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Rural/semi rural?

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cridgely01

Thread Starter
Sophomore Member
Joined
Sep 6, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
I have a property that sits on 8 acres-- the home is 20 years old a custom building colonial 5 bedroom 4 bath--6 car garage -- The market area is open and filled with estate homes, regular older homes, a few horse farms, a few argi farms and is less than 10 miles from the county seat (a large employment, entertainment, shopping area) Average sites are between 1-4 acres....

How would one define this area--choices on the 1004 suburban, rural ,urban--I choose suburban...Due to the unqiue features of the homes size and sites I expanded proximity outside one mile to locate comparbables with some features that bracket this property---Lender has requested additional comps within one mile and same style home--this is not possible--What you you do--

:shrug: oh one more thing--I used on 4 acres to support the value and considered the 6 car garage as an over improvement used three and gave contributary value for the others and tried to bracket with age, size, neighborhood appeal...Not cookie cutter... lots of variables with comps selected...but they are what they are the best available--thoughts...
 

William K

Senior Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
I have many areas I appraise in that fall into this category. I mark both rural and suburban and include a note that the area is rural to suburban in nature and why it is.... RURAL WITH SMALL SUBURBAN STYLE SUBDIVISIONS, RURAL APPEARANCE WITH MANY SUBURBAN AMENITIES SOUGHT BY BUYERS, and you may want to look up the term RURBAN.
 

cridgely01

Thread Starter
Sophomore Member
Joined
Sep 6, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
I makes me mad when I think the UW can try to dictate the types of comps used in a report--If I had geniune comps closer I would use them but the fact there were -- only have 2 sales within a mile, neither similar in anyway (other than location)-- of which would cause excessive adjustments and they want this junk in a report inorder to sooth someones need to follow a guidleline --makes me want to scream--The tax assessments on the 2 were so low in general comparisons I could never ever use them to support a value for the subject property.....
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Maryland isn't big enough to have a RURAL area!!
 

3 Putt

Member
Joined
Aug 18, 2005
Professional Status
Certified General Appraiser
State
Ohio
Rurban "used to denote the characteristics of an area in a state of active transition from farm use to suburban development"

No kidding, I didn't make that up. It's in your real estate appraisal dictionary.
 

Laughing Heir

Senior Member
Joined
Oct 16, 2007
Professional Status
Certified General Appraiser
State
Pennsylvania
:shrug: oh one more thing--I used on 4 acres to support the value ...

which 4 out of the 8 acres did you appraise? I'm only asking because there have been a ton of threads about this recently and we have been turning down orders that ask us to appraise anything than the entire parcel.

It seems safer to decline the order and lose the business than have to explain at a later date how you delineated the valued acreage.
 

cridgely01

Thread Starter
Sophomore Member
Joined
Sep 6, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
The site is one parcel but 4 acres is leaseed out for growing hay--Its a long skimnny rectaurlar piece of land that is separate by a 6-8 foot wide drive for a neighbors house dow the way...
 

cridgely01

Thread Starter
Sophomore Member
Joined
Sep 6, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
How you you define rural ---
 

Pam Wyant

Senior Member
Joined
Feb 12, 2003
Professional Status
Certified Residential Appraiser
State
West Virginia
How would one define this area--choices on the 1004 suburban, rural ,urban--I choose suburban...Due to the unqiue features of the homes size and sites I expanded proximity outside one mile to locate comparbables with some features that bracket this property---Lender has requested additional comps within one mile and same style home--this is not possible--What you you do--

First, (and I may get blasted for this), the terms 'rural' and 'suburban' are so poorly defined that I don't really care what I call it. I have never found a precise definition. "Suburban" is areas near a city. How near? Not defined anywhere I've found. What qualifies as a city? Certain population or being incorporated? In that case, a little rural community of about 400 population near here would be considered "urban". That's just plain silly. Government agencies even have different definitions of "rural". So I don't get hung up on that. Call it whatever you want, or call it what they want, it just doesn't matter (unless you are truly in or near a large city).

As far as additional comps, explain the market, that homes are varied and similar sales within a mile are not available for this reason. It is not your problem if the underwriter wants more if you have used the best available sales. If they persist, ask them how far back they want you to go in time & check & see if there are any sales, but don't weight them. If there are none, describe the parameters of your search & offer to search by other criteria (similar style but more distant, within one mile but different style, etc.) Depending on how much of a p.i.t.a they are, tell them your research charge on a per hour basis, and ask how many hours they want you to spend researching courthouse records for additional sales. I've found that usually shuts them up.
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
You have a working farm, I'd assume on well & septic, you are 10 miles from anything, comps are distant and non-conforming, there are other agricultural businesses in the immediate area.

Suburban to me would have to be part of the natural sprawl from a larger city, which means commercial conveniences - strip malls, etc. - following the movement outward. It sounds like what you have is in the areas that go beyond that sprawl.

I'd say, judging from what you've described, you are rural.
 
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