Prior to planning a subdivision, buyers typically screen for land in the vicinity of their need. This can be a tedious process given that once the commitment has been made to purchase a property, making changes in plans or getting out of the investment can be expensive. For that reason, planning is vitally important to the purchaser who must insure before purchasing that the property meets all of the needs of the developer and the demands of the various regulatory agencies approving the plans. Since this is the way Development Tracts are purchased, appraisers appraising such properties are confronted with the same tasks as that of the developer, to evaluate the suitability of a given tract for development. This will include addressing infrastructure to serve the property such as roads, water, sewer, etc. The presence or absence of these support services can have a material effect on the value of a property. Given the critical importance of properly evaluating the property for development, the process of appraising a Development Tract should not be trusted to the inexperienced Appraiser.
The evaluation of Development Tracts is a specialty of ELLIOTT®. We offer this service anywhere in the United States, for small and large developments.