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Old 10-14-2010, 01:20 PM
Imladaris's Avatar
Imladaris Imladaris is offline
 
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State: California
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Default Condition from Client (Neighborhood Amenities)

We just got an odd condition from the client on a recent job. I was wondering what people thought and if you had seen something like it before.



How do amenities in neighborhood differ between subject and comps?


The subject and the comps are all in the same neighborhood, in fact, they are all in a half mile of each other. There are no arteries or commercial streets in closer proximity than any other.

What am I missing here?
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Old 10-14-2010, 01:26 PM
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Aprazr Aprazr is offline
 
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Sounds like Corelogic. They continue NOT to read the entire report and ask silly questions as this. I have had the same thing happen 3 times in the last couple of weeks.....must be a new 'STIP' for them to ascertain (lol) All 3 instances the comps/actives were in the same subdivision and they wanted to know the difference in the PUD amenities of each (LOL) (stated within the report....DUH)

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  #3  
Old 10-14-2010, 01:28 PM
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Pittsburgh Pete Pittsburgh Pete is offline
 
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Default

Quote:
Originally Posted by Imladaris View Post
We just got an odd condition from the client on a recent job. I was wondering what people thought and if you had seen something like it before.



How do amenities in neighborhood differ between subject and comps?


The subject and the comps are all in the same neighborhood, in fact, they are all in a half mile of each other. There are no arteries or commercial streets in closer proximity than any other.

What am I missing here?
Perhaps a sentence that states that "the subject and the comps are in the same neighborhood and have access to the same amenities." If it's already in there, they missed it. I find that stating the obvious is necessary even when it can be assumed based on other info in the report.
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  #4  
Old 10-14-2010, 01:35 PM
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KenAZ KenAZ is offline
 
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It is a new standard stip from the evil empire. They want all PUD amenities for the subject and comps. If a comp is used that is not a PUD, they want market analysis of the market value difference between PUD and Non-PUD neighborhoods. One time they also wanted the property rights and definition for the subject and all comps.

Rediculous.

My opinion is that they be charged $15 per comp for PUD amenities analysis, and $50 for PUD vs Non-PUD market analisys.

Remember C&R only applies to a basic appraisal. If they want more stuff, they must pay more fees . . . even the evil empire.

Last edited by KenAZ : 10-14-2010 at 02:00 PM.
  #5  
Old 10-14-2010, 01:58 PM
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Scott R Marshall Scott R Marshall is offline
 
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Location: Rio Rancho, NM
State: New Mexico
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Default

Put in one of the following statements: "There are no differing amenities between the subject and the comps planned residential developments as each is located within the same PUD", "There are the following differing amenities between the subject and the comps PUD (list) however based on market analysis these differences have little to no impact on the overall marketability or market value of the comparables in relation to the subject", or ""There are the following differing amenities between the subject and the comps PUD (list) and based on market analysis these differences have the following impact on the overall marketability or market value of the comparables in relation to the subject and appropriate adjustments have been made on the grid". IMHO, you would have avoided this stip if you mentioned in the report that all comparables were located within the same planned residential development as the subject and if they were not, the explanation should probably have already been in the report.

If the subject is not located within a planned residential development, I would ask for clarification from the client regarding which "amenities" they are referring to as all are located within residential neighborhoods with ready access to a variety of services.

I am getting a bit tired of this nonsense coming from clients (AMC's). They want specifics fine, pay me for a narrative report. They asked for a summary and that is what they got. Is there a difference in whether it takes me 7 minutes or 8 1/2 minutes to get to a supermarket, park, hospital, liquor store, barber shop, pet supply store, Kinko's, smoke shop, elementary school, Burger King, etc? For a particular buyer maybe but if all my comps are within 1/2 of a mile of the subjects location and I'm located in an area with plenty of arterials, please don't bother me.

Now if this is a rural area or has limited roadways, the 1/2 mile as a crow flies may be misleading as that 1/2 mile translates to 5 minutes of driving in this direction but 25 minutes in this direction however, I would also venture to say that if it's rural, the number of neighborhood amenities is limited to begin with.
  #6  
Old 10-14-2010, 02:07 PM
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Imladaris Imladaris is offline
 
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Default

Thank you all.

Yes, it is CoreLogic that is asking for this.

No, it ain't a PUD.


Annoying and ridiculous.
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