Need valuation for this

[rebeccapulte]

Hi,

I could use some help determining the value of a home in Union Park (Little Elm, TX). It's a single-story, 1,750 sq ft home with 3 bedrooms, 2 bathrooms, and a 2-car garage. The property is located directly across from a neighborhood park and is also situated in a semi–cul-de-sac.

I imagine those features would add some value to the home, but I'm not sure how much. I’d really appreciate any insight or guidance you can provide. I've attached a picture for reference! Thank you in advance

 

[Surf Cat]

I'm not in your area however, if it were me doing the assignment, I would do an analysis on the sales of those homes that backed up to that park in comparison to other similar, competitive homes in the market area. It wouldn't matter if it was 12, 18, 24 months back. I would like to see the difference from market participants of those homes in comparison to other sales in the area. It would be necessary to do this because most likely, there won't be a recent sale backing up to the park. If there is, and it matches the characteristics of your home, then the appraiser is a lucky dog!

Secondly, if you have done any modernization, upgrades in the last 1 - 5 years, you should write those down including features a competing home may not have for the appraiser and the approximate amount it cost you. IE Remodeled kitchen-$45k, new A/C unit $8,500, custom decking, etc.

Other than that, let the appraiser do his/her thing. No need to follow them around and ask questions every other minute, let them go through their routine.

Good luck!

 

[rebeccapulte]

Thank you so much!!! Good advice!!

 

[JTip]

Screaming random kids in the back yard, sound like incurable obsolescence to me.

 

[glenn walker]

Screaming random kids in the back yard, sound like incurable obsolescence to me.

Not if you love kid's. If not buy near a Cemetery it's mostly quite. As they say in the car business, there's an Azz for every seat....lol

 

[Trihard]

Hi,

I could use some help determining the value of a home in Union Park (Little Elm, TX). It's a single-story, 1,750 sq ft home with 3 bedrooms, 2 bathrooms, and a 2-car garage. The property is located directly across from a neighborhood park and is also situated in a semi–cul-de-sac.

I imagine those features would add some value to the home, but I'm not sure how much. I’d really appreciate any insight or guidance you can provide. I've attached a picture for reference! Thank you in advance

In real estate appraisal a property backing up to a park or school is generally looked at as a negative. Especially if the park is really busy.

 

[Terrel L. Shields]

Traffic concerns are the only thing I can single out when a home is near a school, arena, or ball field. I have a comp that is near a stone quarry and the quarry bought the property pretty much at market value - a - it avoids complaint, and b-they intend to extend the mine under the property. The house is probably worthless to them except as an interim use - it's actually a house and horse training facility. But the shift is in the HBU - it's no longer a home with a small business and it is a commercial future enterprise

 

[ZZGAMAZZ]

Traffic concerns are the only thing I can single out when a home is near a school, arena, or ball field. I have a comp that is near a stone quarry and the quarry bought the property pretty much at market value - a - it avoids complaint, and b-they intend to extend the mine under the property. The house is probably worthless to them except as an interim use - it's actually a house and horse training facility. But the shift is in the HBU - it's no longer a home with a small business and it is a commercial future enterprise

I completed several recent residential assignments in Inglewood, CA. Kinda bugs/confusess TF out of me that dozens n dozens of residential listings promote the benefit of being near--often "within walking distance"--of a major national sports arena. 1) Like how many times in one season can Anybody afford to attend more than one maybe two games? 2) how can proximity to the venue do anything exccept cause more n more n more traffic????? [Also interesting that an estimaated 50% of every SFR listing promotes the potential to convert existing garages into ADU's, although surprisingly few existing ADU's exist, based on the little bit of research I've done...]

 

[ZZGAMAZZ]

In real estate appraisal a property backing up to a park or school is generally looked at as a negative. Especially if the park is really busy.

....your perspective reminds me of an AF comment a few years ago--just when I was appraising a home that fronts a public park in Colton, CA--that addressed the influence of illegal activities in a typical public park throughout most of LA & San Bernardino counties, where IMO the appearance of gangsters itself is enough to keep me away--despite that I might be biased towards certain types of attire and behavior.

 

[Terrel L. Shields]

1) Like how many times in one season can Anybody afford to attend more than one maybe two games?

$8 to see AC-DC in 1987... $5 to see Black Oak Arkansas in 1975. Top ticket to see the Beatles at Shea Stadium was $6.50.... what was that 65 or 64? Ticket to see the singing bunny rabbit (Taylor Swift) $899...