CANative
Elite Member
- Joined
- Jun 18, 2003
- Professional Status
- Retired Appraiser
- State
- California
Courtney,
Here are a couple of links...
http://books.google.com/books?id=Ko...X&oi=book_result&resnum=1&ct=result#PPA203,M1
http://books.google.com/books?id=8X...X&oi=book_result&resnum=9&ct=result#PPA326,M1
Also you can try:
Do a public record search in whatever you use for obtaining online property records. Search the map book and page number you're working in. Scroll through all the records and make notes on what the assessor has for property value, last sale, and the allocation between land and improvements. Keep the age of the improvements in your mind as you work and keep the general neighborhood's look, market activity, and other features in your head and on your notes.
Once you get the feel for the percentage between land and improvements (depreciated) then do a some cost workups on the comparables you used and extract the RCN less depreciation from the sales price. That should be the land value ± Now see if those percentages work reasonably well with the percentages you had already figured. If everything sort of corresponds then just subtract that percentage from the sales prices of your comps and you'll have a site value indicator (± because there will be noise based on site value versus raw land value, entrepreneurial profit, and other factors). But for this exercise the amount of work noted above should be credible enough for anyone given the intended use and scope of work for a mortgage appraisal.
Here are a couple of links...
http://books.google.com/books?id=Ko...X&oi=book_result&resnum=1&ct=result#PPA203,M1
http://books.google.com/books?id=8X...X&oi=book_result&resnum=9&ct=result#PPA326,M1
Also you can try:
Do a public record search in whatever you use for obtaining online property records. Search the map book and page number you're working in. Scroll through all the records and make notes on what the assessor has for property value, last sale, and the allocation between land and improvements. Keep the age of the improvements in your mind as you work and keep the general neighborhood's look, market activity, and other features in your head and on your notes.
Once you get the feel for the percentage between land and improvements (depreciated) then do a some cost workups on the comparables you used and extract the RCN less depreciation from the sales price. That should be the land value ± Now see if those percentages work reasonably well with the percentages you had already figured. If everything sort of corresponds then just subtract that percentage from the sales prices of your comps and you'll have a site value indicator (± because there will be noise based on site value versus raw land value, entrepreneurial profit, and other factors). But for this exercise the amount of work noted above should be credible enough for anyone given the intended use and scope of work for a mortgage appraisal.