New Mexico

[Goodpasture]

Land comps are not difficult, although banks, by and large are reluctant to lend on raw land. You just apply the principle os substitution, locating similar tracts that have sold at some point in the past, and adjust for time, location, etc.

But when your house is built of plastered tires, and beer bottles, it becomes more problematic. This was particularly true back in the 80's as there were few such houses available. Today you can find several such houses and, even if they are old sales, graph the price relationship between the earthship and conventional housing at the time of sale and apply the ratio to the current transaction.

 

[Red Robin]

Land comps are not difficult, although banks, by and large are reluctant to lend on raw land. You just apply the principle os substitution, locating similar tracts that have sold at some point in the past, and adjust for time, location, etc.

.

I understand that. My point was that sorry piece of dirt those houses sit on has never been sold. I was joking that the only revenue ever paid out on that real estate is the taxes. Either way, it's a silly looking grove of houses.

 

[Goodpasture]

Land comps are not difficult, although banks, by and large are reluctant to lend on raw land. You just apply the principle os substitution, locating similar tracts that have sold at some point in the past, and adjust for time, location, etc.

.

I understand that. My point was that sorry piece of dirt those houses sit on has never been sold. I was joking that the only revenue ever paid out on that real estate is the taxes. Either way, it's a silly looking grove of houses.

Isn't that an issue of taste rather than value? I would imagine that EVERY one of the owners of an earth ship pities the average American living in a ranch or tudor style box.

 

[Texan]

Oh please don't hold Bill Richardson against the good people in NM --Santa Fe elected him

Good point, Julie. Don't be ashamed - there's worse democrats than Richardson, anyway. :wink:

 

[Anonymous]

Oh please don't hold Bill Richardson against the good people in NM --Santa Fe elected him

Good point, Julie. Don't be ashamed - there's worse democrats than Richardson, anyway. :wink:

AMEN!