How Do You Figure Distance?

[Richard Carlsen]

Doug----TIC response mainly just to point out how ludicrous it is to measure the distance from a subject to a comp by road miles. If the buyer doesn't consider the comp in his buying decision, of what use is the road miles in telling you the "relationship of the comp to the subject".

A better consideration that we talked about several years ago here was the Area of Comparability where we look at the center of market influence and consider comps in that regards. Makes a whole lot more sense to me than trying to figure out the road miles from the subject to a comp.

Course I don't adjust for dirt roads either. Market doesn't care so why should I? Maybe that explains why road miles confuse me.

 

[Pam Wyant]

Richard - your point is valid in our market. The distance from subject to support services and comp to support services is more important than the distance from subject to comp. All these hills you know.

I try to compare the subject to homes with similar access. I have not been able to reach a definitive adjustment for gravel vs. paved. Many other factors also come into the equation. It is common for new subdivisions to have gravel roads for several years, but this does not appear to have an adverse affect if other amenities/features are there.

 

[DB]

We are eat up with hills and hollows in Middle Tennessee ... In a lot of cases, the subject may be the only house on a road and still be 2 or 3 miles from the main highway ...... In my area, it is difficult to compare with others, in that, standing on court square would still be considered Rural by most, but is considered Urban by the market .... city limits is less than 2 miles from limit to limit, in any direction and less in most cases and still have gravel or dirt road access..... Some dirt roads are within sight of the city limits, but must considered Suburban according to the market .... That is what I was getting at (Greg :lol: ), about not adjusting for the roads, but having to adjust for location .... Urban, Suburban and Rural here can all be found in a 5 mile radius or less ..... Getting ISO rated fire departments has helped the market considerably .... here, as the crow flies is about the only way to go ...... They still have signs in this county that say "Trespassers will be shot! Survivors will be prosecuted!" .... I have learned, in my 15 years here, to stop about half way up the driveway and start yelling "Hello!!" to the house!! :lol: :lol:

 

[jtrotta]

until recently - Crows ruled, yep they meandeer, jus like peeps

prior to crows, we used woodpeckers, but then the peckerheads would call us on them


now we use the new fang dangled Mapping programs, but they seem ta be off in some instances


Richard,
maybe that'll be in the NEW / Improved 1004 in 2005 when FNMA revamps the forms B) U do realize that the Forms really don't do anything, all the gobmint's doing is tracking purchase dollars and selling the info to Wal Mart / Home Depot and others - oh, the uh profits are put into the general fund miles, they don care bout no stinkin miles :mrgreen:


h34r:

 

[CANative]

Doug... you know I was just joshing with 'ya :lol:

Gravel vs. Paved. I do make these adjustments - ocassionally. Most of my turf is rural and semi-rural with a few suburban areas and one or two urban areas. 2 or 3 of the suburban areas have incorporated cities. I assume because of the low tax base in these "poor cities" there is a mixture of paved and unpaved streets (not rural country roads) These unpaved streets even have public water and sewer. It is obvious from years of doing market analysis in these areas that homes sell for $2500 to $5000 less when situated on one of the unpaved streets.

As far as the "crow flies" versus the "wolf runs" how else are you going to do it? Most underwriters just want to make sure your comparing an equal market and not cherry picking comps. The only time I've gotten called on this is when I've forgotten to put a reasonable explanation in the report. In the "old days," my father and brother used a ruler to scale off printed maps like Thomas Brothers.

 

[DB]

Greg .... I know you .... You are my brother and I would never take offense to anything you said ....Heck ... if wasn't for that Seinfeld line you fed me, my bacon might have been fried a long time back!! :lol: :lol:

I spent the entire day inspecting a Coca Cola plant in Lebanon .... I am going to take your advice and go to bed early (not that there's anything wrong with that!) :lol:


Merry Christmas, brother!! :santa:

 

[CANative]

So, now you expect us to believe you're going to go to bed early (and sleep) after spending the day at a Coca-Cola plant?

 

[DB]

I actually had the best of intentions, but when I checked the fax machine I had 3 new jobs ..... that makes 8 in the last 2 days :blink: .... I already have appointments set for Friday ... the day after Christmas .... But the good news is that I get to see my daughter tomorrow (I guess it's today now) and Christmas day too ..... so I got my present and didn't even have to upwrap it! It is 12:40 a.m. and I am now going to bed .... period :lol: .... Merry Christmas!!!

 

[Mike Garrett RAA]

Yeah...what is this? I have received 6 in the last two days....is this "lender harassment? Every year I say I am closing down from the 24th through Jan 2...and never get to do it. Praise the Lord, I need the money!!!! :rofl: