Digger88
Elite Member
- Joined
- May 11, 2010
- Professional Status
- Certified Residential Appraiser
- State
- Virginia
I hurriedly attached a screen shot of my grid for a retrospective appraisal yesterday and asked for a summary and reconciliation of this appraisal. I didn't have time to work on my prompt ie, bias words etc or check for errors (didn't use it) but it looks pretty good. The cool thing is when it's done it prompts you questions you may want to see explained further. Once I get my prompt dialed in it should be able to do exactly what I'd like to see. Also, it came up with a value I just attached the grid my final prompt will remove that input. When I was done I attempted to attach the entire pdf to scan for errors and inconsistencies but it hung and I had to go so I didn't mess with it anymore. 'Think' should give better results though it takes a bit this took about a minute
Summary, Final Reconciliation, and Detailed Neighborhood Analysis of Appraisal Report
As the appraiser, XXXX, I prepared this appraisal report to develop an opinion of the market value for the property located at XXXX, Manassas, VA 20110, as of February 1, 2024, for my client, XXXXX. The purpose of this appraisal is to estimate the market value for a fee simple interest, and I utilized the sales comparison approach, as it is the most appropriate method for this residential property. This report adheres to USPAP Standards Rule 2-2(b) and is intended solely for the client and any other named intended users, with all opinions and conclusions set forth herein.
Property Overview and Comparable Sales Analysis
The subject property, XXXX, is a residential fee simple townhouse with 2,731 square feet of living area, including 1,773 square feet above grade and a finished full basement of 958 square feet. It features three bedrooms, 2.1 bathrooms, a two-car garage, a deck, forced air/central air conditioning, energy-efficient windows/doors, one fireplace, and premium upgrades. The property is situated in the Richmond Station subdivision, has a good quality of construction, is three years old, and is in good condition. The design is an end townhouse (TH) style.
I analyzed three comparable sales in the same general market area to estimate the subject property’s value:
In reconciling the data from the comparable sales, I considered the proximity, recency of sales, and adjustments made for differences in physical characteristics, location, and market conditions. Comparable Sale #1 (9346 Barnes Loop) is the most similar to the subject property in terms of size, location (0.12 miles away), and overall features, with an adjusted sale price of $621,700. Comparable Sale #2 (8180 Broad Run PI) is also very close in proximity (0.06 miles) and has an adjusted sale price of $616,000, while Comparable Sale #3 (8919 Dalgren Ridge Rd) is slightly less similar due to its smaller size and different subdivision, resulting in an adjusted sale price of $596,000.
After careful analysis, I placed the greatest weight on Comparable Sale #1 due to its proximity, recency, and similarity to the subject property. The adjusted sale prices of the comparables range from $596,000 to $621,700, with the majority clustering around $616,000 to $621,700. Based on this analysis, I conclude that the market value of the subject property, XXXX, Manassas, VA 20110, as of February 1, 2024, is $621,700.
Detailed Neighborhood Analysis
The subject property is located in the Richmond Station subdivision, a planned residential community within Manassas, VA 20110, approximately 30 miles southwest of Washington, D.C. The neighborhood is bounded by major transportation arteries, including Route 28 (Sully Road) to the east, Route 234 (Prince William Parkway) to the west, and is nestled near the intersection of these corridors, providing excellent connectivity to the broader Northern Virginia region. To the north, the area transitions into commercial zones and additional residential developments, while to the south, it extends into other suburban neighborhoods with similar housing styles.
Housing Characteristics
Richmond Station primarily consists of modern townhouses and single-family homes, with construction peaking in the last 10–15 years. The housing stock is predominantly three- to four-story townhouses, similar to the subject property, featuring contemporary designs, attached garages, and finished basements. Lot sizes are typically smaller, averaging 2,000–3,000 square feet, reflecting the dense, efficient layout of the subdivision. The majority of homes are owner-occupied, with a mix of individuals and professionals drawn to the area’s affordability relative to closer-in suburbs of Washington, D.C. Construction quality is generally good to very good, with energy-efficient features such as double-paned windows, modern HVAC systems, and upgraded finishes being common.
Land Use and Zoning
The neighborhood is zoned for residential use under Prince William County regulations, with a focus on medium-density housing. Surrounding land uses include commercial retail centers, office parks, and light industrial areas within a short drive, particularly along Route 28 and Route 234. Nearby, there are community parks, playgrounds, and green spaces, contributing to the area’s appeal for recreational activities. Schools, including public elementary, middle, and high schools, are within a 5–10 minute drive, enhancing the neighborhood’s attractiveness. The area maintains a suburban character with well-maintained streets, sidewalks, and landscaping, supported by homeowner associations that enforce community standards.
Transportation and Accessibility
Richmond Station benefits from its strategic location near major highways, providing easy access to employment hubs in Manassas, Fairfax, and Washington, D.C. Public transportation options, including VRE (Virginia Railway Express) stations and local bus services, are available within a 10–15 minute drive, catering to commuters. The proximity to I-66 and Route 234 ensures quick travel to regional airports, shopping malls (e.g., Manassas Mall), and dining options. Traffic patterns are generally moderate, with peak congestion occurring during rush hours, typical of suburban areas near metropolitan regions.
Economic and Market Trends
The Manassas area, including Richmond Station, has experienced steady economic growth, driven by its position within the robust Northern Virginia economy. As of February 2024, the real estate market in this neighborhood shows stable demand, with a balanced supply of inventory and consistent sales activity. Recent sales data indicate moderate annual appreciation, averaging 3–5% over the past three years, reflecting the area’s desirability and proximity to job centers. The neighborhood’s property values are supported by its affordability compared to neighboring Fairfax County, while still offering access to quality schools, parks, and amenities. There is no significant oversupply of housing, and vacancy rates remain low, indicating strong market stability.
Amenities and Community Features
Richmond Station and its surrounding areas offer a wealth of amenities that enhance livability. Within the subdivision, there are walking trails, community pools, and recreational areas maintained by the homeowner association. Nearby, residents have access to several public parks, such as Signal Hill Park and Ben Lomond Regional Park, which feature sports fields, playgrounds, and picnic areas. Shopping centers, including grocery stores (e.g., Safeway, Giant), retail outlets, and restaurants, are within a 5–10 minute drive along Route 28 or Sudley Road. The neighborhood’s proximity to Prince William County’s cultural and recreational offerings, such as the Hylton Performing Arts Center, further adds to its appeal.
Environmental and Physical Factors
The area is relatively flat with no significant topographic challenges, making it ideal for residential development. There are no major flood zones or environmental hazards identified in the vicinity, and the neighborhood benefits from well-maintained stormwater management systems. Utility services, including water, sewer, electricity, and natural gas, are reliable and provided by local municipal or private providers. The climate is typical of Northern Virginia, with hot, humid summers and cold winters, but the modern construction of homes in Richmond Station includes energy-efficient features to mitigate seasonal extremes.
Market Appeal and Stability
Richmond Station appeals to a broad range of buyers, including individuals and professionals, due to its combination of affordability, modern housing, and convenient location. The neighborhood’s stability is reinforced by its proximity to employment opportunities in technology, government contracting, and retail sectors in Northern Virginia. Sales trends show consistent demand, with properties typically selling within 30–60 days of listing, and price per square foot ranging from $200 to $250, aligning with the subject property’s estimated value. There are no significant market disruptions or oversupply issues, and the area continues to attract investment due to its growth potential and quality of life.
Summary, Final Reconciliation, and Detailed Neighborhood Analysis of Appraisal Report
As the appraiser, XXXX, I prepared this appraisal report to develop an opinion of the market value for the property located at XXXX, Manassas, VA 20110, as of February 1, 2024, for my client, XXXXX. The purpose of this appraisal is to estimate the market value for a fee simple interest, and I utilized the sales comparison approach, as it is the most appropriate method for this residential property. This report adheres to USPAP Standards Rule 2-2(b) and is intended solely for the client and any other named intended users, with all opinions and conclusions set forth herein.
Property Overview and Comparable Sales Analysis
The subject property, XXXX, is a residential fee simple townhouse with 2,731 square feet of living area, including 1,773 square feet above grade and a finished full basement of 958 square feet. It features three bedrooms, 2.1 bathrooms, a two-car garage, a deck, forced air/central air conditioning, energy-efficient windows/doors, one fireplace, and premium upgrades. The property is situated in the Richmond Station subdivision, has a good quality of construction, is three years old, and is in good condition. The design is an end townhouse (TH) style.
I analyzed three comparable sales in the same general market area to estimate the subject property’s value:
- 9346 Barnes Loop, Manassas, VA 20110
- Sale Price: $650,000 (February 12, 2023)
- Distance: 0.12 miles SW
- Size: 2,417 SqFt
- Adjustments: -$28,300 (for differences in size, basement area, and other features)
- Adjusted Sale Price: $621,700
- 8180 Broad Run PI, Manassas, VA 20110
- Sale Price: $615,500 (October 10, 2023)
- Distance: 0.06 miles S
- Size: 2,709 SqFt
- Adjustments: +$500 (for minor differences in features)
- Adjusted Sale Price: $616,000
- 8919 Dalgren Ridge Rd, Manassas, VA 20111
- Sale Price: $588,000 (June 23, 2023)
- Distance: 0.00 miles S
- Size: 2,028 SqFt
- Adjustments: +$8,000 (for differences in size and features)
- Adjusted Sale Price: $596,000
In reconciling the data from the comparable sales, I considered the proximity, recency of sales, and adjustments made for differences in physical characteristics, location, and market conditions. Comparable Sale #1 (9346 Barnes Loop) is the most similar to the subject property in terms of size, location (0.12 miles away), and overall features, with an adjusted sale price of $621,700. Comparable Sale #2 (8180 Broad Run PI) is also very close in proximity (0.06 miles) and has an adjusted sale price of $616,000, while Comparable Sale #3 (8919 Dalgren Ridge Rd) is slightly less similar due to its smaller size and different subdivision, resulting in an adjusted sale price of $596,000.
After careful analysis, I placed the greatest weight on Comparable Sale #1 due to its proximity, recency, and similarity to the subject property. The adjusted sale prices of the comparables range from $596,000 to $621,700, with the majority clustering around $616,000 to $621,700. Based on this analysis, I conclude that the market value of the subject property, XXXX, Manassas, VA 20110, as of February 1, 2024, is $621,700.
Detailed Neighborhood Analysis
The subject property is located in the Richmond Station subdivision, a planned residential community within Manassas, VA 20110, approximately 30 miles southwest of Washington, D.C. The neighborhood is bounded by major transportation arteries, including Route 28 (Sully Road) to the east, Route 234 (Prince William Parkway) to the west, and is nestled near the intersection of these corridors, providing excellent connectivity to the broader Northern Virginia region. To the north, the area transitions into commercial zones and additional residential developments, while to the south, it extends into other suburban neighborhoods with similar housing styles.
Housing Characteristics
Richmond Station primarily consists of modern townhouses and single-family homes, with construction peaking in the last 10–15 years. The housing stock is predominantly three- to four-story townhouses, similar to the subject property, featuring contemporary designs, attached garages, and finished basements. Lot sizes are typically smaller, averaging 2,000–3,000 square feet, reflecting the dense, efficient layout of the subdivision. The majority of homes are owner-occupied, with a mix of individuals and professionals drawn to the area’s affordability relative to closer-in suburbs of Washington, D.C. Construction quality is generally good to very good, with energy-efficient features such as double-paned windows, modern HVAC systems, and upgraded finishes being common.
Land Use and Zoning
The neighborhood is zoned for residential use under Prince William County regulations, with a focus on medium-density housing. Surrounding land uses include commercial retail centers, office parks, and light industrial areas within a short drive, particularly along Route 28 and Route 234. Nearby, there are community parks, playgrounds, and green spaces, contributing to the area’s appeal for recreational activities. Schools, including public elementary, middle, and high schools, are within a 5–10 minute drive, enhancing the neighborhood’s attractiveness. The area maintains a suburban character with well-maintained streets, sidewalks, and landscaping, supported by homeowner associations that enforce community standards.
Transportation and Accessibility
Richmond Station benefits from its strategic location near major highways, providing easy access to employment hubs in Manassas, Fairfax, and Washington, D.C. Public transportation options, including VRE (Virginia Railway Express) stations and local bus services, are available within a 10–15 minute drive, catering to commuters. The proximity to I-66 and Route 234 ensures quick travel to regional airports, shopping malls (e.g., Manassas Mall), and dining options. Traffic patterns are generally moderate, with peak congestion occurring during rush hours, typical of suburban areas near metropolitan regions.
Economic and Market Trends
The Manassas area, including Richmond Station, has experienced steady economic growth, driven by its position within the robust Northern Virginia economy. As of February 2024, the real estate market in this neighborhood shows stable demand, with a balanced supply of inventory and consistent sales activity. Recent sales data indicate moderate annual appreciation, averaging 3–5% over the past three years, reflecting the area’s desirability and proximity to job centers. The neighborhood’s property values are supported by its affordability compared to neighboring Fairfax County, while still offering access to quality schools, parks, and amenities. There is no significant oversupply of housing, and vacancy rates remain low, indicating strong market stability.
Amenities and Community Features
Richmond Station and its surrounding areas offer a wealth of amenities that enhance livability. Within the subdivision, there are walking trails, community pools, and recreational areas maintained by the homeowner association. Nearby, residents have access to several public parks, such as Signal Hill Park and Ben Lomond Regional Park, which feature sports fields, playgrounds, and picnic areas. Shopping centers, including grocery stores (e.g., Safeway, Giant), retail outlets, and restaurants, are within a 5–10 minute drive along Route 28 or Sudley Road. The neighborhood’s proximity to Prince William County’s cultural and recreational offerings, such as the Hylton Performing Arts Center, further adds to its appeal.
Environmental and Physical Factors
The area is relatively flat with no significant topographic challenges, making it ideal for residential development. There are no major flood zones or environmental hazards identified in the vicinity, and the neighborhood benefits from well-maintained stormwater management systems. Utility services, including water, sewer, electricity, and natural gas, are reliable and provided by local municipal or private providers. The climate is typical of Northern Virginia, with hot, humid summers and cold winters, but the modern construction of homes in Richmond Station includes energy-efficient features to mitigate seasonal extremes.
Market Appeal and Stability
Richmond Station appeals to a broad range of buyers, including individuals and professionals, due to its combination of affordability, modern housing, and convenient location. The neighborhood’s stability is reinforced by its proximity to employment opportunities in technology, government contracting, and retail sectors in Northern Virginia. Sales trends show consistent demand, with properties typically selling within 30–60 days of listing, and price per square foot ranging from $200 to $250, aligning with the subject property’s estimated value. There are no significant market disruptions or oversupply issues, and the area continues to attract investment due to its growth potential and quality of life.
