JTRock
Junior Member
- Joined
- Mar 1, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Texas
I'm appraising a waterfront property on a 48,000 sf lot. According to the homeowner, they purchased the property in 2006 for 855,000. Most lots in the area are about 7,000-10,000sf. When the homeowner bought the property there was a duplex and another single family structure on the lot. Since then, the owner has torn down the single family structure and turned the duplex into a single family dwelling. He put about $150,000 into the structure he now lives in. It is a 1,850sf 3 bd 2 bth with all the upgrades. I believe they purchased the land at this price in hopes of future development as up to 2 more homes could be built on this lot. I am having a tough time finding comparable sales due to the oversized lot and the small size of the structure. The lot sales I have found are all smaller with the largest being 32,000 sf on the water. It sold for 375k. I really don't believe this property is worth around a million unless it is being developed on which it is not at this time. I'm trying to figure out how to proceed since it's highest and best use would be for more than one structure. Thanks