Agenda - 07-01-1985 - Laserfiche WebLink

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08ri- for this assignment. I cannot give a data supported opinion of detrimental effects on market value of the on site constructed single family dwellings by the locating of more mobile home units within the subject neighborhood. It has been my experience during my ten years as an appraiser that mobile homes located within a neighborhood near on-site constructed single family dwellings, tend to lower the market value of that single family dwelling if and when it is sold. A buyer is not willing to pay as much for a site built dwelling where a mobile home is nearby as the buyer is willing to pay for a similar dwelling in an area where there are no mobile homes nearby. Also, the selling time for the site built dwelling is usually longer where mobile homes are located nearby. Market value is defined as follows: Market Value is the highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1- buyer and seller are typically motivated. 2- both parties are well informed or well advised, and each acting in what he considers his own best interest. 3- a reasonable time is allowed for exposure in the open market. 4- payment is made in cash or its equivalent. 5- financing, if any. is on terms generally available in the community at the specified date and typical for the property type in its locale. 6- the price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs, or credits incurred in the transaction. It has been my observation that a mobile home, due to its general