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George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
In my area of SO CA the smallest City I know of is like 35,000 people but I have been to other States where little villages of 1,500 to 3,000 people BUT condominiums are not typically popular in small communities or villages. Fernando needs to tell us how big that City is ? If its San Francisco or Oakland he may want to reconsider his analysis : ) LMAO
Vernon's population is less than 150 (that town is almost 100% industrial). Bell Gardens, Maywood and Cudahy are all below 30k.

I routinely use the neighborhood boundaries that are outlined in the L.A. Times app "Mapping L.A."

 

CCAAMO

Senior Member
Joined
Sep 17, 2007
Professional Status
Certified General Appraiser
State
California
What's the name of the neighborhood????
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
I routinely use the neighborhood boundaries that are outlined in the L.A. Times app "Mapping L.A."

Me too, but they don't break down hoods in smaller cities.
If you look at Zimas and link to the hood council maps, they keep gerrymandering those in some areas.
Granada Hills, Northridge, cough. :leeann:

Sometimes it's debateable. Lay out your boundaries and run with it.

Burbank Rancho today. Small hood, but pretty well defined. :peace:
 

ZZGAMAZZ

Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
Vernon's population is less than 150 (that town is almost 100% industrial). Bell Gardens, Maywood and Cudahy are all below 30k.

I routinely use the neighborhood boundaries that are outlined in the L.A. Times app "Mapping L.A."

Out here in the 909 it's usually unincorporated areas, which are either geographically distinct . . . .

Mentone.
Grand Terrace.
Bloomington.
Rialto.
Devore.

. . . or unique for a specific reason, e.g., Norco

It's also cool when an area has its own CRMLS designation, which avoids the need for manual mapping.
 

Fernando

Thread Starter
Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
I'm working on another appraisal in my favorite town. I tried to make a more smaller general area but recent 3 months' data was too few to be conclusive.
It looked stable in 1004MC.
So I decided to use whole town to see price trend.
The results show a stable market in past year. Sales dropped in past 3 months due to lack of inventory but prices did not increase.
I was surprise.
 

KHS445

Member
Joined
Aug 20, 2011
Professional Status
Appraiser Trainee
State
Michigan
It's a suburb and it's may favorite town to appraise. Never had a problem with people yelling at me taking photos or with police.
No homeless or druggies to worry about. No public housing. No racial problems. Love eating and shopping there. The income level is about the same. It's my model of a utopia community.
This statement kind of goes against your "Love All - Serve All" attitude that is present in most of your comments. Just pulling your chain.

Anyway, in my market area the largest incorporated community is about 6,000 people, with another 1,000 or so living within a couple of miles in what I call the burbs. There are three communities of approximately this size in my roughly five/six County service area. Additionally there are maybe twenty 500 to 2,000 person Villages or small Cities. Generally in my reports I identify what I refer to as the immediate neighborhood and then the marketing area. The immediate neighborhood may be as small as three or four city blocks in each direction to including everything within a mile or two. My marketing area may include a particular community or up to and including multiple Counties. It just depends on the type of property and in my opinion where a typical buyer may consider purchasing a similar/comparable home. In many cases 5 - 10 miles north of town or 5 - 10 miles south really doesn't make a great deal of difference to a buyer, it is more about the property and the related improvements.
 

ZZGAMAZZ

Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
I'm working on another appraisal in my favorite town. I tried to make a more smaller general area but recent 3 months' data was too few to be conclusive.
It looked stable in 1004MC.
So I decided to use whole town to see price trend.
The results show a stable market in past year. Sales dropped in past 3 months due to lack of inventory but prices did not increase.
I was surprise.
All the local Inland Empire charts I'm seeing recently display a major decline in volume, during the past month, which like you implied should cause a major increase in value based upon supply-demand theory.
 

ZZGAMAZZ

Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
This statement kind of goes against your "Love All - Serve All" attitude that is present in most of your comments. Just pulling your chain.

Anyway, in my market area the largest incorporated community is about 6,000 people, with another 1,000 or so living within a couple of miles in what I call the burbs. There are three communities of approximately this size in my roughly five/six County service area. Additionally there are maybe twenty 500 to 2,000 person Villages or small Cities. Generally in my reports I identify what I refer to as the immediate neighborhood and then the marketing area. The immediate neighborhood may be as small as three or four city blocks in each direction to including everything within a mile or two. My marketing area may include a particular community or up to and including multiple Counties. It just depends on the type of property and in my opinion where a typical buyer may consider purchasing a similar/comparable home. In many cases 5 - 10 miles north of town or 5 - 10 miles south really doesn't make a great deal of difference to a buyer, it is more about the property and the related improvements.
Sometimes I use the phrase that "The neighborhood for the purposes of the appraisal assignment were based on the following boundaries . . . " and then explain that properties in the immediate vicinity that are the true neighborhood from a lay perspective aren't the neighborhood that I'm defining . . .
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
Sometimes I use the phrase that "The neighborhood for the purposes of the appraisal assignment were based on the following boundaries . . . " and then explain that properties in the immediate vicinity that are the true neighborhood from a lay perspective aren't the neighborhood that I'm defining . . .
The neighborhood is the neighborhood - no other filters. The subject's market segment will seldom consist of every SFR property in that neighborhood, and it will frequently include properties located in other nearby competing neighborhoods. Making the distinction between the two in your reports will be a plus for you. Even if your summary of your market segment amounts to "same as the entirety of the subject neighborhood".
 

Fernando

Thread Starter
Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
I'm working on another appraisal in my favorite town. I tried to make a more smaller general area but recent 3 months' data was too few to be conclusive.
It looked stable in 1004MC.
So I decided to use whole town to see price trend.
The results show a stable market in past year. Sales dropped in past 3 months due to lack of inventory but prices did not increase.
I was surprise.
So all my comps are stable and then there was this pending listing which asking price was very low to justify my appraised value.
So I had to call the agent and ask for the contract price. She was so kind to give me the price which went over 20% of asking price.
Does it mean lack of supply is forcing buyers to overpay market prices? If based on that anticipated contract price, my appraised value would be too conservative.
I noticed the many agents I have called have been very nice and voluntarily give me more info than I wanted. It's nice agents and appraisers work together.
 
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