, there are some affordable living units (maybe a dozen) placed throughout the community. There are hundreds of homes here. Some with basements, some without. Some on second levels and some ground level.
Michigan CG
Elite Member
- Joined
- Nov 1, 2006
- Professional Status
- Certified General Appraiser
- State
- Michigan
https://appraisalnation.com/
That is an AMC, not an appraisal company. The actual appraiser is hired by the AMC.
Of course, you're right. That was the title on the appraisal report. I would not feel comfortable putting the actual appraiser's name on the forum.
ucbruin
Elite Member
- Joined
- Mar 11, 2014
- Professional Status
- Certified Residential Appraiser
- State
- Massachusetts
In the GENERAL APPRAISAL DISCUSSION section there is a thread titled RANKING PREVALENCE AND VALUE IMPACT OF APPRAISAL ADJUSTMENTS.
Who knows how accurate the data but as you can see finished basement has an "average" adjustment of about $4K.
Who knows how accurate the data but as you can see finished basement has an "average" adjustment of about $4K.
I'm not sure if I know how to insert pics into this venue but here are pictues. The finished basement is towards the end of the series.
http://www.homes.com/property/406-homestead-ct-stewartsville-nj-08886/id-400018726362/
Michigan CG
Elite Member
- Joined
- Nov 1, 2006
- Professional Status
- Certified General Appraiser
- State
- Michigan
ucbruin
Elite Member
- Joined
- Mar 11, 2014
- Professional Status
- Certified Residential Appraiser
- State
- Massachusetts
I just made a $22,000 basement finish adjustment about an hour ago.
Must have been an exceptional 600 sf of finished area for a $200,000 condo complex.
And of course you had an ample supply of paired sales/sensitivity/regression/etc. data.
With the type of properties you appraise it is interesting that you had sufficient sales data to accurately determine a $22K adjustment for finished basement.
Cookie cutter maybe but not the type of properties you share with the forum.
Last edited:
ucbruin
Elite Member
- Joined
- Mar 11, 2014
- Professional Status
- Certified Residential Appraiser
- State
- Massachusetts
Your unit appears to be very inviting.
I don't know how the actual MLS listing sheet details your unit's features but on the link your agent didn't point out finished basement area as a selling/advertising feature. But I could have missed that blurb.
Did/does your agent feel the finished basement should be marketed in the $16,000 range?
I don't know how the actual MLS listing sheet details your unit's features but on the link your agent didn't point out finished basement area as a selling/advertising feature. But I could have missed that blurb.
Did/does your agent feel the finished basement should be marketed in the $16,000 range?
To everyone who so kindly responded to my inquiry, thank you for your professional expertise. What I've walked away with is that I probably should have walked around with the appraiser (which I didn't) and pointed out the improvements that were done. I have made a valiant effort to bring the omissions to the attention of the appraiser, the company, the realtor, the buyer's lawyer and that's about all I can do. I've made an offer to the buyer to meet her half-way in the middle between the agreed upon selling price and the low appraisal. She agreed. I have to cut my losses, lick my wounds and move on. This finished space served as my music teaching studio for several years, our spot for our at-home tailgate parities and New Year's Eve parities, and my son and daughter's favorite guest room when they come home for a visit. For me, it was well worth the investment that I put into it for the use we got out of it. Realistically, I probably value it for more than it's professionally worth, from what I read.
- Status