Gold Supporting Member
- Jan 16, 2002
- Professional Status
- Certified Residential Appraiser
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?