Appraiser values below-grade space as amenity

Apartment at grade on Upper West Side is typical of units in other buildings.

Apartment at grade on Upper West Side is typical of units in other buildings.

One of the hardest components when trying to price an apartment going on the market is space at ground level or below it.

Jonathan Miller, the inimitable CEO of the Miller Samuel appraisal firm, has published a blog post that makes the challenging task understandable.

Inside of the same co-op shown at right.

Inside view of the same co-op at front of the building in photo at left.

He writes convincingly about the definition of spaces ranging from “at grade” (ground level) to “sub-cellar” (below the cellar, which itself is below the basement) and approaches for considering square footage as well as value. 

Among other issues Miller considers in his post is what to make of a “bedroom” that is below grade.  Says he:

The valuation of below grade space, whether its a co-op, condo or house uses the same principals we use when appraising outdoor space. I see it as an amenity “add on” because not all properties have them.

It is a useful post that should be must reading for every broker, seller and buyer.

Tomorrow: Surprise!

Next Weekly Roundup: April 5

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
Web site

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