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Road through property

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Beth Coble

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Freshman Member
Joined
Jan 18, 2005
Professional Status
Certified Residential Appraiser
State
Florida
I’m appraising a manufactured home in a rural area on 5.25 acres with a public road running through it. Any ideas on how I should approach this?
 

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Joe Milla

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Feb 13, 2007
Professional Status
Certified Residential Appraiser
State
Massachusetts
Put up a toll booth
 

Lawrence R.

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Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
Not sure what you mean exactly. You would approach this the way you approach all of your appraisal assignments.

Zoning requirements aside, it looks to me like you have some excess land that my not be very useful. But the home site seems to function like every other home site I have seen on the side of a country road.

Are there bigger problems than this that I am not seeing? Maybe I need to go back and look at the picture again.
 

Beth Coble

Thread Starter
Freshman Member
Joined
Jan 18, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Does this help? Anyone .... help.... please.
 

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Michigan CG

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Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
You have one of the two below....that you will need to determine.

The Highest and Best Use might be to sell off the parcel if legally permissible, that would be excess land. The questions to ask would include utilities, zoning, etc.

If it is not legally permissible and physically possible then you have surplus land which most likely has little value if any.

surplus land
Land not necessary to support the highest and best use of the existing improvement but, because of physical limitations, building placement, or neighborhood norms, cannot be sold off separately. Such land may or may not contribute positively to value and may or may not accommodate future expansion of an existing or anticipated improvement. See also excess land.

excess land
In regard to an improved site, the land not needed to serve or support the existing improvement. In regard to a vacant site or a site considered as though vacant, the land not needed to accommodate the site's primary highest and best use. Such land may be separated from the larger site and have its own highest and best use, or it may allow for future expansion of the existing or anticipated improvement. See also surplus land.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
After the H&BU analysis Tim suggests, simply find sales of similar split parcels, improved or vacant with similar H&BU and note the difference in sales price versus contiguous sites. Go back 5 years+ if necessary and compare properties from the same time period to determine the effect on value of the sites with an "orphaned portion". Happens quite a bit when new roads are built or old ones "realigned". I hope your fee covers the necessary analysis.
 

Farm Gal

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Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Yup, whats the H&BU of the underlying dirt, then dirt + improvements!

Only other piece of advice I'd pursue is finiding out if the roadway impacts any environmental issues - can the septic and or well be rebuilt in the event of damages or a need to repair.... or is that thing on public water and sewer?

may not minimums unless grandfathered... I'd sure check that isssue as part of my H&BU analysis!
 

Mountain Man

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Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Dang, that parcel split by the road is a perfect place for a billboard or cell tower. Why not? Not gonna cause any more external depreciation to a trailer on an arterial road. LOL
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
hot dog stand, bait shop, drive in bank on theat bit of extra ground.

As other have said it come down to HBU
 
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