I got a copy of the appraisal done on the Vought House - dated April 1st for some reason, maybe so they cover their sloppy work by claiming it an April’s Fools joke.   It’s linked here in three sections (PDFs).  I didn’t scan the addendum because those documents are available elsewhere. 
                           
             Section 1 Facts    Section 2 Analysis    Section 3 Valuation

For a selection of the major problems from all 3 sections see:  appraisalmajorerrors.pdf

Every layperson knows that even renovated this house is not worth $600,000 in today’s market.  The question: How could the $590,000 renovated and $225,000 “as is” valuation be so far off? 

Here’s the major problems with the appraisal:

• Two Clinton Township properties are identical in every way, both priced at $600,000.  One house sits in an environmental buffer for a C-1 stream which prevents the owners from building a shed, ever mowing the lawn, paving the driveway, building a garage, or disturbing existing plants or the soil in any way.   As the potential home buyer, do you still value them the same?   The appraiser for this property barely mentions the environmental buffer and DOES NOT reduce the value of the “comparable” properties to reflect the significant fact that none of them were so restricted.
• Same two Clinton Twp. properites, but one is on the State Register of Historic Properties.  Does this affect the value?  It probably will, although in reality, private individuals are not affected by this, only government entities, like school districts, are prevented from harming properties on the NJ Register. The school district must also get approval to transfer ownership and that approval will rest on them placing a satisfactory historic preservation easement on the deed.
• This not-yet written SHPO-required historic preservation easement is not factored into the value of the property. Page 20 acknowledges that private individuals are Not restricted by the house being placed on the Register.  In bold underlined letters it declares that individuals would face no restrictions on the renovations or remodeling of the property. 
• WHAT the appraiser fails to explain is: How the property can be owned by a private individual Without being transferred from the school district.  The appraisal correctly says that ”sale of the property requires” prior review and authoriation by the SHPO to assure that adequate restrictions are in place to protect the home’s significant historic features!  It’s not the Register but the easement written into the deed prior to the sale that would prevent any future private owner from harming the historic features!
• It would be a strange law indeed that prevents the school district from ripping out the ceilings but allows it to sell the property to a private party to do as they please! 
• Besides the fact that there’s no allowance for the comparable propeties being buffer-free, the Potterstown Road property had a whole cottage, a second building, which was ignored by the appraiser, who added $175,000 for the supposedly smaller size of that property.
• I could go on but these major problems are a huge disappointment in an appraisal that took five months and cost several hundred dollars.  A little clarity is not too much to expect.  Instead the picture is clouded with obviously wrong information and a sloppy valuation.  

Don Sherblom