Condos Near Golf Cart Paths Command Lower Values
Source: http://realtormag.realtor.org/daily-news/2017/06/29/condos-near-golf-cart-paths-command-lower-values?tp=i-H43-Bb-IZ-7fGm-1p-ClFp-1c-7iT9-WeLLE&om_rid=1826940%20&Om_ntype=RMOdaily&om_mid=1151
Condos located near cart paths in golf course communities sell for lower prices than similar properties in the same communities, according to a new study published in The Appraisal Journal. Such condos are discounted an average 5.1 percent, according to the study. Certain cart paths can have a greater impact on the price of the property: condos near paths by a green are discounted 11.6 percent while those near tee boxes are discounted 8.6 percent, the study notes.
However, the study’s authors, Steve P. Fraser and Marcus T. Allen, found that regardless of proximity to cart paths, condos on higher floors sell for a premium compared to units on lower floors. “The premium associated with the condominium being on a higher floor may offset the discount for cart path proximity in some situations,” the study says.
Cart paths near teeing areas and greens tend to be more congested, as golfers often converge in those areas. Therefore, the congestion would affect condos nearby. “Ignoring the price effects of cart path proximity, tee, green, fairway locations, and floor level within buildings can lead to significant biases in value opinions,” the researchers note. “Adjustments may be necessary when subject properties and comparables differ on these elements of comparison.”
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About Empire Appraisal Group, Inc.
Establish in 2005, Empire Appraisal Group, Inc., is Broward County’s leading residential appraisal company as a result of their accurate and reliable appraisals, excellent customer service, and quick turn times. When working with an appraiser, integrity and professionalism are essential, and Empire Appraisal Group has a well-established reputation for providing the best appraisal experience. Daniel Lindeman, the Chief Appraiser, is considered one of the top property appraisers in Florida, with nearly 15 years of expertise and 8,000+ appraisals to his credit.
We ‘specialize’ in helping people who need appraisals for estate purposes, divorce, bankruptcy, FSBO’s and more.
We also work closely with realtors to help establish listing prices, these pre-listing appraisals ensures sellers get top dollar for their home.
In addition, to homes of all shapes and sizes, we also appraise condos, multifamily homes, boat docks, land, as well as specialty properties. No job is too big or too small, from manufactured homes to mansions.
Call Empire Appraisal Group directly with any questions concerning your real estate values at 561-441-9298. Also, check out our ‘Reviews’ page and see what others are saying about Daniel Lindeman and Empire Appraisal Group, Inc.
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