Golden Valley Rambler With 5 BR/4 BA, 4,500+ FSF for $475k
What at first blush looks like a screaming value becomes less so once you factor in the house style — a one-story rambler (“Ranch” outside the Midwest).
In particular, fully half of the finished square feet is in the basement.
Basement vs. “Lower Level”*
In contrast to above ground square feet, below grade square feet — what laymen refer to as “basement” — can be discounted anywhere from 50% to more than 75%.
The exact amount depends on such variables as finish quality, ceiling height, and whether or not the basement is a walkout.
Meanwhile, at the other extreme, third-level space is also steeply discounted.
Key variables: finish quality, overhead, etc. — plus how accessible it is.
“100% Finished”
There’s one other statistic that’s problematic for this Golden Valley rambler: the foundation size (2,250) and the basement FSF are the same.
Unh-unh.
Unless the home doesn’t have a furnace, water heater, etc. — or they’re on the main level (highly unlikely) — the maximum FSF would be about 85% (in this case under 2,000).
See also, “Home Trends 2010: Don’t Call it a Basement.”
In contrast to the basements in 1950’s ramblers, basements in new Ramblers — particularly north of $1.5 million in the Twin Cities — are so ‘luxe (multiple egress windows, 9’ (or higher) ceilings, hardwood floors, recessed lighting, etc.) the below grade discount shrinks dramatically.
*Realtor-ese for basement is “Lower Level.”
