Motivational Monday Quote – 06.23.2014
Hot Town, Summer in the City
Hot town, summer in the city
Back of my neck getting dirty and gritty
Been down, isn’t it a pity
Doesn’t seem to be a shadow in the city
All around, people looking half dead
Walking on the sidewalk, hotter than a match head
Fellow appraisers, share your thoughts how do you deal with hot summer, neck getting dirty and gritty, while appraising in the city, by using form bellow:
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~ ~ C.R.E.A.
Investing in Real Estate
Shift your minds focus from spending to investing.
The wealthy and successful do not spend their money…
…they invest it.
They realize that North American tax laws favor investing over spending.
If you buy a house you cannot write it off for tax breaks.
The wealthy in contrast would invest in an apartment building that produces cash flow, appreciates in value and will offer write offs year, after year, after year.
Most of you will go out and buy cars for comfort and style…
…the wealthy will invest in cars and trucks for their company that are deductible because they are used to produce revenue
Along with investments that will make them money, investing a nice percentage of their money on education plays a huge role in why they are successful.
They are always investing their money on education which include online courses, information products and all types of of books on self success and self development.
Get reading and get educated, it will only benefit your life’s situation helping you grow
Will this article help you to invest in real estate?
Share your thoughts by using form bellow, or comment using this form:
~ ~ C.R.E.A.
Case Study #1
I am appraising a single family residence in sleepy New England town.
The subject is located on a dead end street, which runs into a marshy area where it ends, but also runs parallel to a major interstate highway, I-95, thus resulting in a very high noise level along with pollution levels.
All other homes on the street conform to subject, in terms of maintenance, appearance, age, and style. There are two comparables on the street that recently closed, less than 6-months ago (one of which is located across the street from subject) at a range of $340,000-$380,000, along with some active listings priced at $390,000.
Subject property happens to be in foreclosure; so this is an exterior only (aka, “drive by”) appraisal, in which inspection is done from street.
While inspecting the property from the outside, I am surprised to find a huge addition made to the back of the property, which makes the subject dwelling twice as large as other properties, but similar in all other parameters, such as location, appearance, age, and even bathroom count.
Given a 1-mile criteria, comparable property values range from $210,000 to as high as $X-million, given that some properties would be located on a much more desirable water front community. The majority of homes, above 2,500SQFT sell for over $700,000, in this particular town, but they are not located adjacent to the highway, as the subject property is, and they offer a much grander view as well.
What is the best way to approach this property? Can sales observed from the street be a good market value indicator, despite the subject being twice as large as other comparables in the area? Is this location, that is adjacent to a major Interstate Highway, on in which would drive the value in this case?
What would be your approach to appraising this property?
C.R.E.A. – comment using this form with your thoughts: