Landing strip on property-anyone familiar?

[Restrain]

There's a bunch of these in North Texas, as a lot of the DFW major airline pilots live in the area and fly to the airport rather than drive (tells you something about DFW traffic). The quality varies, but I've found that you really have to use sales from airports unless you've lost the rights to fly out of the field. There is a significant tangible value to the strip beyond the dirt.

 

[Tim Rose]

Be careful on finding other properties with a landing strips as comparables. Some share a community landing strip (paved or unpaved) and would be more desireable than a private landing strip as the cost of matainence is shared. Also you don't have the "negative" neighborhood view of having an airport nearby, (All of the owners in the airpark have similar interests). I am a licensed pilot and it is recognized as it has an identifief and is probably on a sectional chart
Tim

 

[Mike Garrett RAA]

We have a couple of "air-parks" in my marketing area. In most cases there are easements across private properties to a small airfield. When appraising, I try to use comparables from the same community. Haven't done one in quite awhile but when I did...didn't find much additional value.

In your case, I doubt you could support an adjustment. Not uncommon for these little private strips to appear on a navigation chart. Some have unicom actuated runway lights which could add some cost and might add value.

Haven't flow as PIC in more than 15 years. My step brother just bought a new 6.5 ml Hawker 400XP. Doubt they will be flying that into any dirt strips! My favorite aircraft for that sort of flying would be Super Cub with big tires. Of course right now, here in Colorado, you would need skis!

 

[James R]

I did an appraisal several months ago for a fly in community with a paved strip and a hangar in every back yard backing up to the strip or the taxiway. Thankfully there were some comps in the subdivision and similar non strip comps nearby that I was able to somewhat extract the value of the flymenities.

 

[Carnivore]

There's a bunch of these in North Texas, as a lot of the DFW major airline pilots live in the area and fly to the airport rather than drive (tells you something about DFW traffic). The quality varies, but I've found that you really have to use sales from airports unless you've lost the rights to fly out of the field. There is a significant tangible value to the strip beyond the dirt.

Roger,

I know what tangible value means, but I fail to see the result of dirt strip type of improvement. Sure it takes the land area, but a lot of that value is already reflected in the sales of vacant unimproved land. Dirt strips are not very costly to build and anyone can have one. Especially if its not under a TCA. Hangars can be a simple as a open sided lean-too. Quansent huts are not very costly either. Them hail stones in the Panhandle not only are common but can be huge and very frequent!

My experience is north of Amarillo for four years. Ex-wife parents own a large spread up there and they grew wheat, milo and meat on the hoof.

 

[TEL2002]

I would double/triple check for existing easements on the adjacent properties. If there are no easements...the utility of the landing strip could be drastically reduced if the other guy decides to build a barn on what was a landing strip extension. You indicated the runway is only 600 feet long and extends onto other property. Do the other parcels have an easement on the subject property...to use the landing strip?

Is there any kind of special lighting for the landing strip.

Sure sounds like just a big area of grass that you have to keep mowed.

 

[VolcanoLvr]

Thanks everyone...most helpful. Forumites are the best!

TE's comments are the 'flight' I am going down next as the strip is identified as being 1,700 feet long, so that means 1,100 feet is on adjacent property.

I'm looking at this as a learning experience. Not sure if I will do the assignment yet, and the lender is not sure they can structure the loan.

Also, this prop was purchased for $325K in July '06, then put on the market 4 months later for $1.2M! So something does not smell quite right!

Dave

 

[Carnivore]

Dave,

Sulphur does not smell right, but it means money in Texas. There might just be natural gas under that airstrip.

Check mineral rights. Most property owners in texas and oklahoma dont have any mineral rights with there deed.

 

[Couch Potato]

Not just anyone.

Roger,

I know what tangible value means, but I fail to see the result of dirt strip type of improvement. Sure it takes the land area, but a lot of that value is already reflected in the sales of vacant unimproved land. Dirt strips are not very costly to build and anyone can have one. Especially if its not under a TCA. Hangars can be a simple as a open sided lean-too. Quansent huts are not very costly either. Them hail stones in the Panhandle not only are common but can be huge and very frequent!

My experience is north of Amarillo for four years. Ex-wife parents own a large spread up there and they grew wheat, milo and meat on the hoof.

Not just anyone can have an airstrip. While a plane can physically land in many places and many pieces of land exist that could be used as an airstrip, the regulations regarding the take off and landing of aircraft don't allow the use of just any piece of land.

There is a specific process required to get that chunk of land designated as a legal airstrip. I don't see how an appraiser without knowledge of the process could be competent to do an appraisal on land with an airstrip unless they inform their client of their lack of knowledge and their plan to aquire the needed knowledge. A good place to start is the FAA. You can search the list of certified airstrips.

 

[Karl]

There is a specific process required to get that chuck of land designated as a legal airstrip. I don't see how an appraiser without knowledge of the process could be competent to do an appraisal on land with an airstrip unless they inform their client of their lack of knowledge and their plan to aquire the needed knowledge. A good place to start is the FAA. You can search the list of certified airstrips.

The classification of the Air space ABOVE the landing strip MAY have more value than the landing strip itself PLUS the size plane that can land on said strip.