Comparables In A Different State

[timd354]

Greenwood Lake NY and NJ???

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No this lake was not in in or near NY or NJ.

 

[norapp]

Greenwood Lake NY and NJ???

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Good Example

 

[Meandering]

Good Example

Thanks,

Everyone should look at it on Google Earth and see if you want Lakefront on Greenwood Lake, would you accept lake front on a smaller lake, simply to stay with a Geographic area acceptable to an AMC and not have to detail tax differences and voting differences, simply because appraisers are so very happy explaining why a home on a smaller lake is a "better" comp, because it's in the same state and school district.

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[timd354]

Thanks,

Everyone should look at it on Google Earth and see if you want Lakefront on Greenwood Lake, would you accept lake front on a smaller lake, simply to stay with a Geographic area acceptable to an AMC and not have to detail tax differences and voting differences, simply because appraisers are so very happy explaining why a home on a smaller lake is a "better" comp, because it's in the same state and school district.
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That looks like a very nice lake. I would have no problem with an appraiser providing comps from either NY or NJ for an appraisal of a lake house on Greenwood Lake as long as the appraiser provided an adequate narrative explanation of why he used comps from a different state and addressing any differences in value and marketability due to the location in a different state. I recently approved an appraisal of lakefront property that utilized comps in different states....that particular property was on lake that is partially in NC and partially in VA. Here is an overhead view of part of that lake:

 

[Meandering]

Nice lake

 

[Artemis Fowl]

There's a "white elephant" house I remember in my former market area. Doesn't fit the neighborhood and would be easy for someone to call it superadequate , overbuilt, etc. Typical buyer has the answer...is a different market than the immediate surroundings.

 

[Carnivore]

I have a similar situation in the Charlotte Region. Duke Energy manages all development along the system. Lake Wiley is the lake south west of Charlotte. It crosses into South Carolina. Similar to what you all are talking about. Now we have what's called the South Fork Branch. You better be familiar with that Branch if your going to appraise any house on that branch. Its got water depth issues. Especially one area they call Paradise point. During drought and/or heavy draw from the Nuclear plants this section can get so shallow you can walk all the way across the center of it and never have to actually swim.