- Jul 23, 2007
- Professional Status
- Certified Residential Appraiser
----------I think the graveyard puts it in a category of go-no go from a buyers perspective. It will likely have very little, if any, adverse effect on value for part of the buying population. OTOH, there are some buyers that wouldn't buy the property at any discount.
We have the same issue around here. There is a large regional prison (Mike Tyson's temporary residence), a large airport, and a major freeway in the area. All of these externalities are go-no go, a binary choice, for buyers. About 90% of the buyers don't care, the other 10% won't buy near them at all. No effect on value but a slightly reduced pool of buyers. Not enough to affect marketing times, etc.
The issue I see is 'who is responsible for maintenance' and to what extent is the owner obliged to provide access? Personally I wouldn't care about a cemetery on my property but would not want to have to maintain it. As to access, in this state, the owner can't prevent access but they aren't obligated to provide a parking area, an access path, etc. These laws are state specific.
We hear about rights of access to private property every now and then, such as leafleting on private property and union organizers speaking to workers on employers' property. But generally we think that a central right of property is the...lawprofessors.typepad.com
"binary choice" is an intriguing term. Please advise of the definition, implications, & etymology if you've got time to do so. Regards.