realestate project...... 600 words only

timer Asked: Mar 21st, 2015

Question description


I’m doing a property appraisal report for the address 16861 Ventura blvd. You will find attach an example report to help you, i highlighted the needed in "Base file" and provided a copy of the book for a better understanding.  

under the Highest and Best Use of Property as Improved (this is the topic ur talking about), make sure to answer the following questions:

 1. Retain the existing improved use.

2. Modify the existing use (i.e., the improvements)

in some way. For example, if the

subject property is a residence with two

bedrooms in a market where three or four

bedrooms are standard, the highest and best

use of the property as improved may include

adding a third or fourth bedroom to the house.

3. Demolish the existing improvements and

redevelop the site for some other use. For

example, suppose the subject property is

an improved residential site. The site is in a

desirable location, the land value (as though

vacant) is $400,000, and the value of the

property “as is” is $250,000 (ignoring the

higher land value). The cost of demolition

is $5,000. The highest and best use of the

property as improved would be to remove the

improvements and redevelop the site because

the value of the site less the cost of demolition

of the improvements ($400,000 - $5,000 =

$395,000) is much higher than the improved

value as a residence ($250,000).

The four tests (physically possiblelegally permissible,

financially feasiblemaximally productive)

are still applicable, but they are performed in the

context of the three scenarios relating to the existing

use of the property.

Base File.docx     Highest and Best Use of Property As Improved.docx 

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