Ravine Lot

[Jack D. Pratt]

I have accepted an assignment for a divorce appraisal. I am curious how others handle a scenario like this. Keep in mind I am appraising both lots on one report.

First lot is .08 acre and developed
Second lot is 2.6 acre and appears to be all ravine.

I have not yet checked the deed for any easements but it appears as though the second lot is land locked without the first lot and all ravine, I am sure it will be listed as a flood zone, so virtually unbuildable. SEV on the ravine lot is 7700 (which seems quite low to me). This particular area is a VERY nice cul-de-sac of only 5 homes and in a desirable part of my home town and very close to lake Michigan, to me I would consider this a unique piece of property. The ravine is very large and has a beautiful creek running through it known as Deerlick Creek. I am sure finding comps is not going to be easy, but right now I am wondering how to come up with a land value for this ravine setting. It appears if I do a land search there is no TRUE comparable, searching a home on a ravine lot is a strike out also.

Any advice would be greatly appreciated.
Thanks
J.P.

 

[George Hatch]

It sounds like the ravine lot provides privacy (in the form of a buffer) and a view amenity to the smaller lot. In California it's unlikely the two could be separated without a driveway easement of sufficient width across the smaller lot. Michigan may well be different.

The 2.6 acres can't ALL be unusable, is it? Any chance of a lot line adjustment to increase the size of the smaller lot?

 

[CANative]

As a last straw, you might use assessor maps and aerial maps (GIS?) and then search public records looking APN by APN for sales and transfers of lots in the ravine.. sales that may have not been sold via MLS, i.e. private sales.

 

[Jack D. Pratt]

It sounds like the ravine lot provides privacy (in the form of a buffer) and a view amenity to the smaller lot. In California it's unlikely the two could be separated without a driveway easement of sufficient width across the smaller lot. Michigan may well be different.

The 2.6 acres can't ALL be unusable, is it? Any chance of a lot line adjustment to increase the size of the smaller lot?

I am trying to decide now if it is all unusable. There maybe a small section of it to the west side of the home. I drove by it today and looking at the county outline the thought did cross my mind that a section "MAY" be big enough to provide access. Thanks George I will take a closer look at that. It is the view and amenity that is throwing me a real curve. This is my home town and I also am in the market for a home and I know what I would pay, but I have to support this with good evidence since I know its going to get picked apart in court.

 

[Jack D. Pratt]

As a last straw, you might use assessor maps and aerial maps (GIS?) and then search public records looking APN by APN for sales and transfers of lots in the ravine.. sales that may have not been sold via MLS, i.e. private sales.

Greg, I am not familiar with APN how do I find that info (and what does it stand for)
Thanks
J.P.

 

[CANative]

APN = Assessor's Parcel Number.

Examine the assessor's plat map for your subject property which should include the parcel in the ravine. Examine the other plat maps which follow along the ravine. Get the parcel numbers from those lots which are in the ravine and do a public records search of them. See when they sold, if they sold with other contiguous lots or by themselves, how much they sold for, etc. You should be able to piece something together which will give you a clue as to how much 2.5 acres in a ravine is worth.

 

[Jack D. Pratt]

APN = Assessor's Parcel Number.

Examine the assessor's plat map for your subject property which should include the parcel in the ravine. Examine the other plat maps which follow along the ravine. Get the parcel numbers from those lots which are in the ravine and do a public records search of them. See when they sold, if they sold with other contiguous lots or by themselves, how much they sold for, etc. You should be able to piece something together which will give you a clue as to how much 2.5 acres in ravie is worth.

Very good advice Greg. I did do the APN on the subject but not the others. Thank you. That is my next move.

 

[Mr Rex]

Use a combination of local flood maps to look for other sales in and adjacent to local area flood zones and Greg's tax database search for similar properties. A needle in a haystack, but there is a haystack. Hope your fee covers digging through the hay. Wouldn't be suprised if you had to go back as much as 5 years to find similar properties, but with time adjustments etc. it will be a snap.

 

[Jack D. Pratt]

Thanks Mr. Rex. This one has been a great learning experience for me so it is very worth while even if my fee was a little light. I'll make up for it on the next one like this for the time I save cause I know how to find the info. Thanks again everyone

 

[Ray Miller]

Thanks Mr. Rex. This one has been a great learning experience for me so it is very worth while even if my fee was a little light. I'll make up for it on the next one like this for the time I save cause I know how to find the info. Thanks again everyone

I would call the lender and tell them you are investing more time as this has turn out to be a complex appraisal. You need to charge more. Say $50 an hour for research.

USGS topo maps of the area might also help. A lot of people would like that couelee in front of or behind their home. Gives you a nice buffer to hold the high sheriff or the IRS off.