• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Not urgent, just curious.

Status
Not open for further replies.

icisic7

Thread Starter
Senior Member
Joined
Jul 10, 2005
Professional Status
Licensed Appraiser
State
California
This is the first time I've run into this. This water tank is directly across the street from the subject. (Fortunately, one of the comps is similarly located on the other side of the tank.)

Would this be considered external obsolescence? Is it a negative? (My husband said it doesn't have any barking dogs, so he'd be fine with it.) I've never heard of any catastrophic failures with one of these. Is there a flood potential? How would you address this in the report?
 

Attachments

  • Water tank across street.JPG
    Water tank across street.JPG
    82.8 KB · Views: 96

TEL2002

Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
Looks like there is a berm around the tank....which is probably meant to contain spills, and partially mask the tank.

Hope your comp is very similar to the subject, will make your job a lot simpler.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
Its only external obsolescence IF it affects value. If not its a neighborhood feature.
There is one of these about two blocks from my house and it creates a wind tunnel through a portion of my neighborhood .. so there could be other factors to consider.
Matched pair analysis is the only way to determine if it has a negative effect on value or not.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
This is the first time I've run into this. This water tank is directly across the street from the subject. (Fortunately, one of the comps is similarly located on the other side of the tank.)

Would this be considered external obsolescence? Is it a negative? (My husband said it doesn't have any barking dogs, so he'd be fine with it.) I've never heard of any catastrophic failures with one of these. Is there a flood potential? How would you address this in the report?
Actually, it might add value because it is a green belt and you can see the park like conditions that surround the water tank. I don't believe there is a view preference for looking at a neighbor's house across the street as oppose to looking at the water tank. You might even argue you have more privacy.

As for safety, I have never read where one of those tanks have ruptured.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Its a terrorism target.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I get the heebie jeebies every time I pass a local gas station. Owned by folks from the middle east, water tower within 100 yards of the gas station, directly behind it. Across a 4 Lane highway, there is a LP gas depot, maybe 1/4 mile away, where the freight trains drop off the LP into I'm guessing +/-500k-1 million cubic feet of LP storage tanks. I guess I wouldn't be such a tin foil hat theorist if Habib didn't act like he would like to cut out my liver and eat it with some fava beans when I have made the mistake of stopping there.
 

VolcanoLvr

Senior Member
Joined
Oct 30, 2003
Professional Status
Certified Residential Appraiser
State
Washington
No external obsolescence, IMO.

"The subject is near, and is within view of, a large water tank providing potable and emergency water service to the area. Due to the attractive landscaping surrounding the tank, and its necessary utility service, this structure is not deemed to present any external obsolescence to the subject."

Be sure to include a photo of the tank in your report.
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
This is the first time I've run into this. This water tank is directly across the street from the subject. (Fortunately, one of the comps is similarly located on the other side of the tank.)

Would this be considered external obsolescence? Is it a negative?

I would say no external obsolescence, unless you have market data to prove otherwise. Many people may prefer this location to having a house or two directly across the street. It would have been nice if there had been more vegetation planted around the tank or more trees along the street, though.
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
Although your data is limited by the one sale with similar feature, the answer would be was that value impacted by it. If not, then disclose that limited data does not appear that this tank is a detriment to sales prices. Just be sure to disclose and not overlook it because that will be the report that gets a field review!
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks