Appraisals: help wanted
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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