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Underwriter says high-rise shadow on subject property is a concern! Can't believe all the idiots who would agree!

George Hatch

Elite Member
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Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
You know, when times are good and everyone is busy then any plan works. We don't find out who has the better plan until times get tough and people are getting starved out of business. When lenders compete, appraisers win; when appraisers compete, lenders win.

If you're working for the fee than that's one plan. If you're working for the client relationship then that's a different plan.
 

Fernando

Elite Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
Shadows do have effect on properties.
I was in a hotel and I got this room facing another building thus having no sunshine. I like light. Light is life
I somehow convince the hotel to give me another nicer higher level room with even an ocean view.;)
Buildings block by too much shadow on building decreases its value especially hotels.
 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
All of these new fangled high rises, oh wait, they have been arguing over them for 100 years. Surely AI has commissioned a sunlight study.
 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
Here ya go from down under.

"No study in the urban economics literature has estimated the value that house buyers place on sunlight when purchasing a property. We do so, finding that each additional hour of direct sunlight exposure for a house per day [on average across the year] adds 2.4 per cent to a dwelling's market value. This estimate is robust to a variety of specifications that investigate whether the value is conditional on other factors relating to the characteristics of the house or its suburb."


y'all like a 2% adjustment on your $1,000,000 condo?-go for it.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Did an appraisal on a high-end SFR property in the late afternoon where subject property backs against a local high-end shopping mall and there is a mid-rise commercial building directly behind subject property with a 50 feet buffer zone with no privacy issue and no security issue due to a security fence around the commercial property. Subject has its own perimeter fence and has manicured trees along the backyard fence blocking any view of the commercial building.

The commercial building casts a shadow on subject property in the late afternoon between 4-5 pm when the appraisal inspection photos were taken.

Because this is a high-end property, the AMC claims the underwriter is asking for a comparable where the mid-rise commercial building also casts a shadow on it to show no adjustment is necessary for the shadow cast by the commercial building on subject property, or an adjustment would be warranted because the reviewer believe a buyer would choose a property or pay more for property that is not affected by the shadow of the commercial building.

Is this a case where the reviewer is afraid of his/her own shadow?

How can i rebuff this mindless revision request politely?

Thank you all for responding. This is how i responded to the underwriter's concern:
The Appraiser believes it is an unnecessary and a superfluous concern regarding shadow casted by adjacent mid-rise building on subject property. This is because due to earth's rotation around the sun, the mid-rise building will cast shadows on different surrounding properties throughout the day from sunrise to sunset, and also cast shadow on surrounding properties differently throughout the year from spring to winter. This shadow from adjacent building would definitely be a concern if the shadow casted by the mid-rise building affects only subject property from morning to night and never moves all year round.
The Above Looks like it should work. Hopefully they will think about not making that stip in the future for you and other appraisers.
 
Last edited:

Tom D

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Joined
May 22, 2015
Professional Status
Certified Residential Appraiser
State
Pennsylvania
reading your thread, you said you responded. but you haven't said whether it was accepted, or not. if it was accepted, than some of the anger in this thread, by some, is a waste of time, just like this thread is. if your answer was accepted, and you posted that comment, then i would have thought it a good comment to keep around, and would thank you.
if it wasn't accepted, then what did you do? i would have liked to known that.
it's like the professionals against the bitchy children in this thread.
 

MMing5000

Junior Member
Joined
Oct 24, 2013
Professional Status
Appraiser Trainee
State
California

MMing5000

Junior Member
Joined
Oct 24, 2013
Professional Status
Appraiser Trainee
State
California
reading your thread, you said you responded. but you haven't said whether it was accepted, or not. if it was accepted, than some of the anger in this thread, by some, is a waste of time, just like this thread is. if your answer was accepted, and you posted that comment, then i would have thought it a good comment to keep around, and would thank you.
if it wasn't accepted, then what did you do? i would have liked to known that.
it's like the professionals against the bitchy children in this thread.
i would like to know your opinion first - does a mid-rise building's shadow from the late afternoon sun is a concern in your personal and professional opinion?
 

MMing5000

Junior Member
Joined
Oct 24, 2013
Professional Status
Appraiser Trainee
State
California
You know, when times are good and everyone is busy then any plan works. We don't find out who has the better plan until times get tough and people are getting starved out of business. When lenders compete, appraisers win; when appraisers compete, lenders win.

If you're working for the fee than that's one plan. If you're working for the client relationship then that's a different plan.
Where would you draw the line between sensible and nonsensible revision request?
 
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