Newz: Rate Drops and Appraisers, UAD Overhaul, Avoiding Court
September, 30 2024
What’s in This Newsletter (In Order, Scroll Down)
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Avoiding Court: A Common Sentiment Among Appraisers (LIA ad below)
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Making Waves: Appraising Waterfront Property
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$850K Nantucket ‘Shack’ That Looks Set To Plunge Into the Sea
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New UAD Overhaul: What Appraisers Can Expect in 2025 & Beyond
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Sticky Prices
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The Fed is finally lowering interest rates. What does it mean for appraisers?
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Experts Predict Where Mortgage Rates Are Headed in 2025 as the Fed Cuts Rates
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Making Waves: Appraising Waterfront Property
Excerpts: Appraising waterfront properties involves a comprehensive evaluation of various factors that go beyond typical residential appraisals. By considering the unique aspects of water frontage, local regulations, environmental factors, and property-specific amenities, you can provide credible and comprehensive valuations that reflect the worth of these highly sought-after properties.
Understanding the depth, quality of the water, and type of shoreline is crucial, as these elements directly influence the property’s usability, aesthetics, and long-term stability. The importance of these factors cannot be overstated, and they deserve careful consideration in every waterfront property appraisal.
1. Water Frontage and Access
One of the most critical elements in appraising waterfront properties is the type and extent of water frontage. The value can vary significantly depending on whether the property is adjacent to a lake, river, ocean, or pond.
5. Depth of the Water
The depth of a water body significantly affects its usability, particularly for recreational activities like boating, fishing, and swimming. Shallow water might limit boating and can lead to stagnant water, which may contribute to unpleasant odors and an increase in insects like mosquitoes.
Conversely, deeper water is often clearer, supports a healthier ecosystem, and is more desirable for recreational use, thereby enhancing property value.
To read the details on all 8 factors, Click Here
My comments: Excellent article. Worth reading. The best I have read on this topic. Even if you never appraise a waterfront home, most people have been to a lake or other type of waterfront property on vacation. I live on an island in San Francisco Bay with water on all sides plus a small area on a nearby peninsula with 3 sides waterfront. I moved here in 1980 and appraised hundreds of waterfront properties including condos plus semi-detached and detached homes.
I lived for 25 years in three waterfront homes with boat docks in my city and am very familiar with with the issues above. I have appraised waterfront homes with 7 of the 8 factors in the blog post, except utilities as all were public utilities with no problems).
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