Can a duet house to be a comp of detached home?

[Fernando]

RR tracks and other offsite issue are often items of more concern to appraisers than to buyers. Also, it depends on the price range of the home.




This immediate area is affected by a lot of noise from the airport. Some areas are affected to the point where the airport will buy your house if they determine its in the 'noise impacted' areas. No big deal, no discernible price difference. Its more of a binary choice. 1. Buyers don't mind. or 2. They won't buy at all. Those that buy generally pay about the same $ amount as in quieter areas.

I-70 runs thru town. That noise is much worse than airplanes or trains but a lot of people build and buy within a few hundred feet of it.

Areas designated as airplane noise impacted get special considerations like airport pays for triple pane (are there fourble pane windows out there) windows.
However, when a plane flies over too close to homes, that's just too loud and unsightly.

 

[David S]

Thanks everyone's input!

 

[PushinValue]

Got a call from an individual to request a private appraisal. The subject is a regular single home ( detached) but back up by a busy railroad. I find a sold duet house (or attached home) nearby also back up by that railroad. Can I use this for the comp? Both are single home, right? Maybe apply 5% discount in Design (Style) grid? Due to low sales volume, I couldn't find another sold comp with adverse condition (like next to highway, or has other negative factor) nearby or have to go 3 miles away. I am in suburban area. Thanks!

Use the attached sale and analyze impact caused. Go back several years and do the same analysis. Make an “across the board adjustment”.

This is not a lending assignment, so no need to “bracket”.

Some of my reports have more than 50% of the time spent on a single or 2 adjustments.

It would take just as much time to determine the attached vs detached adjustment. Time is better spent on supporting the location adjustment

 

[Tom D]

I love a train whistle sound. You know the underwriter is going to want a neg locational comp. It can be any other type location, like a busy highway, which may be more available. Don't get stuck on the word railroad. And of course, hard to tell from the listing sheet, had to look at the map with comps locations to find a some type 'negative' location factor. Luckily, our MLS plots the picked listings with a map, so makes it easier to see location factors. Go out further if you have to, or back 2 years.

 

[Zoe]

You should be able to determine any impacts that you can extract from the market based on differences in design. You'll have other differences between that one comparable and the subject property and any other comparables you use. We have duet type houses in subdivisions locally and there are also detached houses in the same development like on a corner lot or wherever. The market will tell you if you need to make a qualitative adjustment or quantitative adjustment between the comparable and the subject based on design.

I agree with the going back in time comments also. I agree with the going further away from the subject property also if you need to.

 

[Zoe]

Some people call them rowhouses locally and semi detached because only one side that is attached. The house has at least 3 sides that are not attached. (say 3 sides if you look at it from a N/S/E/W standpoint.

 

[J Grant]

Sometimes, there is a price differential and thus an adjustment for homes next to/backing up to an RR track or commerical busy building, etc. Other times there is no price reaction. However, I almost always see a DOM, market exposure reaction.

Though some buyers don't care, it also narrows the pool of buyers. There is a segment of buyers who refuse to consider a property with that site's influence. So if marketing times for homes next to RR tracks are 120-150 days adn regular houses are 30-60 days then be sure to use the correct DOM for your market exposure estimate.

Regarding hard-to-find SFR comps - RE agents almost never list a negative influence. You can map surf ( or at least in my area you can) on tax records with lots that shows the sites of the houses in a aerial view along th eRR track, click on a site, see the prior sale, any sale in the last few years you can retro compare it to other sales for an adjustment )

 

[Zoe]

Several developments locally with both detached and attached single family homes have no HOA. The jurisdiction maintains the streets. The homeowner is responsible for everything on their single family home that is attached in a duet style. There is code that makes them build a big firewall between the 2 units. No HOA involved.

Some people call them zero lot line houses locally. They each have their own lot. They each are responsible for the interior and exterior maintenance of their house. No shared expenses between the duet houses.

 

[Zoe]

I have seen brand new subdivisions developing locally and on similar and new construction, there was no difference in the house that backed up to the railroad track and the house that didn't. Comparables were new construction. Never occupied before. Railroad track had no bearing on market value.

 

[RustyTapeMeasure]

Was appraising in So Cal since 1986, never heard of Duet.......interesting.