• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Walkway easement

Status
Not open for further replies.

Frederick R. Ruffell

Thread Starter
Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
walkway easement, functional or external obsolesence? not cureable, right?
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Where does the walkway lead to, and does it border or cut through the subject property? A park or nice commons area?
I know that in my area it's often considered a bonus if you side or back to a walkway or bikepath that leads to greener pastures.
 

Frederick R. Ruffell

Thread Starter
Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
Dee Dee,
It is a walkway easement to access a private rear lot.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
The answer is Yes, No and Maybe. The private rear lot - was it separated from the original lot at one time; is it a separate parcel under the same ownership as the subject? Why do you have a walkway - is this the only access? Was it required by law when the properties were platted or split apart? And finally, does it affect value and can you prove it?

It may be that if the overall utility of the property is not affected other than the fact that someone has an easement across one side of the property, then the loss in value would be the differential in site values for size since you have effectively lost part of the site.

I would think that the key to a good report and how to handle the easement is to describe the easement (who, what, when, where, and why). This will tell you how to handle the easement.
 
A

Anonymous

Guest
easement, functional or external obsolesence

I don't see easements as either. Easements should apply to the site value which does not depreciate. However, if the easement affects the use of the property, then a case can be made for a different highest and best use. If the easement reduces the usability then a functional ob. might apply that relates to building an inappropriate improvement near such an easement.
 
A

Anonymous

Guest
Walkway easements are quite common in my area (South Jersey, near Philadelphia) Many older row and townhouses have them. I have never seen any market resistance to them.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks