• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

External Obsolescence Near Water Holders

Status
Not open for further replies.

Fernando

Elite Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
Whenever I see a property near a creek, water tanks, or even near reservoirs, I'm wary and may give external obsolescence given close proximity. As appraisers, we should keep up to date whenever there are local flood issues in the news.
For example, earlier this year when California had a deluge of rain, certain parts in San Jose especially the flat lands (lower income homes) were flooded. Even though we (including FEMA) would not anticipate such flooding, I now know the flooding issues within that area. It may not occur next year but may happen again 20 years later.
Similarly near Sacramento early this year, a dam was overflowing with water and the properties down it's path were endanger of flooding. Fortunately, the dam held but I now know those properties below can be wiped out if the dam problem is not "fixed".
As appraisers, we need to be aware of the environment affecting properties.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
What kind of market evidence do you have for the external obsolescence? Do all of the sales or some of the sales have the same external obsolescence? If so then you should be able to factor that into the report. If all of them do, then it is already factored in to the sales prices. It may be a good idea to mention the situation and possibility of flooding. What does the FEMA FIRMs show? Is the subject and the comparable sales in the flood hazard zone or are they in the 500 year zone? These are questions that I ask and want answered.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks