Location: "Neutral" or Adverse" in the SCA and CA

[ZZGAMAZZ]

yes.

Vehicular noise pollution, for example. (When one can see long haul trucks on the raised freeway ramps on two sides of the subdivision.)

 

[ZZGAMAZZ]

So are you saying that the land uses surrounding the neighborhood are the external obsolescence?

Yes, that is my perspective. That leads to the decision about how to define the neighborhood boundaries--either of the residential improvements within the subdivision, or the surrounding 1 mile in every direction that is exclusively freeeway, industrial, warehousing . . . . and I don't know if a right-or-wrong answer exits to that question?

 

[ZZGAMAZZ]

If the sales indicate a certain value and you have a good handle on the land value, then by using the cost and making an appropriate, perhaps straight line depreciation, then the difference, if any, suggests that EX OB or Functional Ob is present. Or simply deal with the accrued depreciation which is all USPAP requires you do and the best way is to extract depreciation from the other sales in the area using the Epley technique. And yes it is a negative influence likely.

I actually tried just now to look up "Epley Appraisal Technique." I got as far as having my head turned sideways and being bent over backward....

 

[glenn walker]

I actually tried just now to look up "Epley Appraisal Technique." I got as far as having my head turned sideways and being bent over backward....

Neutral all day long as any perceived external has already been baked into the cake on its sales prices as all your sales are from the same development. Think about it like the City ofEastvale on the West side of 15 freeway I coined it as a City built around a Home Depot with a Mayor and six cops. IN SO CA new residential is typically more mixed use in design- people want to be close to freeways-stores and many work in those industrial warehouse so there is no negative its all neutral to positive. Keep Neutral thoughts and you will keep neutral neighborhoods which keep you from entering into Review and Revision Hell. How many other appraisers in that area have ever rated that development as "adverse" NOT A ONE

 

[ZZGAMAZZ]

Neutral all day long as any perceived external has already been baked into the cake on its sales prices as all your sales are from the same development. Think about it like the City ofEastvale on the West side of 15 freeway I coined it as a City built around a Home Depot with a Mayor and six cops. IN SO CA new residential is typically more mixed use in design- people want to be close to freeways-stores and many work in those industrial warehouse so there is no negative its all neutral to positive. Keep Neutral thoughts and you will keep neutral neighborhoods which keep you from entering into Review and Revision Hell. How many other appraisers in that area have ever rated that development as "adverse" NOT A ONE

Gotta love MLS listings that describe proximity to Home Depot or Walmart. Maybe so buyers won't have to walk far to stand in line outside the stores looking for day labor after the market declines?

 

[glenn walker]

Gotta love MLS listings that describe proximity to Home Depot or Walmart. Maybe so buyers won't have to walk far to stand in line outside the stores looking for day labor after the market declines?

The same with the Colony's in Upland --Mc Mansions on 4,000 Sq.Ft. Lots with a flood control hole thye call a lake and surrounded by miles of shopping including a Home Depot. Old school external economic no longer are in play on most areas as people like to be in mixed use areas.. Neutral keeps you in the center lines and out of the tall weeds were the big dogs **** and get eaten by the lions.

 

[Basically Rectangular]

In the case of either a nearby railroad or adverse industrial use properties- Why is external obsolescence applied as depreciation in the cost approach? Wouldn't this already be reflected in the Land Value?

 

[ZZGAMAZZ]

In the case of either a nearby railroad or adverse industrial use properties- Why is external obsolescence applied as depreciation in the cost approach? Wouldn't this already be reflected in the Land Value?

I keep avoiding a CE Cost Approach course; although I want to know more n more about the CA, I can't imagine an online course that would come close to addressing issues like the scenario you describe. Maybe I'm wrong.

 

[ZZGAMAZZ]

The same with the Colony's in Upland --Mc Mansions on 4,000 Sq.Ft. Lots with a flood control hole thye call a lake and surrounded by miles of shopping including a Home Depot. Old school external economic no longer are in play on most areas as people like to be in mixed use areas.. Neutral keeps you in the center lines and out of the tall weeds were the big dogs **** and get eaten by the lions.

I always wondered about that water-hole while driving North on Campus. Obviously it's filled with water but never looks very tempting. Then there was the MLS subject description of a SFR 1/4-mile from Club 215, Pinnacle Pete's--as being "close to the freeway" is a good thing.

CAVEAT: Pinnacle Pete's is a Great old fashioned restaurant with Great steaks, BBQ, etc. (not cheap but nothing is these days.)