- Apr 8, 2016
- Professional Status
- Certified Residential Appraiser
Hello Appraisal Forum Members! I am doing a private appraisal for an attorney. His client is having part of his land condemned by the county to extend out a busy road they live on. I have been provided a copy of the narrative report from the county. The county does not go into the details of why this is a detriment (naturally) for the home owner. The home owner's position where the subject property is located is closer to the busy street (it's a 1.17 acre lot (roughly a 75' x 660' long and narrow lot). A couple of questions: how would the market reaction value be determined? Obviously, the lot value does not come close to how the property is negatively affected from the loss of the land. This is not easily attainable from a sales paired analysis as all of the homes on that street are not as close to the road and now more so with the easement (extension of the road) taking place. Also, does this merit putting on a narrative like the county did or should I attempt the sales comparable analysis using a form with the grid, cost approach, etc.? Has anyone done an assignment like this before? Some words of wisdom and expert advice would greatly be appreciated. Thank you!