Land values in San Diego County?

[Imladaris]

I am doing a review on some properties in San Marcos and Chula Vista and I was wondering if anyone with experience in those towns have a notion of land value there.

Using either extraction or allocation what is the typical percentage for land for single family homes.


Thanks

 

[hastalavista]

Imladaris:

I cannot help you with the land values in San Marcos or Chula Vista (and, I opened a restaurant in Chula Vista some time ago so I know a little about that city... at least on a retrospective basis! :laugh, but I would like to ask you this:

If you are reviewing an appraisal, and presuming the appraisal is done on a current 1004 form, wouldn't you have enough information to do a site value by extraction analysis on the comps presented in the appraisal?

If you did do that analysis, then are you asking your question to spot-check your own calculations?
If you did not do that, then I'd ask you, "why not?"

 

[Imladaris]

I should have been more clear; I am not doing a review appraisal and there is no 1004 that I have on any particular property. This is a general question on the market area.

 

[hastalavista]

I should have been more clear; I am not doing a review appraisal and there is no 1004 that I have on any particular property. This is a general question on the market area.

Ok, thanks for the clarification!
:new_smile-l:

 

[Meandering]

Do they sell land on the left coast?

Or do all you left coast folks just work from extraction or allocation or interpolation?

Just odd to us here, cause we sell land all the time, sometimes the same piece to many different people within days of each other, okay, that was only a couple of people.

But heck, I never hear CA folks talk about land sales less than a few acres.

.

 

[hastalavista]

Do they sell land on the left coast?

Or do all you left coast folks just work from extraction or allocation or interpolation?

Just odd to us here, cause we sell land all the time, sometimes the same piece to many different people within days of each other, okay, that was only a couple of people.

But heck, I never hear CA folks talk about land sales less than a few acres.

.

:new_smile-l:

We have them.
Even in areas where most think they don't exist: I did a private party appraisal last year in San Francisco and one of the properties was a vacant, buildable site. I had 5-vacant site comps in the same neighborhood.

If you really need to find one, you usually can (not always in the primary competitive market, but certainly in a competing market).

 

[Meandering]

:new_smile-l:

We have them.
Even in areas where most think they don't exist: I did a private party appraisal last year in San Francisco and one of the properties was a vacant, buildable site. I had 5-vacant site comps in the same neighborhood.

If you really need to find one, you usually can (not always in the primary competitive market, but certainly in a competing market).

Thanks D,

Then advocating for mathematically guessing land values, is somewhat lazy if there are land sales that could be used for added support?

Okay, got it.

.

 

[hastalavista]

Thanks D,

Then advocating for mathematically guessing land values, is somewhat lazy if there are land sales that could be used for added support?

Okay, got it.

.

Give me a break.
Allocation, Extraction & Sales Comparison are all acceptable methods for valuing land for a residential site-value problem.
Pick the method that appropriately solves the problem given the intended use of the analysis and the quality of data that is available.

Jeeezzz. :glare:

 

[Meandering]

Give me a break.
Allocation, Extraction & Sales Comparison are all acceptable methods for valuing land for a residential site-value problem.
Pick the method that appropriately solves the problem given the intended use of the analysis and the quality of data that is available.

Jeeezzz. :glare:

Oh don't take it the wrong way.

I'm sure it works great for left coasters.

But here, not so much.

I've seen reports that almost across the board allocate site values of $25k when the highest price paid for lot in the same neighborhood in 3 years was $17k. But like I said, we sell a lot of land, and sometimes, the same lot multiple times. I realize not every place has the abundance of undeveloped land that we have.

But if it works for youze guys, have at it.

.

 

[hastalavista]

Oh don't take it the wrong way.

I'm sure it works great for left coasters.

But here, not so much.

Then I suggest you stick with what works for you in your markets.