Can A Certified Res Appraiser Appraise A Boat Slip?

[VolcanoLvr]

It's a privately owned boat slip in a condominium ownership marina?

The assignment is for estate purposes. (I declined it, but let others know about it.)

Some people have written me (privately) that only a Cert. General can do this kind of assignment.

Really? Who, or what, says that is so??

 

[Eli]

Yes you can. Do cost approach and look at rents and sales. Yes you can.

 

[Howard Klahr]

Really? Who, or what, says that is so??

Depending on what state you are licensed in and where the property is located, that is what will determine if you as a cert res may perform an appraisal on that type of property for that intended use.

 

[George Hatch]

The AQB publishes the qualifications criteria and scope of practice for each level of licensure. From your description the property rights to be appraised are not either a 1-4 residential property or land suitable for 1-4 units, so this one appears to be outside the AQB-defined scope of practice for that license.

With that said the states effectively manage and enforce their licensing programs so it would be the state that is the arbiter of whether a CR performing this assignment would be allowed to do so without getting into trouble for it.

Compliance with the Competency Rule might present a bigger challenge as far as returning the acceptable work product. For example, there are some SFR appraisers who are capable of writing an appraisal report without the aid of a form but they're relatively fewer in number.

 

[Michigan CG]

Wouldn't ONE, single boat slip, being an extension of a single-family property be considered part of that property or have a Highest and Best Use to be a part of, or an extension of, a proximate single-family property?

The Highest and Best Use isn't commercial, so wouldn't it then be a residential amenity?

 

[jay trotta]

MCG, Agreed, here we have many residential properties with boat slips (docks) attached to the Land; and may also be included in the Deed rights of use;
that said, doing a Marina, 2 slips or more (we do have small marina's here) would require a commercial appraisal.

 

[TRESinc]

Wouldn't ONE, single boat slip, being an extension of a single-family property be considered part of that property or have a Highest and Best Use to be a part of, or an extension of, a proximate single-family property?

The Highest and Best Use isn't commercial, so wouldn't it then be a residential amenity?

we have some waterfront properties locally where they have docks/slips however they are on a separate parcel from the house and can be sold, or leased, individually.

what's your take on that?

 

[BRCJR]

we have some waterfront properties locally where they have docks/slips however they are on a separate parcel from the house and can be sold, or leased, individually.

what's your take on that?

Are these parcels contiguous to the "parent" parcel? Is the H&BU to sell or lease that slip parcel or to have and hold with the "parent " parcel?

 

[TRESinc]

Are these parcels contiguous to the "parent" parcel? Is the H&BU to sell or lease that slip parcel or to have and hold with the "parent " parcel?

non-contiguous. the structures are attached townhouses and there is a road between the slips and the parcels with the structures. i've never personally encountered one (via an appraisal) that sold the slip separately but have seen that happen during my research for comps in the area. i am purely guessing but the use of the slip remains the same regardless of who owns it as there are no restrictions on it's use or access to it (there are spaces for parking along the street on the dock side or the road and the garage and drive for the townhouses are on the rear of the structure while the front faces the water).

 

[Howard Klahr]

he Highest and Best Use isn't commercial, so wouldn't it then be a residential amenity?

There are entire condominium marina developments, so based on the description provided by OP the answer to your question in this case your assumption wouldn't fit the property - see below.

It's a privately owned boat slip in a condominium ownership marina?

For all those jumping on the boat slip as part of a residential property band wagon, the answer to that issue is IT DEPENDS. Depending on the body of water and the governing regulation the associated boat slip/dock or other accommodation many not even be real property but is in fact personal property. Keep in mind that regulations differ from market to market. You know that geographic competence thing ...