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Dead Man Burning

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David S. Roberson

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Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
In a situation similar to a recent thread concerning the house with a memorial to a car wreck victim in the front yard, I have a doozy of an REO with external depreciation. This property was foreclosed on 2 months ago. Three months ago, the neighbor directly across the street got a license from the state to open and operate a crematorium. The chimney is in full view, approximately 400 feet from the Subject. This is a suburban area with no zoning or restrictions, so they have the right to do this. There have been no sales from which to extract a reaction to this external feature, but I know it will have a tremendous effect on marketability when you walk out the front door on a windy day and John Doe's smoke is wafting in your yard. Since there are no such facilities in this part of the state, I expect them to do a rather good business. But with the recent discoveries in Georgia, I feel really sorry for the lender stuck with this property. Anybody got any data on crematorium proximity?
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Dave,
given the circumstances of "wafting" air, you may be able to use similar properties within range of sewer treatment plants.


Good Luck 8)
 
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Montana
Dave:

You will urn your fee on this assignment. I think your job is a lot easier than you describe if you focus on the sizzle of a money making enterprise rather than the smoke.

You have a clear cut case of a change in neighborhood to commercial. Certainly, you can prove an adjustment for residences in commercial locations. With the change you also have a highest and best use problem with which to wrestle. Perhaps there is other evidence the neighborhood is changing. Perhaps this is intended to be a street of parking lots, urn boutiques and discount cardboard coffin outlets.

Don't know much about crematoriums but with modern technology, air pollution laws, I don't think they are supposed to waft into the neighborhood. Maybe they should put up a higher chimney and rent it out as a cell phone tower and do it up right for the neighborhood property values.

BTW, you get the headline of the week award :lol:

Regards.
 

Dan Leggett

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Mississippi
Jeez Dave, what a title for a topic! I got a kick out of it after I read it.

Our local crematorium is located just south of our next commercial developable area. It is bordered to the south by an accompanying cemetary and then swamps. To the east by a US highway, woods, and the the area's main sewage lagoon and treatment facility (jtrotta). To the north by increasing every day commercial development and another US highway. And to the west by woods and the US interstate highway. The sale prices of the vacant land under commercial development in the immediate vicinity are the highest of whole corridor.

As far as residential use goes I tend to agree with jtrotta. Other foul air areas might be chicken farms, hog farms, garbage collection centers, pogey (fish processing) plants, and such.

Good luck with it.
 
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