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#21
12-05-2007, 03:17 PM
Dutchman
If the agreed to SOW is for a residential appraisal "as is" then do that. Untill you
have a crystal ball that can foretell when and what zoning change is going to
happen, doing an HBU with the HC for each possible zoning designation is way
beyond the SOW. Appraise what is as is and mention that a zoning change could
occur that would have significant impact on value when it occurs. The market
value when the change occurs would require another appraisal . Unless you
cannot predict that the zoning is going to end up Light Industrial, Commercial or
High Density Residential or ....., you could be doing HBU's untill the cows come
home. Appraise what is as is and inform the client of the possibilities
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#22
12-05-2007, 03:33 PM
Denis DeSaix
Quote:
Dutchman
Question is what is the zoning going to change to. You have to know that to do the
"legally permissible" part of the HBU. Unless you know what it is going to be, you
would have to do an HC for each zoning possibility (good luck)
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#24
12-05-2007, 03:45 PM
Denis DeSaix
Quote:
Yes, it is an area in transition; however, there are several similar surrounding properties,
which have not sold. Others have sold for commercial use on the corners of the main
road and residential development has taken place along the subject's road.
and (my bold)
Quote:
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#25
12-05-2007, 03:50 PM
Kenneth Brown
Dutchman
Even if the probability that the zoning will be changed to residential, does the plan call
for staight SFR or is it planned to be a mixed use area or High Density. Unless the
comprehensive plan has determined those things, doing an HBU must include an HC
for all the possibilities.
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#27
12-05 -2007, 04:19 PM
Denis DeSaix
Quote:
comparables.
And that really is the crux of the matter. If my subject's HBU is land development,
then those are my best comps (vacant land purchased for subdivision development).
And (PE) that is why it gets tricky for a residential appraiser. While I can do the HBU
analysis that determines what my subject's HBU is, depending on the assignment, I
may not be able to move forward and develop an opinion of value. That's why (I
think) Greg B. said if HBU is something other than "as improved", the assignment (for
mortgage lending work) will probably stop right there.
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#28
12-05 -2007, 04:24 PM
Greg Boyd
When I took my very first apprazur class at Anthony Schools the second session on
the first day discussed the fannie form (as it existed then) and marched down th e
form line by line. When it got to HBU the instructer stated "if you have to check the
"other" box your assignment is over."
It's the ony thing I remember about that course.
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#29
12-05 -2007, 04:26 PM
PropertyEconomics
Denis .. I think you can move forward but you cant do a subdivision analysis. If you
determine the highest and best use is probably for subdivision use ... then why not
compare your subject with other parcels that were purchased for subdivision use? All
properties have an as is value and while the highest and best use may be for future
development, since the development hasnt occurred I see no reason why a residential
appraiser cant opine value "as is".
If the analysis is too complicated I agree with David that the appraiser should employ
the assistance of others. If there is a lack of sales and much analysis and adjustment
is needed it may be beyond the license level .. but assuming adequate sales its a
simple land appraisal I would think. Perhaps I am wrong.
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#30
12-05 -2007, 04:27 PM
PropertyEconomics
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