Weight of view on appraisal value?

[J Grant]

H&BU analysis of the site will determine if the lot will have an "engineered view" by allowing a 20 story condo or deed restriction to 15' one story single family max build height. This view value will be recognized in the lot value and the improvement should enjoy what the H&BU result/view shows. Can't enjoy the view unless the land allows it.

That seems to be more about buildable allowable density rather than view. A lot or site allowing a 20 story condo is a different animal and value from a lot zoned one story. In either case, the view would have some effect on the value , but the assignment in this topic is not about valuing land as vacant.

The appraisal assignment and question is about the value of a property such as a house on a lot, or a condo. Now the view is measured on its impact on the property, no longer segmented into the land ( when an individual lot is component of the property)

 

[Terrel L. Shields]

It applies for a land appraisal and on the cost approach.

No. It applies...period. So, you are saying you don't adjust for land value in the SA?

hat is how buyers see it

Really? They never consider the land contribution?

 

[J Grant]

No. It applies...period. So, you are saying you don't adjust for land value in the SA?

Really? They never consider the land contribution?

I adjust for land when its impacts is seen in price, such as a larger lot vs a smaller one, or topography, etc..

I adjust for view in the view line.

Any view impact on land value itself is handed in the cost approach. As we've discussed many times.

 

[alebrewer]

View is an intangible - change my mind.

Why would anybody want to? You're the only one signing your certs (I assume). God knows folks disagree w/me about the CA. Doesn't matter one whiff to me. I just do what I do - mostly brew ale...

 

[JTip]

About the only thing you can do with a view is..........enjoy it.

Bundle of Rights- The right of possession, of control, of exclusion, of enjoyment, and of disposition.

 

[CGinMN]

They may have torches but do they have a textbook? View is an intangible - change my mind. It is also an attribute to something tangible - land. So, if you don't separate the land value from the view, you can double dip the adjustment. "Oh, this expensive lot has a view potential, so we'll pay a premium and then we'll add another premium for the view..."

Saying view is accounted for fully in the land is like saying privacy is accounted for fully in the land when we know that it’s not. By constructing an improvement, such as a fence, the privacy of a property can be further enhanced. Both privacy and view are intangible property rights that can be improved via improvements.

 

[Mark K]

Why would anybody want to? You're the only one signing your certs (I assume). God knows folks disagree w/me about the CA. Doesn't matter one whiff to me. I just do what I do - mostly brew ale...

Wise man.

What's that saying? Irresistible force meeting an immovable object?

No minds are going to be changed but it should be interesting to see how many more days/weeks this will last.

 

[alebrewer]

Wise man.

What's that saying? Irresistible force meeting an immovable object?

No minds are going to be changed but it should be interesting to see how many more days/weeks this will last.

Lol. So interesting to me how many folks really need to change the minds of some random appraiser they don't even know. The human desire for affirmation is strong indeed. Otoh - correcting the blatant falsehoods some post has merit - if for no other reason than ensuring other folks don't digest incorrect info

 

[J Grant]

Lol. So interesting to me how many folks really need to change the minds of some random appraiser they don't even know. The human desire for affirmation is strong indeed. Otoh - correcting the blatant falsehoods some post has merit - if for no other reason than ensuring other folks don't digest incorrect info

Personally, for me it is not only or always about changing the mind of another appraiser here - it is so that others, including the newbies, can learn the correct or better way to do things vs a stinky bad POS way to do things - and I have sometimes been wrong here too, but I try to learn from that (really) and I try to give advice that lines up with practice and USPAP-

And sometimes I learn by participating in these threads vs jus treading them - and being appraisal needs we also enjoy discussing theory)

Not arguing with you at all, just wanted to add that as we know, peer practice is a recognized standard in USPAP, so what the majority does can matter. Assuming the majority is competent...

 

[Surf Cat]

They may have torches but do they have a textbook? View is an intangible - change my mind. It is also an attribute to something tangible - land. So, if you don't separate the land value from the view, you can double dip the adjustment. "Oh, this expensive lot has a view potential, so we'll pay a premium and then we'll add another premium for the view..."

Not a textbook....but an article from WorkingRE. It touches on view adjustments.

Disclaimer; Dude, I'm not against you. As a matter of fact, I hold you in high regard. It's just that I've never seen view adjustments or differences accounted for, especially with an SFR on a 1004, in the site area on the grid.

Proving Appraisal Adjustments

When I began appraising, I asked my mentor what adjustments to use- he said, "Figure it out for yourself." So I did. Here's what I learned.

www.workingre.com