Walk Out

[CindyR]

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.

Suggesting that there is an 'average' basement adjustment that might in anyway reflect the value of any particular basement is insanity. I am ashamed to think there is even a document on this professional forum that validates the "secret adjustment list" conspiracy theory. The last finished basement adjustment I made was $90,900.

 

[LiveJoy]

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 do not think the $16,000 is purely the value of the finished basement. When I purchased the home I paid extra for a walk-out as compared to a fully below grade basement of the same model. The original York a/c units are decaying, peeling, tipping over and not energy efficient or powerful enough. I replaced mine with one that is more powerful. I was naive to think the appraiser would notice that. He didn't. You live and learn. My agent said that she and the agent that came with her to preview my condo would have bought it if they lived a little closer. They liked it a lot, for what that's worth.

 

[ucbruin]

Suggesting that there is an 'average' basement adjustment that might in anyway reflect the value of any particular basement is insanity. I am ashamed to think there is even a document on this professional forum that validates the "secret adjustment list" conspiracy theory. The last finished basement adjustment I made was $90,900.

Did you read the entire article or just look at the graph?

It's not a "secret" book of adjustments.

It's not even a book of adjustments.

BTW what was the appraised value of your $90,900 basement property?

 

[Michigan CG]

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.

My subject basement finished area is a lot larger than 600 SF.

I have a ton of data.

Sometimes I get cookie cutters and it is a relief. Just sent one out and doing another this afternoon. Two reports finished in one day is not common.

 

[Michigan CG]

$90,900? That is pretty precise. I would think rounding to a significant number would look more credible. But hey, just my opinion.

 

[ucbruin]

My subject basement finished area is a lot larger than 600 SF.

I have a ton of data.

Sometimes I get cookie cutters and it is a relief. Just sent one out and doing another this afternoon. Two reports finished in one day is not common.

That was my point.

Your $22,000 basement adjustment wasn't going to be a similar situation as the OP's.

 

[Mike Kennedy]

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/

Does the Listing Square footage include the Basement?
"2,089 Sqft"

 

[LiveJoy]

Does the Listing Square footage include the Basement?
"2,089 Sqft"

Yes it does. When I went down to the municipal building and spoke to the Tax Assessor she told me that with the certificate that she issued, it is considered living space. I have learned since then that it probably cannot be counted in the square footage because it is partially below grade. I personally could not edit that....it was the realtor who needed to do that.

 

[Webbed Feet]

I sent a certified letter to the appraiser pointing out the mistakes. The Appraisal company called me to say that I'm not allowed to contact Appraisers because I'm the seller. The Appraisal company also told me that their appraisers do not make mistakes.

<.......sniip.......>.

Both statements from the appraisal company are a crock of B.S. YOU are "allowed" to contact all the appraisers you wish. There is no law saying you cannot. The appraisers may not be able to discuss the appraisal report with you, but that is beside the point of if you may contact them or not. Next, there is no such thing as an appraisal report without mistakes in it. In fact, for the majority of real estate appraisers working for lenders these days, the biggest mistake was their state licensing them in the first place.

 

[Gregory Beck]

There are no other sales with a finished basement?