- Feb 8, 2008
- Professional Status
- Certified Residential Appraiser
I would like to know what other appraisers are doing for view and or location adjustments. I live in the Denver area of Colorado and I frequently, within the same appraisal, have a subject property and comparables which back to open space/greenbelt with good mountain views, do not back to open space/greenbelt but still have good mountain views, back to open space/greenbelt with no mountain views, and the occasional one which may or may not back to open space but sits on a hill and has long distance views of the suburbs or city, but no mountain views. Generally, I am able to find comparables in which to extract a supportable adjustment that makes sense. However, I am appraising a home at a price point in which there are very limited similar comparables. In this case, I have a very small neighborhood (about 30 homes) of luxury homes. It seems like every comparable I have falls into each of the categories I mentioned above and my head is spinning on figuring out how to separate view from location. To make it more complicated, my subject does back to open space with mountain views, however, half of it is a very close hill in which you can't see anything over it, and the other half where you could actually see the mountains is mostly obstructed by tall trees along the fence line. If they cut down about 10 to 12 feet of off 6 or 7 pine and aspen trees, the view would be greatly enhanced, but that's not how it is as of the inspection date. In this case, I am inclined to leave the location as neutral/residential since they are all in similar neighborhoods and make the adjustments under view since much of the allure of backing to open space is the view of the open space itself. I would love to see other appraiser's thoughts about view Vs location and methods for determining appropriate adjustments for both. Thank you!