External Factors

[Dpvalue]

Im appraisaing a property that is on a typical residential street, but is a short walk to a school on the next block from the subject. Would you consider this an external factor? I know my client will probably request that I mention it and look for a comparable sale that offers a similar external factor. (Close proximity to a school). Im gonna probably research for comps "Near" a school but my home is on the opposite block from the school....I find this external factor stuff to be a headache at times

 

[Surf Cat]

From what you're describing, I wouldn't consider that an external factor. I would just find comps in the neighborhood, close to that school and you're done.

If the subject property was across the street from the school, that's a different matter. Cars double parking, blocking the driveway, two times a day at 8:00 a.m. and 3:00 p.m. dropping off and picking up their kids. That's when you need to find a comparable with a similar location to gauge the effect on marketability.

To me, it sounds like you have the optimum interior location for parents buying in that neighborhood wanting to be in that school district. Close enough for the kids to walk to school, far enough away to not be bothered by the drop off, pick up traffic. You can mention this too. No detriment to marketability for drop off and pick up traffic. Something of that nature.

Just state in the report walking distance to ABC Elementary. Depending on how Persnickety the AMC is you're working for, you may not be able to mention the word school.

 

[alebrewer]

Doesn't your MLS have a mapping feature that allows you to see the location of the sales? Should be a pretty quick search to find other sales in close proximity to schools - which would allow you to quantifiably determine whether the school has a negative, positive, or neutral impact on the subject's value...

 

[Dpvalue]

Doesn't your MLS have a mapping feature that allows you to see the location of the sales? Should be a pretty quick search to find other sales in close proximity to schools - which would allow you to quantifiably determine whether the school has a negative, positive, or neutral impact on the subject's value...

I have a comp on the same street and a block away from the subject a tiny bit further proxmity from the school, but walking distance I chose that comp and discussed this within the addendum

 

[Dublin ohio]

Just state in the report walking distance to ABC Elementary. Depending on how Persnickety the AMC is you're working for, you may not be able to mention the word school.

Or "walking distance".

 

[Dublin ohio]

Im appraisaing a property that is on a typical residential street, but is a short walk to a school on the next block from the subject. Would you consider this an external factor? I know my client will probably request that I mention it and look for a comparable sale that offers a similar external factor. (Close proximity to a school). Im gonna probably research for comps "Near" a school but my home is on the opposite block from the school....I find this external factor stuff to be a headache at times

Don't overthink it. Otherwise you might be subject to "paralysis through over analysis".

 

[Tom4value]

I have a comp on the same street and a block away from the subject a tiny bit further proxmity from the school, but walking distance I chose that comp and discussed this within the addendum

Bingo! You got it. By discussing it you can sleep tight tonight.

 

[David S]

From what you're describing, I wouldn't consider that an external factor. I would just find comps in the neighborhood, close to that school and you're done.

If the subject property was across the street from the school, that's a different matter. Cars double parking, blocking the driveway, two times a day at 8:00 a.m. and 3:00 p.m. dropping off and picking up their kids. That's when you need to find a comparable with a similar location to gauge the effect on marketability.

To me, it sounds like you have the optimum interior location for parents buying in that neighborhood wanting to be in that school district. Close enough for the kids to walk to school, far enough away to not be bothered by the drop off, pick up traffic. You can mention this too. No detriment to marketability for drop off and pick up traffic. Something of that nature.

Just state in the report walking distance to ABC Elementary. Depending on how Persnickety the AMC is you're working for, you may not be able to mention the word school.

There is a real estate sale slogan: Close to school (park or other service ) is good, but not next to it.

 

[Tom D]

You are over thinking the effect of the school 1 block away. I have never had any lender question a school across the street, or ask for one comp with it. Of course i write a few sentences that there being no traffic on this side of the school. I also say the school may be a positive factor for people with children. That is the most i would say. Why even bring up comps near a school. Are you making a school adjustment, is that the biggest selling factor there, i never have. You are going into that minutia for what reason. Yes i know, some better neighborhoods have better schools. I'm big urban, all our public schools are bad, the charter & catholic schools are good.