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Catching Flack

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Did an appraisal where the subject has lake access, not on the lake but a couple of three blocks away.

I did not use sales as comparables that had lake access for the simple fact that the lake went dry about 15 to 20 years ago. the only thing that is there in the spring and ealy summer is a slight marsh that soon dries up in mid to late summer. I could find no similar dry lakes in the area, the access did not add any value.

Now the state says I should have used property with lake access. There were no sales on the lake in the past four years. Except for this one home that I appraised. They were moving from a land contract to a five year arm.

I did note my reasons and that the lake was dry and has been dry for a long number of years.


What say you?

How would you have done it???
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
What say you?

I say sell the ranch and move to a state that doesn't have knuckleheads on the appraiser board.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
I'm curious-
Does the market pay a lake (with water) access premium for a property that has lake (without water) access?
(asked sarcastically:angry: ).


No, sounds like you explained your rationale. What is amazing is that someone else would come up with a different rationale given your explanation!
 

Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
I'm curious-
Does the market pay a lake (with water) access premium for a property that has lake (without water) access?
(asked sarcastically:angry: ).


No, sounds like you explained your rationale. What is amazing is that someone else would come up with a different rationale given your explanation!


Take a look at the questions that the state is asking me over at improving the profession. The thread WI.

Heck they are even flying in some one from the mortgage company as an expert witness on appraisals in this new round.
 

Frederick

Senior Member
Joined
Nov 2, 2005
Professional Status
Certified General Appraiser
State
New Jersey
Take a picture and say: What Lake?
 
Last edited:

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Do you mean that you got turned in to the state only because of this?

I'm inclined to agree with Greg. Only 3 more weeks until January 1. You ARE retiring about that time are you not? Is the "expert" being flown in a licensed or certified appraiser? If so, he or she should be receptive to your theory.

Well, when you retire you can get rid of all those shirts and jackets that have targets embroidered on them.
 

Doug Trites

Junior Member
Joined
Oct 17, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
How about checking with the assessor for the area to find out what value they are assigning a dry lake? If no added value send that to the state and tell them they need to go to remedial education.
 

Ron D. in NWA

Junior Member
Joined
Nov 19, 2005
Professional Status
Certified Residential Appraiser
State
Arkansas
From Webster's Dictionary:

Lake



Definition: Lake

Lake

Noun

1. A body of (usually fresh) water surrounded by land.
Geography

A generally large body of standing water occupying a depression in the Earth's surface. Source: European Union. (references)Science

A body of fresh or salt water entirely surrounded by land. (references)

Tell them sorry, no can do. Unless of course you can show me the water. This is just a depression in the earths surface.
 

mark jacobs

Freshman Member
Joined
Jan 20, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
New age global thinking, Try looking at this as a commercial assignment.

You must look at this from the Global Warming perspective!

Soon all the ice caps will melt and the earth will flood. There will be few places for animals to graze and people to grow crops. We will all perish without the abundant harvest we are to reap from the water.

Everyone of us fools who didn't buy into a lake access community will be begging guys with water access rights to fish in his part of the flooded earth.

Sounds like your water access rights have an anticipated future worth, you need to forecast the value of the future benefit, capitalize it and bring it back to todays dollar.

These assignments get easier everyday. We just need to unshackle ourselves from our 21st century mindset.
 

444nutman

Senior Member
Joined
Jun 20, 2007
Professional Status
Certified Residential Appraiser
State
Florida
The question I have Ray does the lake have public acess ramp or is it only allowed to be accessed by properties in that subdivision? Is their a fee or HOA that includes lake access? My thought being if it has a public ramp then even I down here in Orlando have access to that lake. It might be a heck of a drive but I have access. My thought being if the access is restricted to the subdivision then it has value.(based on research of course). I have gone rounds with realtors on that fact. I had one call me names I never heard of due to not plussing the property for lake acess. I told him that the lake has a public ramp and I have lake access and I live 30 miles away. I asked him to prove to me that properties 4 blocks from the lake have added value when I had 4 years worth of data to prove otherwise.
 
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