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Submerged Land Appraisal

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CHRISX42

Thread Starter
Freshman Member
Joined
Dec 26, 2007
Professional Status
Appraiser Trainee
State
Florida
Hello Fellow Appraisers!!...I stumbled across this forum looking for resources to aid in the appraisal of sumberged land. I would like to introuduce my self, My name is Chris, I am going on 4 years as a commercial appraiser in Miami, FL.

I am in the preliminary stages of an appraisal of sumberged land. My resources are very limited. I was lucky enough to find some Comparable Sales to determine my value. However, I would like to know if anyone on this board has appraised submerged land before and would like to share your work with me. I would greatly appreciate if i could take a look at an appraisal so that i have something to guide myself by. I searched online, appraisal institutes web site, made phone calls and could not find anything to look at. m2: If anyone out there can help it would be awsome!

Thank you,

Chris

:beer:
 

A. P. Grice

Sophomore Member
Joined
Apr 24, 2003
Professional Status
Certified General Appraiser
State
Virginia
I've valued a few riparian properties - though none in the past few years. Most were a portion of an adjacent property, i.e, a shipyard - and as a consequence, have considerable value as a part of the whole. Others, though, were parcels completely separate from any fast or high land. Often times, these were old, deeded oyster rights - although it hasn't been 'legal' to harvest oysters in most areas in quite some time due to pollution and whatnot. That may change, as the famed Lynnhaven River has just been reopened to oystering after 50 or so years. I expect to see sales in the very near future....

Valuing riparian land is a matter of highest and best use, that is, it permits a more intensive use of the adjoining, high land. Here, it is possible to build on riverbottom out to a legally-defined 'pierhead line' and own out to the 'port warden' line - another legally-defined demarcation; however, in most cases, ownership stops at the waters' edge, especially if the water is considered to be navigable. Additionally, there may be navigational servitude issues....

Good luck!
 

CHRISX42

Thread Starter
Freshman Member
Joined
Dec 26, 2007
Professional Status
Appraiser Trainee
State
Florida
Thanks for the Help A.P.!
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
We did a parcel on the Mississippi River last year, no access, being donated to the state.

There is a pretty healthy market for these properties becuase of requirements to refurbish wetlands. Depending on law in certain areas developers who are building on wetlands must renew an equal or more amount of wetlands.

Big buyers of these wetlands are companies like Wal-Mart and groups like Ducks Unlimited.

Send me an e-mail and I will see if I can be of help.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
When you say "submerged land" are you referring to a parcel under water, or one that regularly floods? Is it surrounded by other submerged land, or adjacent to a regular parcel. Be careful in double checking your sales used for comparison. My submerged parcels are sold to unsuspecting people who have never seen the property, and have no idea what they bought. Also make sure the comparable sales have similar environmental restrictions to the subject parcel.
 

A. P. Grice

Sophomore Member
Joined
Apr 24, 2003
Professional Status
Certified General Appraiser
State
Virginia
Going overboard

Many submerged parcels are sold to unsuspecting people who have never seen the property, and have no idea what they bought. Also make sure the comparable sales have similar environmental restrictions to the subject parcel.

Ahh, yes. That happens.

A while back, I was appraising a barrier island that was physically moving at an average of 21 feet per year. (Some years, it was up to 200', or 100' in one *event*.) It had been subdivided several times, originally in the 1800's, again in 1950 and yet again circa 1980. Lot lines were fixed....the land wasn't. Even the deepest lots would cease to exist in 20-30 years, while some platted lots from the 1950 subdivision were now 2,000' out to sea.

A lot of folks from up north were buying these "oceanfront" parcels (5-20 acres), never mind it was a circuitous, 45 minute boat ride (with 'local knowledge' of the channels and sloughs needed), there was but one legal landing place with a dock, and the only way to access any parcel was to drive/hike the inter-tidal zone along the beach. But folks still bought 'em, 'cause land prices were cheaper than parking a car on the Jersey shore. Hurricane Isabel then wiped the island clean, with the 'high' point being reduced to about 5'....

In the end, the Nature Conservancy was paying $5,000 per lot for anything that anyone could provide a deed or a title to, even if it was in the surf.

Cheers
 
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