REAL ESTATE PROPERTY VALUES
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Some of them are inseparable from the property itself. (For example, quality of construction, architecture, materials used.) Sometimes values are based on the surrounding context in which the property is found. Common sense dictates that adjacent properties impact the ultimate value of a property. In some cases, the effect can be more subtle. (For example, a community eyesore "scares off" prospective purchasers.)
Vancouver, Washington (Clark County) A May 4, 2001, Columbian article, "Amphitheater Foes Say County Must Pay For Loss Of Property Values," reported that "opponents of a proposed amphitheater at the Clark County Fairgrounds warned the county that it should be prepared to pay them for the loss of property values if the project goes ahead."..... If the amphitheater is built, it will cause noise, litter, and glare that will directly or indirectly affect the use and enjoyment of ...residential properties."...."The amphitheater is going to have a negative impact on the quality of life and property values of people in what we call the 'blast zone'. You just can't arbitrarily do that. They will have to be compensated said Schwartz. For the county to be required to pay surrounding landowners, they will have to prove the amphitheater negatively affected them said Rich Lowry, the county's chief civil attorney." Vancouver, Washington (Clark County) The August 19, 1999, Columbian newspaper reported "PROJECT NEIGHBORS LOOSING EQUITY" The official assessed value of the nine houses closest to the Clark County fairgrounds has dropped by as much as $25,200 due largely to the potential effect of a proposed 18,000 seat amphitheater at the fairgrounds.....Appraiser Rick Weberg said Wednesday that he made the reappraisals because of the ongoing struggle over the $10.1 million outdoor theater. Shoreline Amphitheatre -- Mountain View, CA "The negative effect of chronic amphitheater noise (and other high intensity noise sources ) upon property values of affected properties is recognized. The Palo Alto Board of Realtors has concluded that all potential buyers of real estate in Palo Alto must sign a supplementary disclosure form, acknowledging that they have been advised of possible noise problems from Shoreline amphitheater concerts. Georgia The Sept. 9, 1999, Chattanooga Times reported that residents are concerned that a request by a large development company to rezone a large residential estate so it may build a new events center and host social events. "The mayor says that striking a balance between permissible music levels and resident irritation will be difficult.".... "Residents believe that their property values would drop 25% based on 'extremely loud music'." |