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Site Conditions

Discussion in 'General Appraisal Discussion' started by David R. Stevenson, Dec 22, 2004.

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  1. David R. Stevenson

    David R. Stevenson Elite Member

    0
    Dec 6, 2003
    Professional Status:
    General Public
    State:
    Tennessee
    Doing an REO on a 40 year old home siting on a $75,000 lot.

    The home was never built-up high enough to begin with.

    Water floods into the garage due to the slope of the land.

    Sink hole has been mentioned in MLS data, but can not get any other info.

    Home has been there for 40 years. Has a 1/4 inch crack running through a bearing

    wall (concrete block). The top of the hill is about 1000 feet above the home.

    Cost new to replace home is $180,000 plus (with a correct foundation). Sold for

    $125,000 last year. Excellent floor plan - prices of homes around it are $600,000

    and up. In an transitional area of superlative location.

    Cost to cure site conditions to give the home 30 years of remaining economic life is

    $20,000.

    -------------------------------------------------------------------------------------------

    Other than full disclosure and disclaimers - I would like to offer the reader of the

    report my opinion, subject to: a structure report.

    Owners bought the house and have prep it for a redo.

    Anybody have experience with poor site conditions and structural problems?

    Estimated market value if no problems exist are $175,000 plus

    less:$20,000 site conditions

    $155,000
     
  2. Ross (CO)

    Ross (CO) Senior Member

    0
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    This recent sinkhole story in Florida in the news lately surely must make MANY homeowners a little squeamish. Imagine being in your bed at 2:00 in the the morning, sensing some rumbling, realizing it is not coming from your stomach, and then suddenly your bed is inclined at 45 degrees and your dresser just slid across the floor and crashed right next to your side of the bed.

    There is a very useful tool for near-surface geological exploration called ground penetrating radar. It is pulled over the surface on a wheeled dolly, of sorts, and takes a continual reading of the relative density of the earth mass directly below and slightly projected backward as comparison to that last interval over which the unit was just pulled, and allows the operator to create a type of "X-ray" graphic of where there are voids or areas of considerably differing (less) density. These natural sinkholes are very common in many parts of Florida's karst surface materials......and no one really knows exactly when Mother Nature will decide to make that drastic move.

    There are certain limitations of just how deep this simple method can "see", but wondering here, if it is part of a builder's or developer's routine to not only do two-dimensional surveying to mark out building lots for new subdivisions but to also probe that 3rd dimension of the near-surface depths under a potential homesite, especially in those locations where the state's Geological Survey department suspects sinkhole potential by nature of the deposits and soils they have identified. Do appraiser's ever "call for" these sorts of engineer's surveys at a property like one might also require the typical home inspector's report ?

    David, ...after you mentioned that hill top being "1000 feet above the home" I had to grab my atlas book. Did you mean 100 feet instead ?, as the highest point in the state shows on my map as being 345 feet in the panhandle and near the Alabama border.
     
  3. David R. Stevenson

    David R. Stevenson Elite Member

    0
    Dec 6, 2003
    Professional Status:
    General Public
    State:
    Tennessee
    Ross,

    No, what I meant to say was that the top of the hill is about a 1,000 ft East of the

    subject property. The top of that hill may be 10 feet higher than the subject tract.

    The subject property is about 2 miles away from the Devils' Millhopper. THe Devils

    Millhopper is a giant sinkhole maybe a 100 feet deep with a hole circumference at

    the top of only 5 acres or so.

    THe garage on the subject was put on the wrong side of the house against the

    slope. Garage acts like a water scoop. They should have put the garage on as a

    side load on the opposite end near the lowest point of the house footprint (work

    with the land - not against it). All those hurricanes we had created a lot of water

    sheet flow on the top of that hill and brought it down to the subject lot. The subject

    lot and another lot have small sink holes which filled up with water during these

    storms. I am now figuring new retail for the subject lot to be $200,000 with a

    1,900 sf living area home, 2,600 under roof. Its got an old - airstrip adjacent to it

    and is surrounded by old larger land holders with much bigger homes - a house is

    being built at the top of that hill I was talking about - looks like about 10,000

    square feet of living area.
     
  4. David R. Stevenson

    David R. Stevenson Elite Member

    0
    Dec 6, 2003
    Professional Status:
    General Public
    State:
    Tennessee
    Ross,

    Or anyone who knows .... these small "Florida valleys" - I call them ..... are they

    the result of karst? It very hilly here in the Gainesville, FL area - these valleys

    have had thier limestone desolved? - we have a lot of under-water caves here that

    are so vast - their entire expanse beyond the reach of manned diving operations.

    Be nice if they could send down a deeper probe.
     
    Last edited: May 8, 2006
  5. David R. Stevenson

    David R. Stevenson Elite Member

    0
    Dec 6, 2003
    Professional Status:
    General Public
    State:
    Tennessee
    Here is the right photo .... of the valley - grand-daddy land .... owned by older

    gentlemen (Southerners) ....
     
    Last edited: May 8, 2006
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