Traineee Comp questions

[Bobby Bucks]

The distance from the subject improvements to the street should be considered, being located on a busy street is no guarantee there will be measurable market resistance. Just completed an assignment where the subject improvements were a few hundred feet from the street, comparable #1 on the same street has a front door approximately 50 from the street. From the subect, one could barely hear any noise. Sale #1 one could recognize who was riding in the passing cars, the noise was an added bonus. Positive adjustment for sale #1. Documented, in the witch hunt proof file.

 

[Tim Hicks (Texas)]

In Europe, you could literally get run over one step off your front porch in some towns.

 

[Elliott]

Yes. God and people must like homes to be on busy streets because they made so many of them. Either that or the population in the US doubled in the last 60 years and quadrupled traffic counts in older neighborhoods.

 

[Terrel L. Shields]

In Europe, you could literally get run over one step off your front porch in some towns.

Sounds like parts of West Virginia...

Define busy...it's relatively to the competition. I live miles from town. There are other paved county roads around. Few of them have as much traffic as I do but that's not necessarily a lot compared to a state highway.

 

[factsandtruth]

I think you need at least 1sold comp on a busy street....

 

[norapp]

My mentor always said apples to apples. Not apples to oranges. This goes for all factors of your comp selection. If your subject is on a main street, busy road or even a cut through road you should always try and find comps with similar location. If you can't than try and find something that may impact marketability like backing/siding a main road or something with external obsolescence like being near stores or commercial property. I have reviewed too many appraisals where location has been ignored completely and I was shocked.

 

[spittman]

Historical sales on the same street (2-5 years) can reveal relevant information, but if there are none, you can look for sales on similar busy streets. Find recent sales on similar streets and look at the "patterns" or "trends", specifically at the DOM vs sales of properties on interior streets. Place close attention to zoning also because properties on busy streets may also have potential for commercial value.

 

[Fernando]

My mentor always said apples to apples. Not apples to oranges. This goes for all factors of your comp selection. If your subject is on a main street, busy road or even a cut through road you should always try and find comps with similar location. If you can't than try and find something that may impact marketability like backing/siding a main road or something with external obsolescence like being near stores or commercial property. I have reviewed too many appraisals where location has been ignored completely and I was shocked.

That's why an appraiser needs to be very familiar with the area especially on a busy streets. Some streets are busier and further down less busy.
If appraiser and reviewer not familiar with area, the wrong "busy street" comp can skew the value.

 

[KONA]

You can get traffic counts from the local agencies sometimes to compare the busy streets.

 

[sputnam]

1- if you are a trainee, you need to ask your supervisor. That's part of the reason you are required to have one. 2- It's a market question. Is there a market reaction in price paid for busy vs non busy streets?