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stigmatized property appraisals

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larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
I would like to know if anyone is aware of any publications that can help with appraising stigmatized properties. I searched the Forum and the AI and didn't find anything.

Last winter we had over 400 properties flooded in a community about 30 miles east of Reno. None of the houses are in a flood zone but the properties were flodded because a government constructed and maintained canal had a bank give way because of all things a gopher.

An appraiser friend of mine was contacted by an attorney about appraising about 125 of the homes. They want a retrospective appraisal as of the date before the flooding, as is, as repaired and also if there is a stigma atached to those houses that flooded. Because there was little help from FEMA several homeowners just walked away from their properties. The attorney believes that the homes that were flooded might sell for les than homes that weren't flloded if all other characteristics of the properties were similar.

Apparently the government has no intention of lining the ditch so there is always a possibility that another flood could occur in the future.

Any help or suggestions would be appreciated.
 
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Smokey Bear

Elite Member
Joined
Dec 8, 2004
Professional Status
Certified Residential Appraiser
State
California
There's an AI book out there on stigmatized properties by Randall Bell that's supposed to be good. Google him, there are articles out there as well.
 

c w d

Senior Member
Joined
Oct 2, 2006
Professional Status
General Public
State
Florida
I think "How to appraise the tough ones" covers this....if I remember the title correctly.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
There are thousands of homes in the Sacramento/Solano County Delta area that are subject to flooding if any of the levees break. There is probably tons of data available in New Orleans. Different markets, certainly, but with similar circumstances or potential for same.
 
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