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The Perils of Overbuilding
 
The Perils of Overbuilding
 
When does a big house become too much house?
 
I toured one of these overbuilt homes in western Wisconsin a few weeks ago.  The architect builder took an existing structure and turned it into a two-year remodeling project.  The scope of the project appears to have gotten a bit out of hand, and now he's faced with a mansion that won't appraise and won't sell.
He's proud of the house and I don't blame him.  Some might describe the house as an architectural masterpiece, with innovative design and ultra-high quality finishes and features.  The problem is, it's located in a rural, mostly agricultural area, surrounded by farms, over an hour drive from the east Twin Cities metro area.  There's nothing like his finished masterpiece within miles of its rather isolated location, making the work of finding comparable properties for appraisal a huge challenge.
This remodel was originally intended to be a spec home, according to the builder/owner.  I asked him if he'd thought about who would buy the place when it was completed. I also asked if he'd consulted with an appraiser, real estate agent or area lender before undertaking the remodel. 
The idea ... more

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