Sinkholes can hammer neighbors property values | News
PINELLAS COUNTY, Fla. - Property appraisers tell 10 News that the fatal and catastrophic sinkhole collapse in Seffner late Thursday night likely will impact the entire neighborhood's property values.
Isolated sinkholes don't often have wide impacts on property values but the Seffner area of Hillsborough County is no stranger to sinkholes, either. According to a historic map produced by USF in 2008, there have been dozens of sinkholes nearby, including one less than 400 feet away in 1989.
Appraisers say future home valuations of the neighborhood should reflect the risk of more sinkholes.
"I would definitely disclose (this history) in the appraisal," said Patricia Staebler, a licensed appraiser in Bradenton, speaking on background. "It (depends) on the size of the sinkhole, the severity of the sinkhole, and sinkhole patterns in the area."
Staebler couldn't put a percentage on the value drop, but said the entire Seffner/Plant City area could face the stigma that comes with several years of off-and-on sinkhole problems.