What caption would you give this photo?
Photos from the Field
Would you buy the house right next to this water tower?
I got a kick out of this aerial image. I have three appraisals in my bag right now in the City of Galt from a very loyal client, and during the course of research I came across a property located near F Street right next to the Galt water tower. This was a potential comp that I didn’t end up using.
A water tower like this is something that should be disclosed in the appraisal report because it could be a potential hazard if it fell. That wouldn’t be good. Additionally, there may be a reaction in the marketplace for the location. Some buyers would pass up making an offer on this property, whereas others might not care. Ultimately, through the course of research, the appraiser needs to come to a conclusion if there is any value to be assigned to the location based on what the market is showing, and if so, how much that reaction is worth.
I’m curious to hear from home owners or prospective owners on this topic. If your property is located next to a water tower or within fall distance of another type of structure (power tower), have you encountered any difficulties with financing or reselling your property? Or if you were in the market to make a home purchase, would such a location be a turn-off or no big deal?
Your comments are welcome below. Thanks so much. I really appreciate everyone visiting my blog.
Rehab Project on 37th Street in Sacramento = Good News for the Oak Park Neighborhood
What do you get when a builder runs out of money in the current economy, but is only half-way finished with a house? Answer: Probably a foreclosure. This was certainly the case with three 2,222 square foot 4/2.5 properties on the corner of 37th Street and 12th Avenue in the Oak Park Area of Sacramento.
I am very pleased to see these foreclosures were purchased earlier this year in a bundle deal by the same buyer for $35,000 each, and they are currently being rehabbed. When I think of an area improving, this appears to be a win because improvement happens one house at a time, doesn’t it?
The Psychology of Stripping an REO Property in Sacramento
No, this is not a storage container, but a stripped AC unit on a bank-owned multi-unit property in Sacramento. Why do you think REO properties are such easy targets for theft? I gave some thoughts to this a few days back in an audio post. Obviously the properties are vacant, so it makes it easier to give the “five finger discount”, but is there something more sociological to consider here. Is it deemed more “acceptable” to take things that belong to a faceless bank as opposed to an actual person? Your insight and thoughts are welcome in comments below.
