New proposed Fannie Mae form

[CANative]

I must respectfully, and totally, disagree.

Comparable i.e. similar / competitive based on substitution

For Example: When a subject is improved with a 3500sf custom built Contemporary Colonial btl in 2000 - market trends demonstrated by 700sf bungalows circa 1940 have no impact whatsoever as reliable indicators for that subject. The reverse is also true.

Apples to Apples v Pears to Pears - MATTERS.:icon_idea: Pineapples to Watermelons .......does not.

I just used a comp of a 1,000 sf 1 bedroom farmhouse built about 1915 for a custom 2,800 sf built in 2005 with a 4 car garage and accessory unit over it. It needed a little over $300,000 in adjustments.

 

[Mike Kennedy]

I just used a comp of a 1,000 sf 1 bedroom farmhouse built about 1915 for a custom 2,800 sf built in 2005 with a 4 car garage and accessory unit over it. It needed a little over $300,000 in adjustments.

That's your problem. Has nothing to do with the thread. Good Luck with it.

 

[CANative]

It has everything to do with the thread. Should this property have been included at the top of page 2? How would it be treated in the Rels form?

These new market forms that are coming out are virtually useless in 75% of the area I cover.

 

[Mike Kennedy]

1. should it be ..... No. and 2. Wouldn't Be, nor should it be.

 

[CANative]

This sale required the fewest net and gross adjustments. At a sales price of $1,375,000 the adjustments were only at 22% versus 28% to nearly 40% for the other comparable sales used.

It was located on the same street (and on the same assessor's parcel map) and at 108 acres was very similar to the subject property at 117 acres. Both properties are enrolled in the Williamson Act.

The Hopland area is about 200 square miles but the population is only about 1,000. There have been about 10 sales in the last 3 or 4 years. Only a few the 100 acre size range. Current listing range from $225,000 to $11,250,000 (a property near my house).

 

[Mike Kennedy]

10 sales in the last 3 or 4 years. Only a few the 100 acre size range


dwellling ages and GLA ranges?

 

[CANative]

OK. 20 sales or so. But less than 10 that can be considered reasonably comparable, including areas that are arguably in Hopland (McNab Ranch between Hopland and Ukiah and parts of Yorkville between Mtn House Road and Yorkville Ranch Road).

Listings and sales in Hopland Jan. 05 to present (at least those listed in MLS).

dwellling ages and GLA ranges?

Ages range from new to 120+ years old. GLA ranges from 700 sf to over 5,000 sf.

 

[Rufus]

I must respectfully, and totally, disagree.

Which is what makes the AF such a wonderful place to gain insight into the methods used by other appraisers. :new_smile-l:

Comparable i.e. similar / competitive based on substitution

No argument on this but therein lies the problem. A given neighborhood may only show a few comparables in the 1 - 6 month range and a similar quantity for the 6 - 12 month range. With such a minimal amount of information the data are not statistically significant to predict an overall trend.

If the purpose of this form is to determine trends within a neighborhood, then all available data should be analyzed not just the model (or near model) matches.

For Example: When a subject is improved with a 3500sf custom built Contemporary Colonial btl in 2000 - market trends demonstrated by 700sf bungalows circa 1940 have no impact whatsoever as reliable indicators for that subject. The reverse is also true.

This sounds to me like a white elephant in the neighborhood. But, for the sake of argument and since these do exist, we are again in a situation where the data may show few or no comparables in the past year in that neighborhood. The proposed form is then essestially useless for describing at trend.

Apples to Apples v Pears to Pears - MATTERS.:icon_idea: Pineapples to Watermelons .......does not.

Quite right when it comes to selecting comparables. On a fruit only basis, I prefer pineapples over those other choices.

 

[Terrel L. Shields]

Crimony! More stupid form crap because of a bunch of lazy-formfilling-knownothing-amateur-skippy appraiser sh!theads.

I already do all that stuff but now I have to spend another hour of filling out a stupid form that won't work for rural areas anyway.

couldn't sez it bedder myselph

 

[Ken B]

I must respectfully, and totally, disagree.

Comparable i.e. similar / competitive based on substitution

For Example: When a subject is improved with a 3500sf custom built Contemporary Colonial btl in 2000 - market trends demonstrated by 700sf bungalows circa 1940 have no impact whatsoever as reliable indicators for that subject. The reverse is also true.

Apples to Apples v Pears to Pears - MATTERS.:icon_idea: Pineapples to Watermelons .......does not.

Mike gets it.