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REO on Vacant Land in Mountain Community

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LadybugLover

Junior Member
Joined
Sep 30, 2007
Professional Status
Licensed Appraiser
State
California
Just got an order for an REO appraisal of vacant land in a mountain community - there have not been any sales of vacant land/lots in the past three years. Property is located in a mountain community, recreational area - some people live there year round - above the snowline - not many services. Parcel is 8.32 Acres - nothing special about the property - About a two hour drive up to the property, so want to have a good idea about how to approach it before heading up the moutnain!
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
My condolences.

You'll have to use a combination of techniques such as direct sales comparision using old sales, extraction method using more recent sales of improved lots, etc.

What mountain range is this? Are they having problems with bark beetle infestation caused by draught (less pitch/more beetles) which are killing the forest? Recent wild fires? Are there nearby ski resorts? Is the road to the lot paved and public or is a private dirt road? Water sources, public power, zoning, fire protection, etc, etc.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Greg is correct! I would also try expanding the market area and try making location adjustments as well.
 

LadybugLover

Junior Member
Joined
Sep 30, 2007
Professional Status
Licensed Appraiser
State
California
The property is in the Sierra Nevada mountains - just barely above the snowline. It's basically a summer cabin type area, some people live up there year round. Nothing special there - no ski areas, no lakes, just mountains and fresh air. No crazy bugs eating the trees or anything. It's not where I would buy mountain property, but that has nothing to do with it! It's 8.32 acres, haven't been up there yet to see what type of terrain the acreage is. It was purchased two years ago for $175,000 - now it's going into foreclosure. That was the last sale in the area - The RE Agent hasn't been up there yet to look at the "dirt" - this is the second time we've gotten this appraisal request, last time was from a different lender and we turned it down. May be a good one to turn down again.
 
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