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y <br /> a <br /> t <br /> Appraisal Report Review continued <br /> c <br /> Comp 3: Similar zoning and use Equally rated location. I would make a much larger minus <br /> adjustment for the very small size of this site. <br /> Comp 4: Equally rated location, but this commercial zoning has less limitations for development. <br /> Comp 5: Clearly rated superior in location and its zoning has less limitations for development <br /> Based on my review and investigation, it is my opinion that an estimated land value in the range of $4.00 <br /> to $4.25 per square foot is appropriate for the subject property. The appraiser's estimated land value of <br /> $4.25 per square foot is within this range, but recognized to be at the upper end of the range. <br /> With regard to the "salvage" value of the improvements, it is very questionable in my opinion that they <br /> would contribute enough value to offset "razing" costs. This being the case; a deduction should be <br /> recognized for this factor. <br /> Summary and Conclusion <br /> I concur that the present single family dwelling use is not the "Highest and Best" use of the subject <br /> property. This is based on a cursory investigation of comparable single family dwelling sales market <br /> data; which clearly indicate that the present improvements, as described in the appraisal report, could not <br /> be marketed at a price exceeding the estimated land value, if vacant, and put to its highest and best use; <br /> even considering "razing" costs. <br /> I concur that the zoning would allow commercial uses, while limited, that would support a higher value <br /> fi=t- than other uses that might be permitted. <br /> In my judgment the appraisal report essentially meets the requirements of the Uniform Standards of <br /> Professional Appraisal Practice (USPAP) in adequately describing the property and providing a proper <br /> valuation analysis. <br /> I, <br /> 4i: 5 <br />