- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
This is a new one for me. I was just furnished with the survey of a property I appraised. It seems there is a high pressure gas utility easement that intersects the lot of the subject property. It is a corner property in a $150-200,000 neighborhood. This is a sale for $180,000. I was barely able to justify the sales price with its numerous upgrades. Then they popped the survey on me and asked me to address the utility easements affect on the value of the property. This is not your typical utility easement around the border of the lot (5-20 feet). This is a 50 foot easement that cuts across the front part of the property diagonally. It travels under the approach sidewalk, up against the sidewalk leading from the side drive way to the front of the home and goes partially under the drive way. As close as I can figure it gets within 20 feet of the residence and reduces the one acre lot to a useable .75 acres (approx.). Now, I would not buy this property, but this is the second owner in two years, so there is a market for it. Of course, I have no sales of properties with similar easements. Your comments and suggestions are welcomed. Lets just say they are going to be unhappy if I lower my value, which I am inclined to do since getting a current survey. But, shouldn't that be expected from such a conservative appraiser?