Appraising multiple parcels

[KARI CHRISTEN]

We have been asked to appraise an estate size property that is situated on 2 parcels zoned residential estates. Since this type of appraisal is not addressed in USPAP or by Nevada State statute the determination of propriety would be dependent on Peer responses tot he issue.

The structure and amenities are constructed on two contiguous parcels that ate identified and taxed seperately but utilized as a single residential entity. The client wants the entire property appraised as a single unit.

What experience might other residential appraisers have in appraising 1 residence situated on 2 parcels of land?

 

[CANative]

How could one residence be "situated on two parcels of land" at the same time unless you're stating that there is an encroachment?

 

[KARI CHRISTEN]

The Structure And Amenities Are Constructed On Two Contiguous Parcels That Are Taxed And Identified Seperately But Utilized As One Residential Property, The Lender Onts The Entire Porperty Appraised As A Single Entity.

 

[Fred]

The Structure And Amenities Are Constructed On Two Contiguous Parcels That Are Taxed And Identified Seperately But Utilized As One Residential Property, The Lender Onts The Entire Porperty Appraised As A Single Entity.

Doesn't the property function as a single entity? What are you going to do, appraise it as two half houses?

You might want to look into whether this is use non-conforming, grandfathered, whatever.

 

[Mike Kennedy]

Type of client and intended use?

 

[Bobby Byrd]

So whats the problem? Describe what you are appraising, look for sales of other properties that sold with similar lot configurations, move on. If the highest and best use is to sell of the additional lot, state so. Doesn't mean it cant be appraised in its present use. Lots of homeowners will buy the lot next door to insure privacy. if its for a loan, lender wants the most property possible to get the highest loan possible. I've done plenty where the owners only want the main parcel to collatoralize a loan, so in case they go belly up, they still have something of value.

 

[Fred]

If the highest and best use is to sell of the additional lot,

It sounded to me like the only way to sell one of the lots is knock down part of the house.

This, "The structure and amenities are constructed on two contiguous parcels," sounds very different than a parcel improved with a house AND a contiguous parcel.

 

[Mr Rex]

It sounded to me like the only way to sell one of the lots is knock down part of the house.

This, "The structure and amenities are constructed on two contiguous parcels," sounds very different than a parcel improved with a house AND a contiguous parcel.

Do You Mind Going Back And Capitalizing The First Letter Of Every Word In The Sentences? It Makes It Much Easier To Read, And Adds To The Posters Level Of Credibility.

 

[CANative]

It "sounds" like there is a house on one of the lots and accessory buildings, pool, tennis court (etc) on the other lot. Even if the lot with the accessories could be sold off, it still might be better to sell them together as an estate (sum of the parts being better).



I agree. Steven should be posting in First Letter Caps.

 

[Mztk1]

Well, I'm going to guess from the question that the one lot has the house and all that is necessary for the house to function, the second lot is a separate, buildable lot and otherwise totally vacant (maybe a shed) and independent. We got these in my area a lot. My first question is, "Are they deeded together"? And if not are they intended to be when the loan is complete? If they aren't deeded together, and there is no intention on them being deeded together, than to me (and I think Joyce will disagree) it is two separate appraisals. If they are either deeded together, or you make the appraisal based on the hypothetical condition that they were, than you can do it as one.

The fun part is combining the real estate taxes, legal descriptions and APNs and lot sizes so it makes sense to the reader. But don't let that scare you off.