The term Lot is usually defined by various real estate dictionaries as a distinct small portion of a larger tract of land or in some cases of a city block. It is important to focus on the term “distinct”, because that is usually what differentiates one Lot from another very similar Lot in terms of their monetary value. It is likely true that that there will be a wide range of Lot values occurring within the same subdivision. Subtle differences, such as road frontage and size, typically account for the differences in Lot values when they are in very similar locations. In cases where Lots have special attributes such as water frontage and breathtaking views, values can vary widely to the extent that some Lots within the same subdivision will have values double and triple that of their nearby siblings.
Our firm is experienced in appraising Lots anywhere in the country. We are attuned to the subtle difference in Lots, which can make a material difference in their values, even in the same subdivision. Give us a call to discuss your needs.