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Cost to Cure. A limited appraisal technique to reduce damage payments. The concept of damages . Vacant residential lot Zoning requires a minimum lot size of 9000 SF If lot reduced below minimum, no building permit will be issued. Before situation. Showing taking in situation 1.

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Presentation Transcript
Cost to cure

Cost to Cure

A limited appraisal technique to reduce damage payments


The concept of damages
The concept of damages

  • Vacant residential lot

  • Zoning requires a minimum lot size of 9000 SF

  • If lot reduced below minimum, no building permit will be issued





Illustration of cost to cure
Illustration of cost to cure

  • Retail stores with dumpster screening enclosure

  • If enclosure is taken, it must be replaced or the property cannot be used as retail

  • Cure may consider construction of new enclosure

  • Cure may necessitate changes to parking lot space layout.




Cut and re face in cost to cure
Cut and Re-face in cost to cure

  • Small take from rear of grocery store

  • Assumption is current use is highest and best use; and that “cure” offsets more damages than it cost of the cure.



Basic rules
Basic Rules

  • Cost to cure should be addressed in appraisal Scope of Work

  • Cure must be physically and economically prudent

  • Adjacent land cannot be considered in cure*

  • Cost to cure cannot exceed the diminution of value that would occur without the cure

    * State law varies


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