How do you determine the CBD?

[froggy8]

I am curious how other appraisers determine the CBD distance for a residential appraisal. I live in a rural area in PA. My mentor always told me to use the biggest local city which in my case is Pittsburgh. The thing I wonder about is... Is it ok that the CBD is usually 40-50 miles away from my subject? Or do I use the local little towns....or my thoughts are even using the closet court house in the individual county itself.

 

[Mr Rex]

what is CBD?

 

[froggy8]

sorry...Central Business District

 

[Mr Rex]

Does a CBD 50 miles away have anything to do with values in the local market? IF not, why would you need to "determine" a CBD? Is this relevent info?

 

[froggy8]

This is the general blurp I was taught to put in the neighborhood description....if you have tips and ways to make it better I'm always willing to learn that's why I'm asking

The subject property is situated in an neighborhood approximately -- miles ----- of the Downtown Pittsburgh Business District. It is within a reasonable driving distance of employment centers, shopping, recreational facilities and main roadway arteries. It is serviced by the -------- School District.

 

[Mr Rex]

Do most or many folks in the local market commute daily to the CBD?

 

[glenn walker]

Can you drive and pick up a PIZZA within 15 minutes : ) LOL

 

[Mr Rex]

This is the general blurp I was taught to put in the neighborhood description....if you have tips and ways to make it better I'm always willing to learn that's why I'm asking

The subject property is situated in an neighborhood approximately -- miles ----- of the Downtown Pittsburgh Business District. It is within a reasonable driving distance of employment centers, shopping, recreational facilities and main roadway arteries. It is serviced by the -------- School District.

That does not tell the reader anything about the area other than its a long ways from what you are calling the "CBD". I don't like that term, as even small rural towns have a "Central Business District".

 

[froggy8]

Actually alot of people do commute 30-45+ minutes for work in this area. Though there are alot of local jobs also. Yes my closest pizza place is 5 minutes down the road and Walmart which is pretty much the only clothing store is 10 minutes...If I want bigger shopper it is a minimum 30 minute drive to a different county. I agree that most towns in this area have a central market. I guess that is maybe more of what I am asking is how do I define that section. If what I am typing isn't clear enough then what specific data does the reader desire to know in the neighborhood data section. I live in in area where a property could be 20 miles away but take 40 minutes to get to because of the mountains and rivers. Nothing is a straight drive and there are alot of little communities.

 

[froggy8]

I am constantly explaining in AMC appraisals that a normal distance for my comp search is an 8 mile radius and can extent even further if needed. There are times I even have to go further than a year back. The guideline is 5 miles for rural property which is a joke around here when the house I just appraised had 60 acres. That isn't typical for all homes but then they picked on why is the land value more than 30%. Well because the lot is 60 acres itself...