Boat slip with an "assignment of rights"

[Charliegrl]

Appraising a property that is located in a riverfront community with a community dock & privately owned boat slips. The homeowner tells me that he owns 2 of these boat slips & paid $50,000 for the largest one. Additionally he has added $50,000 in boat lifts. Here's the catch. These boat slips are NOT deeded. And, they can be sold at any time to another homeowner within the community. The most recent of which sold for $54,000. There are only a couple of recent sales within the community. One of which the realtor states in the listing,; "Home includes a deeded boat slip with a lift." That property sold for $926,000 Vs a property with no boat slip that sold for $650,000. My question is: Is there any way to acknowledge the contributory value of the boat slip in an appraisal?

 

[Terrel L. Shields]

My question is: Is there any way to acknowledge the contributory value of the boat slip in an appraisal? ...These boat slips are NOT deeded.

the rights are intangibles (non-real property) - and the slips are personal property in many states. So check with your state law and see if the slips are PP- which it sounds like since you have no deed to it. I tend to dismiss the value unless they want the value of the personal property but most banks don't want the personal property unless they take a UCC on it. So ask your client if they want it included. I would value the property as RE and then you can address the non-realty in a separate addendum - reporting both.