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Where would you start????

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Where would you start? :?

I just got an assignment that is 15,000 sq. ft. of three story brick home that had been a school. Built in 1927 all brick. :wink:


The owner converted it to a home in the upper 75%. 8)

The remaining 25% on the lower level is his sale office and business for sewing machines. It has dual/zone heating and cooling systems. Sensor controlled lighting, heated floor tile in the master bedroom where the full size hot tub sits. You would not believe the master bath. Some where out of 5th century Rome. The gym and stage area has been made into a grand ballroom. All hardwood floors have been refinished and hand rub waxed. It is zoned R-3 and the business is permited as long as it is no more then the 25% use of the building/home.

Any idea where a person would start to look for comps.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Good grief Ray, do you have a knack for these off the wall school house appraisal? :lol:

I don't think I would do this on a URAR, and the fee ($,$$$) would be for a complex assignment.
Comps? 8O :?
I have used co-star comps before, but like other said, the data is questionable at best....... verify! http://www.appraisersforum.com/forums/view...opic.php?t=4783
 

Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
Ray, I would start by thinking about the problem as a commercial entity with living quarters. Then you have to ask all the H&B and zoning questions. As far a comps go, consider contacting a few general appraisers who have experience in your area with unusual properties. It is at least possible that there may be no comps for this property within a reasonable time frame and distance. If that is true, then the sales comparison approach is not applicable and need not be used in a complete appraisal. There is no way I would consider doing this assignment in anything but a narrative format and would probably insist on self-contained reporting option.
 
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