Shared Driveway Easement Help

[Fernando]

When I have to take a photo of a comp with a long shared driveway to the back, it's not typical.
It's private property and entering into their rear secluded area. Always fear owner will come out and ask me why I'm there.
The appeal not the same as normal homes with short driveways.

 

[Ariba]

So, since I apparently lack common sense, how would you recommend documenting market reaction to shared driveway?

Describe in the addendum what you observed and that there is insufficient market data available to make a dollar adjustment. For example, adjustments are only made for significant property attributes. While no specific individual adjustments were made for some attributes, e.g.: parcel size, shared driveway, etc. their positive/negative attributes and appeal were considered in determining the final value reconciliation.

 

[George Hatch]

Driveway easements and "sharing" can be of effect on net usable vs gross lot areas.

 

[jay trotta]

Shared costs of maintenance may be positive; if you don't like the neighbor could be negative - It Depends

 

[alebrewer]

Describe in the addendum what you observed and that there is insufficient market data available to make a dollar adjustment.

How do you know there is insufficient market data available to make a dollar adjustment? Did you do any kind of research? If so, what kind of research did you do? Obviously not paired sales, as only us with a lack of common sense use that technique.

 

[Ariba]

How do you know there is insufficient market data available to make a dollar adjustment? Did you do any kind of research? If so, what kind of research did you do? Obviously not paired sales, as only us with a lack of common sense use that technique.

What do you think? Common sense is something you are born with and apparently can't be taught.

 

[alebrewer]

What do you think? Common sense is something you are born with and apparently can't be taught.

Haha. That's about the response I expected. So, in other words, you don't do analysis.

 

[glenn walker]

A Unsupported adjustment can be worse than no adjustment. When in review we never had an issue if the appraiser laid out what he was dealing with. I would also do my own search just to make sure he had not missed anything. As long as it all made sense he was green for go. Just because a sale has s similar situtaion does not-mean its truley a comparable. The only three ones we ever owned sold for the same or similar prices as other nearby sales but I know each case is different. What we didn't want to see is just some made up WAG adjustment based on feelings and emotions. My first 10 year in appraising a mentor would have just said
make a $1,000 to 2,000 adjustment to indicate you recognize it may be a minimal negative.

 

[Fernando]

A Unsupported adjustment can be worse than no adjustment. When in review we never had an issue if the appraiser laid out what he was dealing with. I would also do my own search just to make sure he had not missed anything. As long as it all made sense he was green for go. Just because a sale has s similar situtaion does not-mean its truley a comparable. The only three ones we ever owned sold for the same or similar prices as other nearby sales but I know each case is different. What we didn't want to see is just some made up WAG adjustment based on feelings and emotions. My first 10 year in appraising a mentor would have just said
make a $1,000 to 2,000 adjustment to indicate you recognize it may be a minimal negative.

It's also difficult to adjust for owned solar panels Would $1,000 to $2,000 adjustment be acceptable for minimum positive.
And does number of Solar Panels be adjusted also?

 

[Sadie]

Hello,
I am appraising a property that has a shared driveway easement with the neighbor. Both neighbors use the same driveway to gain access to detached separate parking garages in the back. I reviewed the easement and maintenance agreement from 1972 and it appears everything is spelled out clearly. I cannot find a comparable with a shared driveway anywhere nearby. I spoke to a couple agents and they said that they would consider that a negative characteristics when establishing a price for the property. How do I derive a negative adjustment value for a shared driveway? Any help would be greatly appreciated. Thank you so much!

Perhaps look at properties on flag lots. I am assuming you searched for comps with the verbiage "shared drive" in the comments.