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Chapter 6. PROPERTY INSPECTION AND ANALYSIS: THE SITE. CHAPTER TERMS AND CONCEPTS. Access Assemblage Association agreement Building footprint Condominium Corner lot Coverage ratio Cul-de-sac lot Depth. Excess depth Flag lot Frontage Gross area Highest and best use Interim use - PowerPoint PPT Presentation
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PROPERTY INSPECTION AND ANALYSIS: THE SITE
Chapter 6
CHAPTER TERMS AND CONCEPTS
Access
Assemblage
Association agreement
Building footprint
Condominium
Corner lot
Coverage ratio
Cul-de-sac lot
Depth
Excess depth
Flag lot
Frontage
Gross area
Highest and best use
Interim use
Interior lot
Key lot
Location
Lot shape
2
CHAPTER TERMS AND CONCEPTS
Lot type
Net area
Off-site improvements
On-site improvements
Orientation
Planned Unit Development
(PUD)
Plottage
Plottage value
Private restrictions
Public restrictions
Right of access
T-intersection lot
Topography
Townhouse
Transportation
Useful area
Utilities
3
LEARNING OUTCOMES
1. List three reasons for making site inspections.
2. List the four criteria for highest and best use.
3. List the three main categories of site information.
4. Calculate the area of a square, rectangle, triangle, trapezoid, and circle.
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PREPARING TO INSPECT THE SITE
Reasons for Inspecting the SiteEstimate Highest and Best Use
oThe land use that will support its highest value Identify Key Features
oPhysical characteristicsoSite location elementsoPublic and private restrictions
Identify any Legal or Physical Problems
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LEGAL PROBLEMS
• Non-Conforming Use:
• Unrecorded Easement:
• Encroachment
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PHYSICAL PROBLEMS
Flood Risk
Soil or Fault Problem
Environmental Hazards
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WHAT DATA AND TOOLS ARE NEEDED?
• Sales History of Subjecto Three years of history prior to date of value
• Site and Neighborhood Datao Flood maps, aerial photos, easements (title report),
plat map, zoning map and available utilities• Data Sources
o City or County Officeso MLS, FEMA and Public Records
• Tools and Equipmento Checklist, computer, measuring device, camera, map
or GPS
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SITE DESCRIPTION SECTION OF THE URAR
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HIGHEST & BEST USE
• The Uniform Standards of Professional Appraisal Practice.
o Requires an analysis of Highest and Best use if intended use of the appraisal is to form an “….opinion of market value”
o This is the only time USPAP requires an opinion of highest and best use.
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HIGHEST AND BEST USE ANALYSIS
Definition “The reasonable and profitable use that will
support the highest land value as of the date of value.”
Use Criteria Physically possible Legally permissible Economically feasible Most productive (Profitable)
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HIGHEST AND BEST USE ANALYSIS (Continued)
Purpose Basis of data collection Suggests the appraisal methods Is usually required by USPAP
Use Assumptions The highest and best use as if vacant land The highest and best use as presently
improved
Figure 6.2
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MAJOR CATEGORIES OF SITE INFORMATION
1. Physical Characteristics2. Site Location Elements3. Public and Private Restrictions
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PHYSICAL CHARACTERISTICS OF THE SITE
1. Size and Shape2. Topography, Soil, and Geology3. Drainage and Flood Hazards4. Environmental Factors5. Form of Ownership
a) A physical and legal feature6. Lot Type and Orientation7. On-Site and Off-Site Improvements
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SIZE AND SHAPE
• Size is Usually in Square Feet or Acres
• Assemblage or Plottage Joining of two or more parcels May/May not increase value (Plottage Value)
• Gross vs. Net Lot Area
• Building Footprint or Coverage Ratio
• Lot Shape and Depth
• Frontage and Excess Depth
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TOPOGRAPHY
Topography or Contour Lot Type and Orientation View lots City, Ocean, Lake, Forest
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SOIL, & GEOLOGY
Soil and Geology Poor soil stability
Soil too dense or sandy
Permafrost
Swamps
Poor absorptiono Poor septic systems
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DRAINAGE AND FLOOD HAZARDS
• Appraiser Should Note the Drainage Pattern
• Flood Maps/Flood Plain
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ENVIRONMENTAL FACTORS
• Radon and Methane Gas• Hazardous Wastes• Lead Paint• Former Oil Fields• Toxic Wastes
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FORM OF OWNERSHIP
Conventional Detached Lot
Airspace Condominium
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LOT TYPE AND ORIENTATION
Common Types of Lots
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ON-SITE & OFF-SITE IMPROVEMENTS
• On-Site Improvements Earth leveling, grading, filling, drainage,
compaction or excavation• Off-Site Improvements
Widening and paving of streets, curbs, gutters, sidewalks, alleys, street lighting and parking
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ANALYSIS OF SITE LOCATION ELEMENTS
• Evaluation of the Neighborhood• Proximity to Earthquake, Flood and
Environmental Hazards• Comparison with Neighborhood
Properties• Utilities• Transportation
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EVALUATION OF THE NEIGHBORHOOD
• Convenience to Schools, Hospitals, Community Centers
• Relationship to Employment and Shopping• Market Appeal of the Neighborhood
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PUBLIC RESTRICTIONS
• Regional and Master Plans• Zoning Regulations• Subdivision Requirements• Building and Safety Regulations• Environmental Protection Laws• Federal Flood Zones• Geological Hazard Zones
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PROPERTY TAXES
Ad Valorem
Direct Assessments
Property Transfer Charges
Leases (In California)
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PRIVATE RESTRICTIONS
• Deed Restrictions
• Association Agreements
• Easements
• Leases
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AREA OF SHAPES
SideSide
WL
hb1
b2h
b1b2
h
b
Area = s x s
Area = W x L
A = b1 +b22
A= ½ h x b
A = Π r2
h b
r
SUMMARY
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Site inspection is one of the most important parts of the entire appraisal process. It is desirable to have certain kinds of information before the actual site inspection begins.
The tools and equipment necessary to perform the inspection were outlined. During the inspection, the appraiser should first investigate the physical characteristics of the site. Physical characteristics also include the form of ownership, type of lot, its orientation, and physical access. The improvements made to the site or on areas surrounding it must be noted.