While vacant Land can be one of the more simple forms of
real estate given that it has no improvements to deal with, it can also be one
of the most complex to appraise. This is due primarily to the fact that that
the Land has not been committed to a use involving an improvement. Raw Land
without improvements offers the user more options and consequently causes the
appraiser to have more of a complex Highest and Best Use decision. Issues such
as zoning, utilities, ingress and egress, as well as the demand for various
property uses become a factor. This is
fortunately not the case with subdivision lots, as they typically have been legally
designated for a particular use through deed restrictions and most likely local
zoning. Given the difficulty of determining the best use of the property, the
demand for that property and what can actually can be built on it, appraising
can be a challenge.
We at ELLIOTT® & Company Appraisers are experts at
dealing with Land. We offer evaluation service in all 50 of the United States.