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NWA Appraisers - A question for you

Discussion in 'Arkansas' started by Terrel L. Shields, Apr 29, 2009.

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  1. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    Top Poster Of the Month

    938
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    Question

    Had a party call me about 40 vacant ac. he sold. Had an offer of $6500/acre. Closest sale is $6500/acre (about 3 miles away from Centerton but not in Bentonville Sch. Dist.) He called because i did the estate appraisal a couple years ago and valued it higher than that but he recognized the value had decreased since 06-07. The deal fell thru because a well known Bentonville appraiser valued it about $3,800 an acre..Go figure. No idea where he got the land value estimate without going 20 miles W to a couple recent sales on the Ok state line. Guy finally gets another appraisal and closes the deal at $6000 an acre. Nice level land on a paved county road with 1320' of frontage, split in two parts to 2 parties.

    Fast forward 30 days or so. A friend stops by. Has a report from a trainee of the fellow above. This one in Gentry and about 4 miles from the state line...has an easement road into the 40 acre parcel and an older well -maintained house. There is a large power line from SWEPCO that bisects the 40 acres from one end to the other. She valued that acreage at $4,500± per acre?? And in the cost approach the RCN was based upon $51 per sf... Anyone know a builder who will build an average quality ranch style home for $51 a SF?....Anyone think level pasture land around Centerton is worth less than land in the extreme west side of county?

    Just asking.
     
    Last edited: Apr 29, 2009
  2. EDWARD BERRY

    EDWARD BERRY Senior Member

    0
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    With The Search Functions Of Today, And The County Gis System, It Is Very Easy To Find Rural Sales.
    Think About It--layers Of Aerial Photos, Topos, Configuration, Parcel Numbers, Etc.
    I Did A Tract On North Side Of Bella Vista At State Line. Finally Found Sales, But Had To Search 35 Sections. Took Two Days.
    One Appraiser Turned Job Down Because Too Difficult. If Its Not In MLS, Most Form Fillers Give Up Or Produce Results As You Indicate.

    Old F--t Appraiser.
     
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