Impending site size reporting requirement

[Tim Hicks (Texas)]

Yawn...sounds logical to me. Do we have to witch with a b about everything?

 

[VolcanoLvr]

I sense some snickering going on here.

Those of you who don't work in small urban/suburban/rural areas apparently do not recognize the significance of my OP.

So here's what mama fannie says about reporting site size in reports (Pg 25, UAD Appendix D):
For sites/parcels that have an area of less than one acre, the size must be reported in square feet.

For sites/parcels that have an area of one acre or greater, the size must be reported in acreage to two decimal places.

Reporting Format:
Area less than one acre – whole numbers only
Area equal to one acre or more – numeric to 2 decimals
Indicate the unit of measure as either ‘sf’ for square feet or ‘ac’ for acres as appropriate.

Do you not understand how confusing this will be when the subjects and comps straddle the magic 1 acre size and we are forced to report their size in two different ways in the same report?

No reputable appraiser would do today what they are telling us to do as of 9/1/2011. See pages 12 and 25 in Appendix D.

And it will happen in actual practice, because not all comps for a particular assignment will magically fall either below or above 1 acre in all cases.

 

[Mary Tiernan]

I agree Dave - and have been toying with their reporting requirements since I read them. I just don't like the looks of a report with square foot - .49 acre or .78 acre is more logical in my area, too. I continue to report in acreage sizes despite knowing I will have to change my habits. . .

Very rarely have I run across an area where frontage foot mattered, and then because the subject had less than 50' frontage, so I had to find comps with similar, and determine if there was a market reaction.

 

[DTB]

In the markets that I cover, lot frontage is frequently the market determinant factor, so in those cases I utilize width x depth in the grid (i.e.: 40 x 100, 25 x 100, etc.) and make adjustments based upon differences in frontage.

Sorry Smokey, they may be idiots in your neck of the woods, but that's the way it is in the big city.

I'd say this would cover the vast majority of lending being done in the USA.

 

[airphoto]

Sounds to me like a 'see addendum' entry in the grid followed by a full 14" addendum page describing the metes/bounds of each of the parcels ..

 

[Pittsburgh Pete]

Yawn...sounds logical to me. Do we have to witch with a b about everything?

Amen to that! But then that is the AF's "raison d'etre."

 

[Calvin the Airedale]

Aren't there still 43,560 square feet in an acre? How tough can it be to juggle acres and square feet? Who needs a chart to convert the two?

 

[Pittsburgh Pete]

Aren't there still 43,560 square feet in an acre? How tough can it be to juggle acres and square feet? Who needs a chart to convert the two?

The mathematically challenged!?

 

[Stone]

Amen to that! But then that is the AF's "raison d'etre."

Sure seems like it sometimes. I can't see the issue.

 

[Calvin the Airedale]

I could foresee trouble if we were being asked to report cubic feet, or round feet.

Here's a cheat sheet for the mathematically challenged:

http://math2.org/math/geometry/areasvols.htm.

Save it to your favorites.