Help Wanted at 1894 Roxbury: appraiser for historic urban home

Star Neighborhood Development [1] is rapidly nearing completion of the first phase of historic renovation and greening of "the finest house on Roxbury [2]" - 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 [3], 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.