Swimming Pool Not typical

[App601]

I am appraising a property with a swimming pool in a neighborhood where it is not typical. I found only 2 sales with SWP back in 2019
The appraisers adjusted a contributory value of $8000 for one and $12000 for the other
Would you make a contributory adjustment? or no adjustment at all ?
It is an FHA appraisal

 

[Tawfik Ahdab]

Here in Western Oregon, where it rains about 70” to 90“ per year, swimming pools are rare, so rare in fact that we can forget about arriving at a credible contributory value via paired sales, etc. I and several other appraisers I know have for years followed the local assessor’s practice of giving a built-in swimming pool at $5000 contributory value, no matter how large or well built the pool. This is a rule of thumb approach that recognizes the swimming pool as an amenity, but minimizes its contribution given that most swimming pools end up getting filled by buyers who cannot justify the maintenance cost versus the benefits sporadically received.

 

[glenn walker]

I am appraising a property with a swimming pool in a neighborhood where it is not typical. I found only 2 sales with SWP back in 2019
The appraisers adjusted a contributory value of $8000 for one and $12000 for the other
Would you make a contributory adjustment? or no adjustment at all ?
It is an FHA appraisal

Yes it's got some value to someone and I'd hate to defend nothing.

 

[Trihard]

I am appraising a property with a swimming pool in a neighborhood where it is not typical. I found only 2 sales with SWP back in 2019
The appraisers adjusted a contributory value of $8000 for one and $12000 for the other
Would you make a contributory adjustment? or no adjustment at all ?
It is an FHA appraisal

If you trace over the neighborhood description bounderies and look at a satellite view. How many pools do you see in said neighborhood?

 

[App601]

If you trace over the neighborhood description bounderies and look at a satellite view. How many pools do you see in said neighborhood?

Less than 10% About 7%

 

[shrubberyvaluation]

I am appraising a property with a swimming pool in a neighborhood where it is not typical. I found only 2 sales with SWP back in 2019
The appraisers adjusted a contributory value of $8000 for one and $12000 for the other
Would you make a contributory adjustment? or no adjustment at all ?
It is an FHA appraisal

Not sure what FHA has to do with it. Analyze those previous sales and possibly prior sales of the subject if it had the pool before.

Which appraisers are you referring to? How do you have this knowledge?

 

[Tom D]

State you are unable to determine, lack of data, if an inground pool adds value to the subject. That's a better answer than i can't prove that it does when the state asks you for your proof, or lack thereof. If something is so missing from the area sales, then that tells you the neighborhood don't care about having pools. The neighborhood thought says no pool. The pool may actually be a negative feature to most of the buyers in the area. The costs to maintain, and somebody having an accident in it. I can see the stip right now if you give it value, please provide a comp with a pool.

 

[App601]

Not sure what FHA has to do with it. Analyze those previous sales and possibly prior sales of the subject if it had the pool before.

Which appraisers are you referring to? How do you have this knowledge?

I analyzed 4 sales back in 2019 and one appraiser adjusted $8000 and the other $12000
No house with pools have been sold in 7 years
The pool is a glorified Jacuzzi measures approx 18 x 7

 

[J Grant]

The OP avatar is Puerto Rico. Usually, in a warm climate, a pool is a positive feature - is it just this subject subdivision or price point, or are pools in general not contributing value in PR?
Either homes with pools sell for more, or they do not.

 

[J Grant]

I analyzed 4 sales back in 2019 and one appraiser adjusted $8000 and the other $12000
No house with pools have been sold in 7 years
The pool is a glorified Jacuzzi measures approx 18 x 7

Now you tell us it is a glorified jacuzzi. Why not say that the first place instead of wasting people's time?
A pool of inferior utility will not command the same value as a regular pool. I find this very strange that you can go back to 2019 and somehow know what two different appraisers adjusted these sales for- what does the appraiser adjusted 8k mean - is it an assessor tax card, or did you see an appraisal?