jay trotta
Elite Member
- Joined
- Feb 8, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Connecticut
i am actually doing a report for litigation. I am working on an appraisal of a mansion in New Vernon, New Jersey. The subject is a multimillion dollar home on a landlocked lot with an access easement through the neighboring parcel that has street frontage. Turns out that the easement is improperly defined and inadequate (less than 5 feet at its narrowest point; car can't even pass, forget about a truck or fire truck!). Have you ever had any experience with such an easement, where a car cannot access the property? This property has been in litigation for years. The two sides have not come to an agreement. Essentially, the home is now landlocked, even though it's an improved site!!
Many, many years ago a sub-division which obtained a huge Mortgage (in excess of $2+ million) for development; the parcel actually had "no access" to any of the several surrounding roads. I would recommend a review of State Statutes to Land Locked parcels and Health & Safety accessibility.
Don't know your area and just a thought, good luck