Help Wanted at 1894 Roxbury: appraiser for historic urban home

Submitted by Norm Roulet on Thu, 10/25/2007 - 15:23.

Star Neighborhood Development is rapidly nearing completion of the first phase of historic renovation and greening of "the finest house on Roxbury" - interior above - a wonderfully designed and constructed, classic 3,000+ square-foot 1906 American Tudor home, in a transitional urban historic neighborhood of East Cleveland, a transitional city bordering dynamic University Circle and Cleveland Heights.

We are seeking an appraiser expert in valuing historic residential property in comparable neighborhoods, like in Ohio City, Tremont, and around Wade Park, East Boulevard, and other historic neighborhoods around University Circle. Suggestions from the REALNEO community are very welcome.

The appraiser must be acceptable to Huntington Bank, which is handling our financing, and Key Bank, with which we are considering a Heritage Home loan, as well. Obviously, the appraiser must have extensive experience valuing renovated historic urban residential property in the inner city Cleveland area. We will pay market price for the appraisal, which will be used in setting the value of the property for long term financing.

I will share with this community the insight learned through the appraisal, as it will complete an important chapter for this interesting project by determining what just five months ago was a foreclosed, boarded-up, vandalized blight, then valued at $35,000, is worth after significant investment and hard work by many dedicated people. At over 3,000 square feet, the purchase price was barely $10/square foot. Very basic property and cheap construction averages around $100/square foot, so a cheap valuation of 1894 Roxbury would be around $300,000. By comparison, Allstate puts the replacement value of a comparable house at around $540,000... but that would typically only apply "up the hill".

We'll see what an expert fair market appraisal determines. If you know anyone who would be a good candidate to conduct this appraisal, or have a suggestion where to look, post here or email norm [at] realneo [dot] us.

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Preservation Heroes

  Can Steve McQuillin  or David Ellison or Cleveland Restoration Society help out with appraisal advice?  Have you contacted CRS?  See me in the spring for plants :)

(BTW--your family's home is starting to really come ALIVE again.  We tend to forget that at one time, houses were lovingly crafted with an expectation to be lived in for generations.  You and your family are Preservation HEROES!)

On valuing historic preservation and green

We had some folks from the Cleveland Restoration Society tour the house very early in the renovation and they were quite enthusiastic - I will contact them for suggestions on appraisers but thought I'd start the search on REALNEO - thanks for the suggestions... I'll follow up with all of them.

I was talking today about the appraisal with our mortgage officer at Huntington - Rick Williamson, who I recommend highly (hi Rick) - and it occured to me the more difficult task may be finding an appraiser who can factor our green innovations into the valuation... how many comparables can be found with no-VOC interiors, gravel drives, green roofs, greywater irrigation and off-grid dual fuel wood/corn burning heat and how do those things effect value (to me, they all increase the value of the property)... there is certainly little data in this region to test the green in this market.

Disrupt IT

WOW

Looking good, Norm.