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Old 10-14-2010, 12:00 PM
stangtime's Avatar
stangtime stangtime is offline
 
Join Date: Jul 2009
Location: Lusby
State: Maryland
Professional Status: Certified Residential Appraiser
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Default Things are rarely simple.

A neighbor is looking at a house that needs repair and asks me for an appraisal. We're just neighbors, not close friends - no conflict of interest, no problem. I was told it was an old Cape Cod nearby. Okay. I quote them a fee (a very reasonable fee...I've got to stop doing that!) and go and look at the place yesterday.

Well.....it's in bad shape. Right on that cusp of tearing it down. Then I check the zoning. Something didn't feel right so I called the County. Their maps were wrong, no kidding, and lo and behold, the property has just been upzoned (last month) to a residential/home buisness mixture. So I look for sales of RMX - zoned land. None. I find a handfull of RMX active listings that have been on the market for a year or so - so that gives me a clue as to the value.

This property is right on that line of a teardown or remodel. The client is a construction guy so he could remodel the place very reasonably.

Anyhow, looks like this job is going to take a while...

Dan
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Old 10-14-2010, 12:40 PM
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KenAZ KenAZ is offline
 
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State: Dom. Republic
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Default

That home can be marketed to a remodeler or a builder. It has appeal to both markets. If it was in livable condition, it would also be marketable to someone that is looking for a cheap place to live. It can appeal to 3 different market segments.

I am pretty sure that it will sell for the same price no matter what, but be careful. If you find that the predominent market and Highest and Best Use is a tear down, then it is basically vacant land.
  #3  
Old 10-14-2010, 12:42 PM
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stangtime stangtime is offline
 
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KenAZ - Excellent points. I've run the numbers a few different ways and the final outcome from each is pretty close.

Thank you for your thoughts,
Dan
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