Shared Driveway Easement Help

[glenn walker]

Type in the word share and check all listings, type flag and search all flag lots, type private and search for listings with two properties that share a private road, etc.

Correct you can find in MLS the problem is finding a true comparable-- just because a property has a shared or common driveway does not make it a true comparable and thats where it gets tuff. No problems in my area on Units and condos, puds but one hell of a nightmare on older site built single family homes.

 

[glenn walker]

Wait till you get the one with the shared driveway and a shared two car detached garage straddling the property lines. Had one of those 15 years ago it was real fun

 

[Fernando]

Shared driveways are not uncommon here. With high costs of land, land can be divided with a shared driveway.
I would never use a comp with a shared driveway to compare to a home with normal driveways.
I suspect many buyers don't understand the potential problems with shared driveways thus I'm surprise if they don't sell at a slight discount.

 

[Dublin ohio]

How would you even identify or find comparables with a shared driveway? That is not something that is listed in the MLS.

It is in mine. It is one of the options under "parking type".

Parking Type

or 1 Car Garage	or 1 Carport
or 1 Off Street	or 2 Car Garage
or 2 Carport	or 2 Off Street
or 3 Car Garage	or 3 Carport +
or 4 Car Garage	or 5 Car Garage +
or Assigned	or Attached Garage
or Common Area	or Detached Garage
or Farm Bldg	or Heated
or Lift	or On Street
or Opener	or Tandem
or Side Load	or Shared Driveway

 

[sputnam]

Not in California where the OP and I are --Yes on Units and Condo's but on older single family homes you may only have one or two in a entire neighborhood because most of the older homes were site built and not part of a subdivision or tract built so it would be almost zero chances . Then even if I did I have no idea if the owners have a common driveway assessment , or what its terms and conditions are but 90% of the time the sale would not even be in the same market area . I Am sure thats different in some areas but out here were i am located its almost impossible, For the last 8 years everything out here has sold in 1 to 15 days at full price and what in the past may have been a negative is no longer paid attention to. As this market slows up maybe next year we will start seeing things like this at slightly lower prices but not right now. When I was on review if the appraiser simply laid out what he had looked for and if he could not find a true comp or extract a supportable adjustment we signed off on it.

No one said it would be quick or easy. The job is to appraise. That requires that you support your adjustments.

 

[Ariba]

Type in the word share and check all listings, type flag and search all flag lots, type private and search for listings with two properties that share a private road, etc.

Geez why didn’t I think of that? Still can’t find any. You were kidding right? Bottom line what difference does it make or do make an adjustment?

 

[alebrewer]

Any prior sales of the subject? If so, you could look at sales contemporary with when the subject last sold to see if it sold at any kind of a discount, relative to sales that don't have that feature...

 

[Ariba]

It is in mine. It is one of the options under "parking type".

Parking Type

or 1 Car Garage	or 1 Carport
or 1 Off Street	or 2 Car Garage
or 2 Carport	or 2 Off Street
or 3 Car Garage	or 3 Carport +
or 4 Car Garage	or 5 Car Garage +
or Assigned	or Attached Garage
or Common Area	or Detached Garage
or Farm Bldg	or Heated
or Lift	or On Street
or Opener	or Tandem
or Side Load	or Shared Driveway

Seriously, do you really believe that any real estate agent would mark a shared driveway? If you do find an MLS listing, please take a screenshot and share.

 

[Ariba]

Any prior sales of the subject? If so, you could look at sales contemporary with when the subject last sold to see if it sold at any kind of a discount, relative to sales that don't have that feature...

Now that will justify an $$$$ driveway adjustment based on just one data point. Get real.

 

[alebrewer]

Now that will justify an $$$$ driveway adjustment based on just one data point. Get real.

(a) I promise - I am real. (b) it's been my experience, as a Texas appraiser board mentor and investigator, that one documented data point utilized as paired sales analysis is stronger than an appraiser's PFA - wait for it........ 100% of the time.