Landing strip on property-anyone familiar?

[Restrain]

There's a neighborhood airstrip, a lot of homes with attached hangers, that lost a BUNCH of value when the FAA took away the landing rights when a large freight airport opened up (was in flight path). Homes became overimproved, etc. Most now used for storage, lower income owners.

 

[Carnivore]

Somehow this thread topic; a single 1200' dirt strip on private land leaped to a neighborhood of homes with individual hangars all having access to an FAA approved FBO private airstrip. Intirely different scenario.

My second point. I dont know of any FAR Part 91 Federal Aviation Regulations that do not permit individuals from landing and taking off a airship from private land w/exception to where the FAA has published established vertical airspace control.

I understand that an improvement such as an airstrip can have value. The argument really is how much value does the improvement contribute to the real property. I do understand that it depends, but I also realisticly see a light plane graded airstrip as just what it is; a graded strip of dirt

I could easily be wrong. Its been 20 years since I was actively flying for a living. I also was never involved with the approval process for an FAA recognized airport. I imagine that it is a rather lengthy and costly process.

Can a residential appraiser complete this assignment. I doubt it. The HBU analysis alone would be rather complex and specialized.

 

[xm39hnu]

You can try to find comps using this link:
Trade-A-Plane, Aircraft For Sale, Used Aircraft, Planes For Sale, Airplane Sales, Cessna aircraft
There's a real estate section that lists homes for sale which have landing facilities associated with them. The process for getting an airport approved is no more complex or expensive than getting building permits are in some areas of the country. You're just dealing with different bureaucrats.

The strip adds value, but only to a small segment of the total market: those who 1) have an airman's certificate and medical; and 2) have a low enough IQ to actually purchase an airplane; and 3) whose IQ is further lowered by the assumption that owning a plane actually adds utility. More damn work than they're worth, IMO.

Since the strip is shown on the aviation charts, it's approved. But with only 600' on the subject, and easements for the rest of the runway, you've got problems. The 600' on the subject might land a Cessna 150 or Piper Tri-pacer, (and rotorcraft, of course), but its real utility lies in the plottage added by the easements. At 1700', you can land most light airplanes.

Since airspace has been mentioned, you can get in and out of most heavily controlled airspace by communicating with the controllers. It's a non-issue as far as the value of the property is concerned.

 

[drwjr]

I know this is an old thread but I have to say an independent, impartial and objective appraiser will not decide whether or not to ‘assign’ value to a property component before making the appropriate analysis. I think consideration of the value of an FAA approval for an airport, especially when the number of airports nationally is declining, is necessary. As a commercial pilot and USPAP Instructor, I have sufficient experience to say that I don’t have clue as to the impact on value of your subject, but I do know that an extensive analysis would be required to evaluate the issue. When airplanes and runways are components, the neighborhood expands at least to a regional scale and as you can see from the previous posts there are numerous properties with similar value components out there. I wish I had that assignment…

Luckily my IQ is so low that I do own my own airplane, I travel with toothpaste, sodas, water, there ain't no lines and no one makes me take off my shoes before I load up!!

 

[Mike Garrett RAA]

former part owner of a TR182 and a USPAP instructor. I concur, haven't a clue what that puppy is worth but I can tell you I wouldn't land my airplane there except in an emergency.

 

[drwjr]

We should start the flying USPAP Instructors Club...FUSPAPIC!

 

[VolcanoLvr]

Thanks again everyone.

In the end, no value was added for the strip, mainly due to the 'gentlemen's agreement' for the use of the property. No easements or written contracts exist.

The strip is on FAA charts as a recognized private landing strip however, but it's been built for the private use of the ADJOINING land owner, not the current subject land owner.

Dave 1/25/07

 

[xm39hnu]

Thanks for the update, Dave.

Remember, though, that in considering HBU, you have to consider the reasonable likelihood of change. The book says "zoning" change, but I think that might apply in this assignment, too. (Comments, guys?) Those "gentlemen's agreements" can get formalized quickly enough if it's advantageous to the parties, especially when all three owners share the utility--and especially among pilots.

But I'm afraid I may have misled you when I said 1700' would accommodate "most light aircraft." It will accommodate the smaller ones with ease, but for the ones which are good for traveling, like the 182 Mike mentioned, the Bonanza, Piper's Lance -- all reasonably fast cross-country planes -- it will depend on the pilot's skill and currency level, and desire to land. I once put my Bellanca Viking into a 2000' strip with room to spare due to very high hydraulic pressure. Took me 10 minutes to finish watering that grass. With only 1700' available, you'd be at the edge of the envelope for the faster light planes. As Mike said, you wouldn't attempt such a landing except in an emergency.

 

[airphoto]

Dave,

Have five such strips in Our Poor Town .. no assessed value assigned, other than nice, well mowed open fields .. no significant improvements, just cleared approaches .. per Ray and others the FAA will assign a location designator (can be used to find the strip on Landings.com, etc.), but that's relatively insignificant.