- Oct 23, 2003
- Professional Status
- Certified Residential Appraiser
Making note to pull and read. Interested in seeing
Agree and each has to be done case to case- The problem with UAD is it tends to want consistency and that's not always possible."often there is no measurable differences seen in the sales on city sized lots until the variance exceeds say 5,000 Sq.Ft. or more "
The break points for where we would need to start making adjustments will vary from one situation to the next, but the point that a 6000sf lot may sell for exactly the same as a 9000sf lot in some locations but not in others is a thing.
This is why I never use a size-based unit of comparison when appraising vacant residential lots. They're marketed and sold as a single unit (using the sale price as the unit of comparison, same as an SFR), not on the basis of price/sf; then you make adjustments for the size as a feature to that unit. Multi-family land is similar except that you're valuing for price/unit instead of using the sale price itself.
Conversely, land zoned for most other uses does sell based on price/sf or price/ac.