- Sep 3, 2008
- Professional Status
- Certified Residential Appraiser
I am appraising a tract home in a neighborhood with a value range $250,000 to $280,000. This particular property has a lot size of 1.86 acres when similar properties are built on 6000 sq ft - 7000 sq ft lots. Now the effective lot size for this property is also somewhere around 6500 sq ft. because it is built next to a hill which is included in the subject lot. Does the surplus land need adjustment when I do not see any utility? If you think it should be adjusted for, then, what is a reasonable adjustment?