Partial Quote: "Stephen J. Vertin, MAI;1487110. Six procedures can be used to obtain land value indications-sales comparison, allocation, extraction, subdivision development, land residual technique and ground rent capitalization. Sales comparison rules unless such data is not available then the other procedures are acceptable.
Further, if the comparables were zoned similar to the subject much of what you are saying is intrinsic to the comparable. They are already restricted to similar uses, set-backs, height restrictions, etc., and thereby, reflected in the value."
I am assuming that you are doing something zoned R-1 SFR? I would first try to do an allocation method with similar properties, recently sold, in the same neighborhood. If you have doubts, you can also test your value estimate with an extraction either putting it in the report or keep it in your work file. I tend to do the later. Or use one or two of the comps as a 4th and 5th that is 3-5 miles away to suport your value.
Or... use your comps 3-5 miles away, and then in the addendum use the allocation method supporting your estimate of value.
Be sure to use a price per sq ft vacant as your adjustment basis.
I hope this helps.
