Functional obsolescence or Funtional Utility?

[al002kim]

The property is located in a hillside area where there's no driveway access, only thru a sidewalk. Is it considered a functional (external) obsolescence or Functional utility? Thanks!

 

[Restrain]

Is it typical for the market? Is there a garage that cannot be accessed? Is on-street parking with no off-street market typical?

Answer these questions and you will have your answer.

 

[Louis Pompeo]

Never the twain shall meet

The property is located in a hillside area where there's no driveway access, only thru a sidewalk. Is it considered a functional (external) obsolescence or Functional utility? Thanks!

Functional obsolescence is caused by the improvements

External obsolescence is caused by the location

 

[Dennis J. Black ASA IFAS]

Functional is inside the property's boundaries. External is outside.

 

[The Bob]

Technically, the other posters are correct. But I think this would be functional since it is due to the way the subject is sited. If it were truly external, then adjoing properties in the area would be affected.

 

[al002kim]

Thanks for all your quick response. Since it is common around the area, I am just adjusting the parking amenities in the comparison report... I just made a comment that the subject comforms to the neighborhood since all other homes in the vicinity suffer similar obsolescence. Although in fact it is a hassle for these homeowners have to walk up and down to the homes, imagine when moving out...