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The extraction method is not appropriate when you have a dataset of one and it is the subject. You use the extraction method within your comparable data set to arrive at an estimated range of extracted land values.
I'm just not understanding where you're getting your information? Again, from The Appraisal of Real Estate, allocation is, "A ratio of land value to property value extracted from comparable sales and applied to the sales price of the subject property to arrive at the land value." The text very specifically addresses 'multiple comparables' when describing allocation. When describing extraction, however, it very specifically says, "an improved property" (meaning one property)... IF you agree that The Appraisal of Real Estate is somewhat akin to the appraiser's bible, then wouldn't it have said, "land value is extracted from the sales prices of multiple comparables"? You're making this too difficult, guys...
Nope sorry. Same concept as using 1 comp for a sales approach...only worse cause the 1 comp is the subject. Multiple residuals should be presented as support not just the "backed into" subject's residual.
It's there and has been presented. More entertaining to keep fighting it (for us).
lol - agreed that healthy debate generates the desire to learn more. However, to your point - exactly where is it hiding?... in my 30 years, I've yet to see one credible source cite extraction as HAVING to have multiple observations. Of course the more observations you research, the stronger your opinion will be. My only point was that, according to The Appraisal of Real Estate, only one property is required. I'm really sorry, but opinions are trumped by documentation...
