- Jun 3, 2008
- Professional Status
- Certified Residential Appraiser
Assignment is for a purchase, the property is in very poor condition and I assume the buyer is going to tear down and rebuild, it is an older area in transition, lots are being purchased for new homes. MLS indicates the subject property is being marketed as lot value only. I have a similar sized recent vacant lot sale on the same street that sold for $150,000, sure this was used in developing the asking price. for my subject property. The problem I am running into is all the comps with improvements in similar poor condition as my property are in the $90,000-$115,000 range, lots are similar, some slightly smaller some slightly larger. Any thoughts would be greatly appreciated.