complex assignment
299) Complex Assignment
04/14/08
Dear Henry,
A man with a private airstrip is interested in making it a public airport. He envisions installing approximately 100 hangars and developing 30 residential sites on the airport. Do you have any suggestions where to get information for appraising this type of property? Thank you for you kind attention.
Keith Erlewine paerlewine@sbcglobal.net
Dear Keith,
This sounds like a very complex assignment. I think you need expert help. One way to find someone is to contact the Lum Library (LUM Appraisal Library, Appraisal Institute, 550 Van Buren Street, Suite 1000, Chicago, Il 60607, Ph: 312-335-4100.) See if anyone has written an article on airport development. Then contact the author and see if they will help you or have a suggestion as to where you can get help.
H2
A man with a private airstrip is interested in making it a public airport. He envisions installing approximately 100 hangars and developing 30 residential sites on the airport. Do you have any suggestions where to get information for appraising this type of property? Thank you for you kind attention.
Keith Erlewine paerlewine@sbcglobal.net
Dear Keith,
This sounds like a very complex assignment. I think you need expert help. One way to find someone is to contact the Lum Library (LUM Appraisal Library, Appraisal Institute, 550 Van Buren Street, Suite 1000, Chicago, Il 60607, Ph: 312-335-4100.) See if anyone has written an article on airport development. Then contact the author and see if they will help you or have a suggestion as to where you can get help.
H2
256) Obtaining Help
03/02/08
Dear Henry,
I just completed 3 retro-dated appraisals for estate purposes for a client, for 2002, 2004 & 2007.
Since the date of death of a last family member, the city has rezoned this atypically large lot in our town center. What is currently a 7 acre lot with 1 residence built in 1963 can now be subdivided into 24 building lots.
There is much to be considered and determined to get there: environmental impact studies, building of roads & a 2nd egress, maintainence of green space which may decrease the number of parcels, public comment, etc..
The client has asked me to do a current highest & best use study. How would you approach this? Keep it simple and hypothesize that all the infrastructure and permits are in place & look at the cumulative value of lots? By the way, there are no similar developments in our area!
Thanks, Henry! I greatly appreciate your site & resource!
Debra SkylandsAppraisals@earthlink.net
Dear Debra,
This sounds like quite a complex appraisal. Your question indicates to me that you need to get help from someone qualified to do such an appraisal. This is a USPAP requirement.
Good luck. The assignment sounds interesting!
H2
I just completed 3 retro-dated appraisals for estate purposes for a client, for 2002, 2004 & 2007.
Since the date of death of a last family member, the city has rezoned this atypically large lot in our town center. What is currently a 7 acre lot with 1 residence built in 1963 can now be subdivided into 24 building lots.
There is much to be considered and determined to get there: environmental impact studies, building of roads & a 2nd egress, maintainence of green space which may decrease the number of parcels, public comment, etc..
The client has asked me to do a current highest & best use study. How would you approach this? Keep it simple and hypothesize that all the infrastructure and permits are in place & look at the cumulative value of lots? By the way, there are no similar developments in our area!
Thanks, Henry! I greatly appreciate your site & resource!
Debra SkylandsAppraisals@earthlink.net
Dear Debra,
This sounds like quite a complex appraisal. Your question indicates to me that you need to get help from someone qualified to do such an appraisal. This is a USPAP requirement.
Good luck. The assignment sounds interesting!
H2
67) Difficult Foreclosure Assignment
03/15/07
Hi Henry-
I have a foreclosed property to appraise and need direction in how to approach it. Here are the details:
a - One address, four parcels;
b - One single family home, clearly never used and not now being used as a duplex, though the tax record has it as such;
c - One concrete block outbuilding with a garage and two efficiency-style apartments with separate entrances, separate electrice meters and the like. Appears to have originally been a detached garage, but MLS archives indicate rental history for both apts. The catch: neither zoning board nor assessor has any record of this building's existence.
My client has an old appraisal for the property for which a 2-4 family form was used, though the main structure is most definitely NOT a duplex. AND, the tax record, parcel number and legal description attach to the main residence. The outbuilding was treated as a duplex.
What is the proper way to appraise this property?
Thanks!
Betsy bjalt@sbcglobal.net
Dear Betsy,
Wow! I hope you get a good fee for such a complex assignment.
Here is my advice:
1. Make sure you have an accurate description (survey, deed description or something else) so there is no argument about what you are appraising.
2. Visit the property and accurately describe what you find there. Inspect as much as possible and take lots of pictures.
3. Write a short form narrative report.
4. Mention in the report that the MLS, Assessors Records and Zoning have no record of what you found.
5. Find the best comparable sales you can, which probably will be terrible. Base your appraisal on what you have found.
Good luck!
H2
P.S. Another alternative is to refuse this assignment!
I have a foreclosed property to appraise and need direction in how to approach it. Here are the details:
a - One address, four parcels;
b - One single family home, clearly never used and not now being used as a duplex, though the tax record has it as such;
c - One concrete block outbuilding with a garage and two efficiency-style apartments with separate entrances, separate electrice meters and the like. Appears to have originally been a detached garage, but MLS archives indicate rental history for both apts. The catch: neither zoning board nor assessor has any record of this building's existence.
My client has an old appraisal for the property for which a 2-4 family form was used, though the main structure is most definitely NOT a duplex. AND, the tax record, parcel number and legal description attach to the main residence. The outbuilding was treated as a duplex.
What is the proper way to appraise this property?
Thanks!
Betsy bjalt@sbcglobal.net
Dear Betsy,
Wow! I hope you get a good fee for such a complex assignment.
Here is my advice:
1. Make sure you have an accurate description (survey, deed description or something else) so there is no argument about what you are appraising.
2. Visit the property and accurately describe what you find there. Inspect as much as possible and take lots of pictures.
3. Write a short form narrative report.
4. Mention in the report that the MLS, Assessors Records and Zoning have no record of what you found.
5. Find the best comparable sales you can, which probably will be terrible. Base your appraisal on what you have found.
Good luck!
H2
P.S. Another alternative is to refuse this assignment!