Excess land or surplus land

[MKay Appraising]

You stated in post #3 that it was not zoned. So now there is zoning. Which is it?

Location map shows it outside city limits. Local zoning map doesn’t go out that far. I’m calling just to make sure there aren’t any restrictions I don’t know about.

 

[MKay Appraising]

What is your legal description going to be after you personally subdivide the property? Will you have the correct plat and dimensions? I spoke with a homeowner the other day who purchased two adjoining lots and had them joined to form one legal parcel. I asked and he indicated the fee was a bit less than $5,000 for the surveyor and various fees. Hope you are getting a bit more.

How will you account for the odd lot shape?

Accounting for odd lot shape is as simple as performing a lot sales paired analysis. And that’s the dilemma I’m running into. I’m not gonna subdivide the lot, but I can’t value excess land. Reaching out to FHA for guidance.

 

[TerryRohrer]

So do any of those "plenty of homes in the area with more than 3 acres" ever sell? Do those buyers always subdivide their acquisition and sell off the excess? Are sellers selling those properties as if the extra doesn't exist?

Accounting for odd lot shape is as simple as performing a lot sales paired analysis.

Agreed, that will create an adjustment without credibility.

 

[Dublin ohio]

Accounting for odd lot shape is as simple as performing a lot sales paired analysis. And that’s the dilemma I’m running into. I’m not gonna subdivide the lot, but I can’t value excess land. Reaching out to FHA for guidance.

Seems like you have determined that no matter what there is excess land. You say you are not going to subdivide the lot. But in effect that is exactly what you will be doing using a HC that assumes it can be subdivided. If it is not zoned, are you just going to use an arbitrary lot size and shape based on what you "think". You need to step back and get all of the information and then make a decision. There are a lot of moving parts that have to be considered. Especially if there is no zoning to help guide your decision

 

[MKay Appraising]

So do any of those "plenty of homes in the area with more than 3 acres" ever sell? Do those buyers always subdivide their acquisition and sell off the excess? Are sellers selling those properties as if the extra doesn't exist?

Agreed, that will create an adjustment without credibility.

That’s your opinion on the site adjustment. I know my market.

Look, a house on three plus acres absolutely has value in the market. No, people do not typically subdivide in a rural area. I’m literally coming here for guidance on how to proceed with an assignment where the FHA guideline for excess land may apply. There are two septic systems, two water meters, and two driveways. The parcel to the immediate right was purchased and built upon in the last couple of years. It sounds like excess land to me.

I didn’t come here for snark or to get a reply from gods chosen appraiser. I just need straight forward guidance.

 

[Dublin ohio]

No, people do not typically subdivide in a rural area

That should tell you something. What is the demand for vacant sites of the size you propose in your market? If people don't subdivide when possible. That makes me think that demand is muted at the best.

 

[TerryRohrer]

That’s your opinion on the site adjustment. I know my market.

Look, a house on three plus acres absolutely has value in the market. No, people do not typically subdivide in a rural area. I’m literally coming here for guidance on how to proceed with an assignment where the FHA guideline for excess land may apply. There are two septic systems, two water meters, and two driveways. The parcel to the immediate right was purchased and built upon in the last couple of years. It sounds like excess land to me.

I didn’t come here for snark or to get a reply from gods chosen appraiser. I just need straight forward guidance.

You don't want much help because you refuse to answer questions directed at understanding the problem. You have listed more assumptions without basis than I can keep track of, but seem to want opinions that justify yours, only. Good luck!

 

[Dublin ohio]

You don't want much help because you refuse to answer questions directed at understanding the problem. You have listed more assumptions without basis than I can keep track of, but seem to want opinions that justify yours, only. Good luck!

Most of the questions are items I would have researched from the time I saw the plat map. Doesn't really take much time, depending on available sources. Zoning in my area would either be by county, township or municipality. Even without zoning. Someone will have the final say on a lot split. Quick check online and if no info a phone call or e-mail to the proper department. How long could it take to determine if there is a demand for vacant sites in the market

 

[JTip]

What did the conversation with the Greene County Courthouse contact reveal about subdivision options, if any, for the subject?

 

[Dublin ohio]

That should tell you something. What is the demand for vacant sites of the size you propose in your market? If people don't subdivide when possible. That makes me think that demand is muted at the best.

So what is the demand for vacant sites in the area. Asking for a friend