Is a "Neighborhood Market" a credible term?

[Terrel L. Shields]

There is no such thing as commercial neighborhood.

By Fannie's definition there is.

Also, what about rural markets?

Exactly. I live in a community called "Fairmount" or the township name "Felker" - but this includes 2 newish greenfield subdivisions, a large lot executive homes subdivision, some houses 80 years old, some 30, some new, some 1,000 SF and a few that are above 3,000 SF. Like a lot of rural areas, the "styles" are all over the map. A rural fire dept and a city fire department splits the township into 2 fire districts, the mail routes are part one town and another, the school district likewise has some parts in one city and then another, and a small, incorporated town lies next to it. There is no uniformity except being uniformly ununiform.

 

[jay trotta]

By Fannie's definition there is.

Exactly. I live in a community called "Fairmount" or the township name "Felker" - but this includes 2 newish greenfield subdivisions, a large lot executive homes subdivision, some houses 80 years old, some 30, some new, some 1,000 SF and a few that are above 3,000 SF. Like a lot of rural areas, the "styles" are all over the map. A rural fire dept and a city fire department splits the township into 2 fire districts, the mail routes are part one town and another, the school district likewise has some parts in one city and then another, and a small, incorporated town lies next to it. There is no uniformity except being uniformly ununiform.

Exactly and IMO this is why we serve a purpose in the field. The F&F one peg fits every hole theory is just for them, all the best, glad we moved on some time back.

 

[alebrewer]

It makes sense to use the subdivision as the neighborhood ....it's easier to catch appraisers when they outside of the subdivision to use superior sales.

Unless there's not one.

 

[NC Appraising]

Unless there's not one.

Yep.

For rural markets, the 1004 or gse guidelines are not the best.

I truly belive after 20 years of being in this business, that if the form did not say neighborhood, we would not have so many confused appraisers.

There should have been two sections on the form.
1 for the market area
1 For the pud or subdivision.

Two totally different data sets.

Neighborhood has a different meaning to buyers, the gses, text books and appraisers.

Buyer: the pud, subdivision.

Gse: subdivision for the most part

Appraisers: 50/50. Never really knew.

Text books: group of complementary land uses. Ok....more of an explanation please.

 

[alebrewer]

1 For the pud or subdivision.

or neighborhood. But in general - I agree.

 

[Joe Flacco]

Neighborhood has never been the subdivision. It is just what appraisers did.

I also used subdivision for the first few years including training and licensed because that was how I was trained and how the other people in the office did it.

 

[NC Appraising]

Neighborhood has never been the subdivision. It is just what appraisers did.

I also used subdivision for the first few years including training and licensed because that was how I was trained and how the other people in the office did it.

I blame it on the gses. Here are the UAD instructions:

*Neighborhood Name*
The appraiser should enter a neighborhood name. It may be a name recognized by the
municipality in which the property is sited, such as a *subdivision* name. If there is not a
neighborhood name recognized by the municipality, enter the common name by which
residents refer to the location.
Reporting Format:
Neighborhood Name – Text



Per fannie definition of a neighborhood...group of complementary land uses...then they want us to use the subdivision as the neighborhood name....but the data is for the neighborhood and not the subdivision...but we name the neighborhood as the subdivision.

Riddle.


And we wonder why appraisers don't know what a neighborhood is?

Then add:

• Section XI, 403. “Neighborhood characteristics. These can be addressed by the types of structures and architectural styles in the neighborhood (detached, attached, row or townhouse, colonial, ranch, Victorian, etc.); current land use (single-family residential, commercial, industrial, etc.); typical site size (one-eighth acre, two acres, etc.); or street patterns or design (one-way street, cul-de-sac, court, etc.).”

Sounds like a subdivison to me.