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Old 09-05-2019, 05:20 PM
 
Location: Lone Mountain Las Vegas NV
13,377 posts, read 5,123,687 times
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Just had an interesting discussion with an Appraiser. Home is 1150SF in 55+ community. An exceptionally nice one with an unusually large lot. Should sell at the top of the range for the model. We represent the seller. Financing is VA.

Appraiser claims she cannot use golf front homes as comps. But the data from the tract clearly shows no premium for the golf fronts. Was a good sized one 10 years ago...a small one two years ago but none in the past year. There are even a couple of models where the golf course homes are slightly less than the non golf.

Appraiser's story is that the Banks claim all golf front places sell with a significant premium and that it is still there a decade or two later. And she says the fact that it is not present is not arguable with the bank.

I was actually somewhat surprised by how the golf fronts have lost their premium. It is certainly not true in all tracts but seems to be a trend in those without great city or strip views as well as golf. And there have always been golf fronts which in fact were very negatively effected by ball strikes.

But perhaps some of the appraisers will comment on not using golf front as comps even when it would appear appropriate unless comping a golf front home.

I would note you could get into the same hassle on views, swimming pools or placement to parks etc.

I would think an adjustment could do it. But how do you do an adjustment when the data says there is none
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Old 09-05-2019, 05:29 PM
 
Location: Rochester, WA
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When you say "golf front" do you just mean it's on a golf course? That's not a term we use up here.

I just want to make sure I'm not missing out on some previously unheard architectural term
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Old 09-05-2019, 05:38 PM
 
Location: Lone Mountain Las Vegas NV
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Quote:
Originally Posted by Diana Holbrook View Post
When you say "golf front" do you just mean it's on a golf course? That's not a term we use up here.

I just want to make sure I'm not missing out on some previously unheard architectural term
Yeah. Virtually always the rear yard is contiguous with the golf course.

The ultimate is a set on a bluff above the golf course with 270 degree strip and city views over 25 acres of golf and lake. But they carry a 2X premium.
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Old 09-05-2019, 05:51 PM
 
Location: Rochester, WA
6,208 posts, read 3,463,666 times
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Fair enough.... We have homes on golf courses, and country club homes, just not heard the term "golf front". The way you said it, sounded like a home type, not a location. I get it now.
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Old 09-05-2019, 05:53 PM
 
863 posts, read 301,162 times
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Here there is a definite premium. The lower comps may be because the interior hasn't been updated, etc.
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Old 09-05-2019, 06:00 PM
 
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"...the rear yard is contiguous with the golf course."
so, it is a golf "rear" not front.
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Old 09-05-2019, 06:07 PM
 
Location: Lone Mountain Las Vegas NV
13,377 posts, read 5,123,687 times
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Quote:
Originally Posted by turkeydance View Post
"...the rear yard is contiguous with the golf course."
so, it is a golf "rear" not front.
But semantically the home is in "front" of the golf course.

And it is a reasonably common usage here. And golf course house of course suggests the house is a golf course.
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Old 09-05-2019, 06:18 PM
 
Location: Rochester, WA
6,208 posts, read 3,463,666 times
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Quote:
Originally Posted by lvmensch View Post
But semantically the home is in "front" of the golf course.
I think semantically they’re trying to make it equivalent to waterfront or beach front :-)
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Old 09-05-2019, 06:22 PM
 
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In my area, homes on golf courses usually sell higher than those that have a rear neighbor. It's true that banks expect an adjustment for water, golf, etc. However, if what you say is true and market analysis does not show a difference between golf/no golf, then the appraiser needs to do her homework.

In my area, pool homes almost always sell above non-pool homes. However, there is one area, a starter home area, where pool homes actually sell for less. I assume it's because buyers can't afford the extra ~$100/mth it costs to maintain the pool. Whenever I do an appraisal in the area, I have a whole explanation and include market research to support the adjustment for pool homes. I never get any pushback.

Putting any information on the appraisal only to satisfy the lender is a big time no no.

Now, if the Subject isn't on a golf course and there are several good comps without golf, then those are the best, regardless of any adjustments. But, if a good comp is on the golf course, I would use it and adjust, or not, depending on what the market says.

It is the appraiser's job to read the market, not make it.
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Old 09-05-2019, 06:31 PM
 
Location: Lone Mountain Las Vegas NV
13,377 posts, read 5,123,687 times
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Quote:
Originally Posted by Diana Holbrook View Post
I think semantically they’re trying to make it equivalent to waterfront or beach front :-)
Agreed. And we do have lake front here. And they have a substantial premium.
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