Can you value as vacant.if its improved?

[Webbed Feet]

And did you walk to school or carry your lunch??????

Once again, a proven example as to the broken logic often used on the forum. The possibility that I did both, or neither, is not included nor considered. This could be a reason for my prior state board comment..

 

[DWiley]

If they don't legally exist, appraising a property as if they do exist is constitutes a hypothetical condition.

But they do exist. I own the feel simple rights to some real property. That means I own the legal rights to the underlying land, even if there is no document specifically addressing only the underlying land. I also own the legal right to rent the property to someone else, even if no lease exists. etc. etc. My ownersip of those rights proves that the rights exist.

 

[Pittsburgh Pete]

Once again, a proven example as to the broken logic often used on the forum. The possibility that I did both, or neither, is not included nor considered. This could be a reason for my prior state board comment..

My comment was in response to your post about the stip on a breaker box--no nexus to the discussion at hand that I can see. As a result, I posted the "broken logic" comment.

Would love to talk with your State Board if they would have issues with anything posted in this thread concerning the valuation of the land component. Are their names Moe, Larry, and Curly?

 

[Webbed Feet]

My comment was in response to your post about the stip on a breaker box--no nexus to the discussion at hand that I can see. As a result, I posted the "broken logic" comment.

Would love to talk with your State Board if they would have issues with anything posted in this thread concerning the valuation of the land component. Are their names Moe, Larry, and Curly?

My comment about the breaker box thing flew over your head. Posting about having some client, that has some contract, that says some specific thing like that, has nothing at all to do with appraisal methodology. Private contracts don't define appraisal methodology last I checked, they may show a problem, but not how it should be solved. So I decided to add some trivia of my own to the thread..

And If I were you, I wouldn't be so anxious to invite Oregon board members to call you and then toss in an insult in the form of a snarky question like that in the same comment. But I am not you... :new_smile-l:

 

[CANative]

What could the Oregon board do to a PA appraiser even if he were to waive his private parts at their aunties?

 

[Ken B]

SS would roll in his grave...if he was dead.

 

[Pittsburgh Pete]

What could the Oregon board do to a PA appraiser even if he were to waive his private parts at their aunties?

Classic Monty Python reference--gotta love it. Always

 

[Pittsburgh Pete]

What could the Oregon board do to a PA appraiser even if he were to waive his private parts at their aunties?

Classic Monty Python reference--gotta love it. Always liked them more than "Looney Tunes" with that silly duck!!

 

[Webbed Feet]

OK, let's use the OP. Suppose I have fee simple ownership of the rights to the property discussed in the OP. Does my ownership not also include the rights to the underlying land? Sure it does. So, those rights (the rights to the underlying land) already exist, and they can be sold separately.

Reasonable question. Only I feel you should edit that statement to "might be sold separately." I own the air rights over my house to a certain extent, subject to governmental and public good easements of course. I'll consider placing them on Ebay later today and see if I get any takers.

If we take this to reality, instead of theory, and toss in a lender asking for an appraiser to determine the "Market Vaue" of those air rights, for a mortgage intended use, and report it on certain forms with perhaps preprinted SOW with a prohibition of modification of that SOW on said forms, and demanding only a CB1 use to boot (I know, said information not in the original post. But what the hey, I'm just a dumb residential appraiser versus all the superior commercial ones of the world!) we have a horse of a different color regarding the true nature of the problem identification.

I guess that is the thing about many forum threads. I don't assume the O.P is trying to pass a state licensing test involving only questions meant to represent hypothetical situations or ones that can, or should, be answered only from a "Pure" USPAP standpoint. And also, as you well know about me, I also tend to always question if the job really got completely addressed by TAF / ASB responses or if they left the questions begging for more answers. All too often the job is left intentionally vague, in my opinion, to try and make the answers work for 100% of all possibilties, commercal or residential. Personally, I find that approach typically leaves the real world issues for residential appraisers in a really nice mess. Just exactly as we often do here on the forum. Because we drift off on pure theory and stop asking such questions as:

What about the septic?
What about the well?
What about the fencing?
What about the................................................

But I've posted that stuff already. My own final decision on this topic is not fully decided. It's an interesting topic. I will say this, no matter what side of the coin anyone is on, such an assignment is FAR, FAR, more complicated regarding complying with the SOW Rule than hardly anyone is bothering to post about. And I believe, in my skeptical way, that well over half of the real estate appraisers out there, both commercial and residential, would royally scew up the assignment no matter how much reading of this thread they did before completing it. Or anything TAF/ASB has put out to date on it.

 

[Pittsburgh Pete]

Have valued air rights--interesting valuation assignment.

Don't see how valuing the underlying land in this situation is particularly complicated. As to septic, well, etc.--depends of the scope of work requested by the client. What would be the value of the underlying land as vacant and available for use? No problem. What would be the value of the underlying land with the well and septic system in place? No problem. If only 1/2 of the appraisers out there could handle this assignment, something is seriously wrong with appraiser education and the system as a whole. But then again, we already knew that, didn't we.

Many valuations are not conducive to forms. Duh!!!