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Old 11-03-2009, 10:04 PM
LannyK LannyK is offline
 
Join Date: Mar 2009
State: Illinois
Professional Status: Certified Residential Appraiser
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Default Highest & Best Use Verbiage

I am looking for comments that people insert in their appraisal reports regarding highest and best use of the subject property. Obviously, I will come up with my own alteration and ideas about the subject but am looking for a good place to start. I will of course include the 4 determinations of HBU being physically feasible, financially feasible, legally permissible, and maximally productive.

Thank you in advance for your assistance.
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Old 11-03-2009, 10:39 PM
Randolph Kinney Randolph Kinney is offline
 
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Location: SoCal
State: California
Professional Status: Certified Residential Appraiser
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Note: The subject zoning code is PD-1, single family residential planned development Rancho Rel Oro as verified by the city of Oceanside. The subject as improved is a legally permissible use based on its current zoning. The lot size, shape, physical condition and land to building ratio allow the present structure and indicate a good utilization of the improvements. Based upon the current market conditions, the present use as a single family residence is its financially feasible and maximally productive use. The highest and best use is its present use.
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Old 11-03-2009, 11:07 PM
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Elliott Elliott is online now
 
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Location: Pumpland
State: Oregon
Professional Status: Certified General Appraiser
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The big 4, put in their logical sequence is all you ever need. AI's course on
H&B Use should be a requirement before any appraiser gets to go out into
the real world.
  #4  
Old 11-04-2009, 08:40 AM
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CANative CANative is offline
 
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Location: Hopland, CA
State: California
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The requirement is simply to summarize the rationale for the HBU opinion and that can be done in one short sentence for most residential properties.

Quote:
Conforming improvements contributing to land value in no need of modifications, alerations or redevelopment. HBU is to continue the current use.
Other properties may need a little more verbiage.

Quote:
The size of the lot and size and quality of the improvements do not lend themselves well as a small residential income property and highest and best use for the subject property is as a single family residential use with an accessory dwelling for the use of a family member or for a small additional income source. The lot cannot be further subdivided and the topography is not well suited for commercial agricultural uses such as wine vineyards. The improvements are reasonably conforming to this market, are in excellent condition and there are no indications for additional modifications, alterations or demolation and redevelopment. Highest and best use is as currently improved.
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