Remodeled Home Appraisal In The City Of Orange Ca

Home Appraisal City Of Orange California

Hey there, this is Jason with Appraisal Evaluations and thank you for visiting our Inside Appraiser’s File video blog at Today I’m gonna talk about a property that we recently appraised in the Orange County area.

The Assignment was to give our opinion of the market value, of a single family house for a mortgage transaction.

The house is in the city of Orange, in a guard gated hillside community. The neighborhood’s made up of mostly newer homes on cul-de-sac streets.

Now, there were several factors that I had to consider:

First, the subject was recently expanded and extensively remodeled – with good quality materials like granite counters, travertine floors, marble bathrooms, and high-end appliances. Most of the comparables have been updated or remodeled, but not with the same quality materials.

Second, most of the homes in the community have good to excellent views, ranging from moderate views of the hills, to panoramic views of the hills, to panoramic city views, to unobstructed distant ocean views all the way out to Catalina Island – on a clear day of course. The subject had a pretty moderate view of the surrounding hillside. Additionally, although there were plenty of active listings, there had been very few recent sales from within the subject’s gated community.

The limited sales, combined with plenty of listings, is creating an oversupply of active listings in the area.

But overall, the market looks like it’s beginning to stabilize.

I was able to find one comparable that had a similar view of the hills. This helped me to determine the approximate difference a typical buyer would be willing to pay for a panoramic view.

I also looked at some homes from competing communities that were remodeled with similar quality materials, which helped me to determine approximately how much higher quality upgrades would be worth in this market.

In this case, I also had to use some dated sales, but I included some active listings to offset them.

So, while its not always possible to find “ideal” comparable sales, it is acceptable to use dated sales, as long as the reason for doing so is adequately explained, time adjustments are applied – if justified, and active listings are included to reflect the current market trends.

This is Jason saying thanks for watching and make sure to visit us again for the latest Inside Appraiser’s file post.

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