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Old 10-27-2011, 03:56 PM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
 
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Default Choices and Limited Comps

Got a green house slash nursery to appraise. One comp. Very good one though. We had a lot of greenhouse and nursery people when building was going great guns... now they are pretty much goners - Can't find another sale in the past 5 years and those were in far better times.

So do you go with a one comp sales approach? go to timbuktu for another sale? Use somewhat dissimilar sales with similar building or size... it's a choice
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Old 10-27-2011, 04:29 PM
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Ed Falkowski Ed Falkowski is offline
 
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Quote:
Originally Posted by Terrel L. Shields View Post
Got a green house slash nursery to appraise. One comp. Very good one though. We had a lot of greenhouse and nursery people when building was going great guns... now they are pretty much goners - Can't find another sale in the past 5 years and those were in far better times.

So do you go with a one comp sales approach? go to timbuktu for another sale? Use somewhat dissimilar sales with similar building or size... it's a choice
Is a green house/nursery the H&BU of the property?

Are there any similar markets where there have been sales... regardless of how far away they are?

Just throwing some ideas out there.
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Old 10-27-2011, 04:51 PM
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Can you back up the number with income and cost?
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Old 10-27-2011, 06:17 PM
farmguy farmguy is offline
 
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I think Ed may be on right track.

Terrel did the one good sale happen after everything hit the skids and will it suggest H&BU isn't a nursery. If so maybe you don't need nursery sales.
Is this a big place or more a mom and pop kind of deal?
If it is a big outfit then going to Timbuctu may make sense.
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Old 10-27-2011, 10:09 PM
Denis DeSaix Denis DeSaix is offline
 
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Sometimes we have one solid comp and a few not-so-good-but-I can-make-an-argument-with-them comps, so in those cases we use the good one, include the others, and in the end, rely on the good one anyway.

In this case, it sounds like one good comp only and no others. So, if I could, I'd probably just use the one good one and narrate why.
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Old 10-27-2011, 11:44 PM
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Make sure you fully investigate your one good comp.
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Old 10-30-2011, 09:41 PM
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Terrel L. Shields Terrel L. Shields is offline
 
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No problem with the one comp in particular. ... One nursery went under. Another moved off a very busy road to this site which is on a secondary highway but still a busy road. Their old location was probably about to break over to a different HBU...say a fast food joint, etc. They likely got as much for that property as they gave for an existing property with newer improvements.

Cost is useful in that greenhouses can be relatively easy to price.
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