Income approach and property rights appraised.

[Terrel L. Shields]

We have a really unusual case near us where in the 1920's some lands were leased to home builders because the developer of this Park gave that portion of the park that was in Oklahoma to the local city along with an existing lake they used for water. The city could not sell a lot except by open bid, so they opted to lease for 50 or 99 yr with renewal. But when the properties lease began expiring, they simply Quit claimed the lots to the homeowners. Try figuring that out!

 

[Verne Hebert]

Very interesting discussion; it certainly cleared out the cobwebs on the left side. I am working on a 1025 form for a property near the Canadian border. No zoning in the area. An interesting item I realized today because of the assignment--------the 1025 has no area in the cost approach for functional or external obsolescence to be noted.

Changing the topic a little. Soon I will begin a partial acquisition/condemnation assignment for highway road widening through one of the three indian reservations in montana--most of the land is owned in the ownership form of "allotment". I look forward to this assignment