1. Welcome to AppraisersForum.com, the premiere online community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Zoning Os

Discussion in 'General Appraisal Discussion' started by Will43, Dec 22, 2004.

Thread Status:
Not open for further replies.
  1. Will43

    Will43 Senior Member

    0
    Aug 13, 2003
    Professional Status:
    Licensed Appraiser
    State:
    Ohio
    I am currently working on a REO that is located between 2 businesses. The businesses on the subject’s side of the road were converted from single family. (Ma and Pa businesses)

    This zoning permits Single Family, Multifamily, and office use.

    Most of the houses are currently being used as single family on subject’s side of the road.

    This location doesn’t appear to increase or decrease the value based on the limited sales I found.

    This is the first time I ran into one like this.

    The subject is currently being used as a single family.

    Any thoughts or comments would be appreciated. :D
     
  2. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    It appears, from what you said, that it might still be the highest and best use as a single family residence but is in transition to retail at some near future date.
     
  3. Restrain

    Restrain Elite Member

    7
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    It will be residential until another appraiser moving into the area wants it for his office. :p
     
  4. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Are you planning a move Roger? :lol: :lol: :p :p :rofl: :rofl:
     
  5. George Hatch

    George Hatch Elite Member

    48
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    California
    Under the conditions you describe, there is no discernable trend among your sales data of coverting these properties into non-residential uses. If so, the existing use remains the HBU without qualification. If there is a slight trend among your data, say less than 20%, for converting these properties, then you may have an interim use with a limited remaining economic life. If most of the comparable properties are being purchased for either conversion or redevelopment then the existing use probably isn't the HBU.
     
Thread Status:
Not open for further replies.

Share This Page