…External obsolescence has become more of an issue recently because of the influx of foreclosures, among other reasons, says Jonathan Miller, CEO of New York-based real estate appraisal and consulting firm Miller Samuel.
“From a visual standpoint, (a nearby foreclosure) impacts your value because in a soft market, your property is competing with many other properties,” Miller says. “You have a disadvantage. Your property takes longer to sell and may not get the price that you want or what you think it would be worth if that neighbor wasn’t there.”…
