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Not competent for subject.what about comp?
- Thread starter CANative
- Start date
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Is this property being used to farm timber? If so, wouldn't this fall under general license rather than residential? If not, why is the value of the timber a concern? I think the fact that you're concerned about the value of the timber disqualifies you from having the credentials to appraise it. No offense Greg, but without knowing the situation more thoroughly, at this point it sounds like you're stretching beyond the scope of your license.
CANative
Elite Member
- Joined
- Jun 18, 2003
- Professional Status
- Retired Appraiser
- State
- California
The subject only has about 40 acres with timber and it is mixed species in difficult to get locations. The rest is just rangeland. It has timber preserve zoning designation on part of the property. It's not a "timber farm" and if one completely stripped it of trees they might net a hundred thousand dollars or so but then the residential appeal would be all but destroyed.
The title of the thread is confusing I guess. I would not be able to appraise the comp I'm talking about due to the high amount of timber. The question: If I couldn't appraise the comp can I still use it as a comp?
The title of the thread is confusing I guess. I would not be able to appraise the comp I'm talking about due to the high amount of timber. The question: If I couldn't appraise the comp can I still use it as a comp?
Wendy
Senior Member
- Joined
- Feb 23, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Florida
Is it still a comp? If I was in the market for a large (but technically average due to min lot size) ocean front home-site would I even consider property 2-3 times bigger that had large harvest-able stands of timber?
One site is a single home-site with no viable harvest. The other is potentially (?) two home-sites with additional value in timber.
Just thinking out loud.....
One site is a single home-site with no viable harvest. The other is potentially (?) two home-sites with additional value in timber.
Just thinking out loud.....
CANative
Elite Member
- Joined
- Jun 18, 2003
- Professional Status
- Retired Appraiser
- State
- California
It's a terrible "comp" but it IS a sale. I have old sales of 51 acres, a 2 year old sale of 85 acres with a 4500 square foot luxury house but the interior was not finished, an 85 acre 3 year old sale with a 700 sf cabin but no ocean views, etc, etc. Not much to work with.
Wendy
Senior Member
- Joined
- Feb 23, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Florida
Ugg, that is bad.
In that case, I'd use the sale. It does give you information about what your subject is probably not worth - better than nothing. BUT, I'd find someone who is qualified to appraise the sale and trot my conclusions past them. Acknowledging them and your lack of qualification in appraising properties of the comparable's type should cover you.
In that case, I'd use the sale. It does give you information about what your subject is probably not worth - better than nothing. BUT, I'd find someone who is qualified to appraise the sale and trot my conclusions past them. Acknowledging them and your lack of qualification in appraising properties of the comparable's type should cover you.
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