If you were an appraiser....
Okay, you guys may throw some rotten tomatoes at me for requesting an armchair valuation, because "it depends" is the safest answer, but even directional opinions would be welcome.
The short version of the question is: are the north end homes (and the new neighborhood mansion) comps for my south end home?
-50 acre lake
-south end has 9 lots that are 3-7 acres with 6 houses on them, all built in the 90's. Part of subdivision A. Most houses have their original owners, none have updated, none have sold since we bought in 2007.
-north end has 20 lots, 2/3 with houses on them, 1 to 1.5-acre lots that are long and skinny, so close together like most subdivisions. All built post-2000. Part of subdivision B, which has an HOA.
Our house is on the south end. We've completely remodeled and updated it in the past 4 years. It has everything the houses on the north end have except a walkout basement.
-On the north end, about 1 new house per year is going up. Don't know the prices.
-On the south end, no new construction in 10 years until a few months ago, when someone paid an outrageous $225K (market price probably $80-ish, but the seller was reluctant) for a lot and is building a $2 million home.
-On the north end, 2 homes sold about a year ago, in the $550 range. Original prices on the north side homes, as best I can glean, is $500-$800K (most $5-600).
-On the south end, original prices were high-200's in the 90s. Last 2 comps were 2006 ($430 for newer end) and ours in 2007 ($350K for outdated but extra lot).
How would an appraiser process all this? Are the north end homes comps for the south end homes due to proximity? Or not, due to age? Is the McMansion considered a neighborhood aberration or does it pull up all the values of everyone around? By how much?
Thanks for any insight.