12-22-16 Newz//: Strange real estate listings, Turn times

Popular (and sometimes strange) real estate listings

 Take a break and check out these listings!!

The 4 Most Interesting Home Listings of 2016 – Fun Video

Video is 2 minutes and 40 seconds long and very entertaining!!

Can’t describe it. You just gotta see it!!

http://www.realtor.com/videos/video-the-4-most-interesting-home-listings-of-2016/943a657f-f1fc-4290-b608-fe158002f548

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2016’s top 10 most popular (and sometime strange) homes for sale

Here are 3 of them

No. 1 is the country’s biggest fixer-upper – over 60,000 sq.ft. in Texas. Price: Listed for $3.6 million

5. The cave dwelling, Undisclosed address, Festus, Missouri. Price: Listed for $314,900

10. The ‘Amityville Horror’ house, 108 Ocean Ave, Amityville, New York. Price: Listed for $850,000, entered into contract in November

http://www.housingwire.com/articles/38783-here-are-2016s-top-10-most-popular-homes-for-sale

Read more!!

Appraisal average turn times by state in business days, a very wide range

Direct lender –  average turn times by state in business days, a very wide range:
ALABAMA
10
  MINNESOTA
          9
ARKANSAS
0
  MISSOURI
  17
ARIZONA
16
  MISSISSIPPI
  10
CALIFORNIA
10
  NORTH CAROLINA
  14
COLORADO
24
  NEW HAMPSHIRE
  20
CONNETICUT
9
  NEW JERSEY
11
DISTRICT OF COLUMBIA
4
  NEW MEXICO
  20
FLORIDA
8
  NEVADA
  2
GEORGIA
9
  NEW YORK
  16
IDAHO
10
  OHIO
  17
ILLINOIS
10
  OREGON
  31
INDIANA
14
  PENSYLVANIA
  11
KANSAS
14
  RHODE ISLAND
  15
KENTUCKY
13
  SOUTH CAROLINA
  12
LOUISIANA
7
  TENNESSEE
  14
MASSACHUSETTS
12
  TEXAS
  12
MARYLAND
13
  VIRGINIA
   8
MAINE
28
  WASHINGTON
  19
MICHIGAN
 13
  WISCONSIN
  12
Note: some states had little or no data and were not included.
FYI, the January 2017 issue of Appraisal Today includes this article: “Is the New AMC business model broken?”, which discusses AMCs and why they are obsessed with 3 day turn times, among many other topics…

12-15-16 Newz// Unique Airports, Deregulation and Appraisers, Victorians Under $200k

Beautiful airports and Victorians under $200,000

Unique and Beautiful Airports Around the World

Architecture that redefines what it means to travel in style.

All I can say is WoW!! Take a break for a few minutes and look at these photos…

http://www.atlasobscura.com/articles/photos-of-the-worlds-most-unique-and-beautiful-airports

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Affordable homes from all over the country (Hint: No fixers)

Just scroll down the pages.

7 Victorians under $200,000 (No tiny homes)

http://www.realtor.com/news/trends/victorian-homes-under-200k/

8 homes under $100,000 (Hint: no fixers)

http://www.realtor.com/news/trends/black-friday-bargain-homes-under-100k/

My comment: Wow!! Those Victorians in my city would be way over $1,000,000 on lots under 5,000 sq.ft. !!!


Sadly, The Appraisal Institute is now working against its local chapters by Jonathan Miller, posted 12/9/16
Read more!!

12-15-16 What do I think about speculations on deregulation and appraisals?

For awhile after the election I thought deregulation meant getting rid of appraisals. Of course, lenders would love this.

But, why did we still have appraisals after the deminimus of $250,000 in 1989? Investors, who purchase the residential loans wanted them. Will they trust CU, BPOs, AVMs, etc. etc. Not very soon, if ever. Many thanks to the long conversation I had with long time reader and Michigan appraiser David Fishman. It reminded me of 1989 FIRREA and what it meant. Not sure if they will cut way back on commercial appraisal requirements, though.

12-8-16 Newz .Beautiful libraries .Roundabouts .Sales contract amendment

Beautiful and unusual places

What are the most popular links in these newsletters? Weird properties, very expensive homes, etc. Plus Appraiser goes to jail (not many of these today), Freddie and Fannie no-appraisal loans. LIA’s Claudia Says ads are also very popular. Sorry, USPAP, ASB, AQB, ASC etc. are not very popular but I put them in just to let you know what is happening, even if you don’t care much ;> Here are two:

10 of the Most Beautiful Libraries on Earth

Take a break and a look at these beautiful and unusual libraries!!

From all over the world, including the Chicago Public Library

Excerpt:

Chicago Public Library, by SOM

Chicago’s new Chinatown library branch has no sharp edges. The pebble-shaped building is wrapped in glass and marked by solar-shading fins that are meant to reduce heat and glare. The library’s curvy, three-sided shape is built around feng shui principles and designed to align with the avenues outside the building. Inside, the two-story structure is centered around a light-filled atrium.

No links for more info, but you can google the names.

https://www.wired.com/2016/09/settle-10-beautiful-libraries-earth

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Carmel, Indiana, America’s King of Roundabouts

Read more!!

12-1-16 Newz//Funny listing fotos, ADUs, Time to complete 1004

Are Granny Flats Undervalued?

by Kathy Price-Robinson, The Appraisers Research Foundation

Excerpt:

Whether you call them granny flats, in-law units, or something else, residential accessory dwelling units (ADUs) on residential properties excite municipal planners, homeowners, and others for social and environmental reasons. They are “green” by nature because of their small size and can provide great benefits to the owner.

But they can also perplex appraisers and other real estate professionals because of erroneous perceptions and various institutional policies that complicate lending on properties featuring ADUs.

To help clarify the estimation of value of residential properties with accessory units, researchers Martin J. Brown and Taylor Watkins conducted a study to test an income-based approach to valuation of properties with ADUs.

http://www.workingre.com/granny-flats-undervalued/

My comment: I appraise these types of units often in my city. Typically they are not legal. I consider them similar to detached bonus rooms, offices, guest quarters. If legal, the income approach would work to determine the added value of the ADU. Of course, income from airbnb, etc. vs. “regular” rentals is another big issue. The article does not address non-legal ADUs, the vast majority of them. FYI, The Appraisers Research Foundation has been around for a long time and regularly publishes (and gives grants for) research papers. For more info, go to http://www.appraiserresearch.org/ To see their other research, click on Research Results in the top menu bar.

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Poll: On average, how long does it take you to complete a 1004 interior inspection appraisal report, including inspection and drive time?

Read more!!