|Appraisals: help wanted||<– Date –> <– Thread –>|
|From: Denise Meier and/or Michael Jacob (dmmjwco.com)|
|Date: Mon, 4 Nov 1996 15:47:37 -0600|
We have just purchased two acres in Sebastopol, California for our 14 units. We found an appraiser who, besides being approved by our land lender, was willing to look at Coho from more than the standard condo/townhouse angle. In a quick and dirty feasibility analysis of final retail project prices, he gave us $5,000 average added value per house for the "Cohousing concept" and having a common house being more extensive than typical to a townhouse clubhouse, which is good considering stories I've heard about some who lower values (due to parking, etc), but we are still facing costs at about 10% over appraisals. He will be doing our final narrative appraisal for the construction loan down the road and has said he is very willing to take any information I can provide into consideration. I would like to get as many appraisers, especially who are keen on Coho, to be able to share their understanding of the intrinsic (non sticks and bricks) added values that Coho brings to the market. The more appraisers share and develop a common language and market perspective of who would buy into a townhouse/condo development that doesn't have comps to rationalize the costs, the more chances we have of raising the appraisals. If your group has used or is using an appraiser who seems to "get it", would you be willing to share her or his name with us? Thanks, Michael Jacob 707/824-0832
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