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Stick It To'em Girl!

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robert hoagland

Freshman Member
Joined
Jan 27, 2003
Professional Status
Certified Residential Appraiser
State
Connecticut
While gathering info for an appraisal I found this out. Seems a lifelong resident in her 70's owns an estate of 40 plus acres here in town. One large estate house and seven other "caretaker" cottages spread out amongst the trees. Said woman has fallen on hard times and is behind on her taxes. Says to the town she will donate her property to be used as open space in return for wiping out her defaulted taxes, plus interest.
Enter the high and mighty wanabee Andrew Cuomos who have been trying to slow growth and choke the developers with upzoning, development taxes etc. etc. These guys try to play hardball with said lifelong resident and decline her offer, figuring to take the property anyways. Said woman says up yours and sells the property to the highest bidder, with covenants in the deed stating that on each building lot (18 in all), at least a two story dwelling of more than 4,000 square feet must be built, within one year of purchase.
I of course am appraising one of the lots that has a cottage on it. These cottages are legal rentals and are in perfect shape, but are not long for this world. Interesting enough, every two weeks a lot will sell. The first one sold at $700,000 and now each successive sale is $50,000 higher than the last, cottage on property or not!
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
OOOofda! :blink:

I hope she left a buffer zone around her own place.

I assume that she then kept possession of the land she lived on herself.

OTherwise it DOES work for me. I assume the CCR's also include a non-subdivide covenant?

JERKS.
 

robert hoagland

Freshman Member
Joined
Jan 27, 2003
Professional Status
Certified Residential Appraiser
State
Connecticut
She took the money and ran to Florida, wrecking ball be damned! One question on this; LO wants this appraisal done "as-is", fine, but it looks to me like I have a highest and best use problem here.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Naw...

If this just happened sounds like you have a "Property in transition".
Any of the new behomeths built yet?
Any got hit by the wrecking ball YET?

George Hatch wrote a beautiful piece on transistion properties and highest and best use issues that might help you out. It was about a year ago if I recall.. but I can't find it on the forum... Given my memory it might have even been on the old forum :unsure:

It is in my 'best of book' in hardcopy format, but that isn't in the office at present.

Anyone recall that piece? and can direct robert to it?
 
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