Request to appraise a parking lot as a residential appraiser

[jpa]

I'm located in PA, and have had a request to appraise a parking lot in one of our small boroughs. This is not an income producing parking lot, but is located within commercial zoning. I cannot find any documentation state whether or not I can accept this assignment based on relatively similar assignments I've assisted on.

 

[Fernando]

Once there was a Burger King with a parking lot.
Burger King didn't do well and went away.
Owner now leases the parking lot to a nearby restaurant.

 

[Elliott]

What does your supervisor say? I'd think if you go through the steps of highest and best use and you run into commercial zoning then you have a problem. Now, it could be, a vacant lot can have a HBU as a residential site, but it might have a higher value for a commercial use. So it gets complicated pretty fast.

 

[andrew81]

I'm located in PA, and have had a request to appraise a parking lot in one of our small boroughs. This is not an income producing parking lot, but is located within commercial zoning. I cannot find any documentation state whether or not I can accept this assignment based on relatively similar assignments I've assisted on.

In your opinion, is the most likely buyer commercial or residential?

 

[Zoe]

You definitely need to get with city officials on that one. Who parks there would be my first question to the owner?

 

[Zoe]

I could do a parking lot in the middle of the ocean. You catch my drift?

Coast guard would probably arrest me.

 

[George Hatch]

I'm located in PA, and have had a request to appraise a parking lot in one of our small boroughs. This is not an income producing parking lot, but is located within commercial zoning. I cannot find any documentation state whether or not I can accept this assignment based on relatively similar assignments I've assisted on.

Whether or not this assignment is beyond the scope of practice for your license hinges on the question of HBU. If the HBU for this property is 1-4 residential units then you're in.

 

[Tom D]

in pa, cert res can only do residential. the state say that you are not qualified to determine any commercial h&b use if it has/has not that possibility. it's a big no no in this state, and they have brought it up many times in their newsletters. if a general cert is signing the report, i guess you can. i also don't see you getting any experience credit for it.

 

[Zoe]

If it was in downtown Chicago or downtown New York, it could get complicated. Still might not be parking as H&B use.

High rise parking maybe? Idk.

 

[Tom4value]

I'm located in PA, and have had a request to appraise a parking lot in one of our small boroughs. This is not an income producing parking lot, but is located within commercial zoning. I cannot find any documentation state whether or not I can accept this assignment based on relatively similar assignments I've assisted on.

Who is the client and what is the purpose of the appraisal? The question of, “am I allowed to do the appraisal” (based upon license designation) only comes into play if the assignment is for a federally related transaction. If it is, and you determine that the HBU is for a commercial use, then no, you can’t.

If it is for just the owner for any non-federally related transaction (I.e., not for lending, tax purposes, etc.) then you can based upon if you are competent to do it.