- Nov 28, 2006
- Professional Status
- Certified Residential Appraiser
Got a call for a divorce appraisal. Older Farm house sits on just under 5 acres of Land 1/2 mile south of a very well developed commercial area, target, home depot, large grocery store, strip malls etc... he paid $94K back in 1989 and tax assessor has the property at $243K for 2008. He was telling me on the phone that a 10 acre parcel of land across the road sold for 1.1 million 3 years ago. He is in an area that has had several housing/townhome developments put into the north of him between him and the commercial area. There are other developments surrounding him but they are not as dense and some are older. He said he would be interested in 2 different appraisals, one as it sits, and one as a possible developable piece of land. If this piece of land can be developed which I am waiting to hear back on, with the townhome/new const. market as crappy as it is up here, how can one appraise it as a tract of land to be sold to a developer when it could take years before the market rebounds enough to have the demand to start throwing these developments up again. I am not a general certified so I wouldnt be touching the development appraisal as that would be a commercial appraisal (I would think) but I am just curious about that scenario. As for the "as is" appraisal, I havent looked yet but can only guess that there is a lack of similar comps being this was built in 1880 and most of the area around it is suburban development. Is this even worth attacking for the money, how crappy is my appraisal gonna look when I have nothing real good to compare it to? should I walk from this or run?