Walkway easement

[Frederick R. Ruffell]

Is a walkway easement functional obsolesence or external obsolesence(assuming the market recognizes the obsolesence)? By process of elimination I come up with functional. it is not physical and it is not external to the site (or is it?) somebody help me think this through! it is late on a friday.

 

[Steve Owen]

I wouldn't think of an easement as obsolescence of any kind. The easement applies to the land not the building, right? Land is not depreciated. However, the easement might change your highest and best use. Did it? I would just value the land as if vacant, with the easement in place. The easement might detract from value or it might add to value, depending on the exact circumstances. Also, in some cases, easements don't have any noticeable effect on value. Hope this helps.