Zero-Lot-Line vs Non-Zero-Lot-Line pricing

[rwsuminski]

Question regarding zero-lot-line real property vs non-zero-lot-line real property. I am looking to sell my zero-lot-line real property am trying to determine a list price.

The property being sold is a 2bd/1ba Zero-Lot-Line Single Family House (SFH) with one shared wall.

There are at least two selling comps within 2-3 miles, also 2bd/1ba SFH, that are not Zero-Lot-Line properties. These two comps sold for $299k.

Question: With respect to Zero-Lot-Line vs. Non-Zero-Lot-Line, assuming all else is equal with my property and the two comps,, how much of a price difference would an appraiser apply due to this difference?

 

[andrew81]

are there any recent (1-2 year) sales of other nearby zero-lot-line homes?

if so, what did they sell for compared to similar homes with yards?

 

[glenn walker]

Very area specific especially in California ? So without knowing the City it would not be possible to give any thing but general advice. The real issue is what is a comparable ? Most -0-Lot-Line are treated more like condominiums from a buyers perspective because both have a shared wall or walls, most are located in planned unit developments that also have common areas, pools etc and have HOA dues. If that is the case then you will most likely find detached single family homes of similar age or size selling for substantially more than a -0-lot line. When I get in this situation I really do not want to use detached homes unless I am forced to and will even use a Condo Sale as a 3rd or 4th comp in my report.

Questions :
1- is this located in a planned unit development and are there common areas and HOA dues ?
2- What is the design ? Does it look like a townhouse or condo or like a traditional detached home ?

 

[rwsuminski]

Very area specific especially in California ? So without knowing the City it would not be possible to give any thing but general advice. The real issue is what is a comparable ? Most -0-Lot-Line are treated more like condominiums from a buyers perspective because both have a shared wall or walls, most are located in planned unit developments that also have common areas, pools etc and have HOA dues. If that is the case then you will most likely find detached single family homes of similar age or size selling for substantially more than a -0-lot line. When I get in this situation I really do not want to use detached homes unless I am forced to and will even use a Condo Sale as a 3rd or 4th comp in my report.

Questions :
1- is this located in a planned unit development and are there common areas and HOA dues ?
2- What is the design ? Does it look like a townhouse or condo or like a traditional detached home ?

1- Located in Oregon in a planned unit development established in 1977. There are common areas and HOA dues of $150/yr for common areas only.
2 - My house is essentially half of a single story duplex, each having its own front, side and rear yard (picture attached).

I think your answer about not wanting to use detached homes comps is straight and to the point. There are recent condo comps that I can use as well, however those properties do note have private yard ownership like mine, they only have common area usage around the property.

 

[rwsuminski]

1- Located in Oregon in a planned unit development established in 1977. There are common areas and HOA dues of $150/yr for common areas only.
2 - My house is essentially half of a single story duplex, each having its own front, side and rear yard (picture attached).

I think your answer about not wanting to use detached homes comps is straight and to the point. There are recent condo comps that I can use as well, however those properties do note have private yard ownership like mine, they only have common area usage around the property.

Thanks for you response by the way.

 

[rwsuminski]

are there any recent (1-2 year) sales of other nearby zero-lot-line homes?

if so, what did they sell for compared to similar homes with yards?

Thanks for your response.

 

[Terrel L. Shields]

My experience in fly over America is the zero lot lines will sell for less...and take longer to sell

 

[Denita Neuenhaus]

Where are you getting your comps?
In my area of the country your home would not be considered single family at all and using SFR sales would be misleading to a great degree. In my area your type of home is a duplex or even a villa. It's attached and you need sales of attached units to determine a probable value. Zero lot line is another constraint and typically indicates the property is in a HOA controlled neighborhood, which also affects pricing.

Edit: A Realtor should be able to provide you with the actual comps in a (free) CMA so you can come up with a pricing strategy to list your home. Or hire an appraiser to come up with your homes value.

 

[CindyR]

Where are you getting your comps?
In my area of the country your home would not be considered single family at all and using SFR sales would be misleading to a great degree. In my area your type of home is a duplex or even a villa. It's attached and you need sales of attached units to determine a probable value. Zero lot line is another constraint and typically indicates the property is in a HOA controlled neighborhood, which also affects pricing.

i agree. in my neck of the woods zero lot line refers to a free standing single family residence that just happens to be placed on the edge of the lot. so one side of the house or the garage is basically the fence in the neighbors backyard. yes they are usually in an HOA but around here buyers don't really care much about that. the subject duplex is simply an attached residence and should be compared to similar attached or semi-detached units.

 

[Joe Flacco]

1) compare those two "zero lot line" properties that are 2-3 miles away with regular properties in that area.

2) compare what "zero lot line" properties in your immediate area sold for compared to regular properties in the past.

3) reconcile the observations.