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Chapter 6. PROPERTY INSPECTION AND ANALYSIS: THE SITE. CHAPTER TERMS AND CONCEPTS. Access Assemblage Association agreement Building footprint Condominium Corner lot Coverage ratio Cul-de-sac lot Depth. Excess depth Flag lot Frontage Gross area Highest and best use Interim use

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property inspection and analysis the site

Chapter 6

PROPERTY INSPECTION AND ANALYSIS: THE SITE

chapter terms and concepts
CHAPTER TERMS AND CONCEPTS
  • Access
  • Assemblage
  • Association agreement
  • Building footprint
  • Condominium
  • Corner lot
  • Coverage ratio
  • Cul-de-sac lot
  • Depth
  • Excess depth
  • Flag lot
  • Frontage
  • Gross area
  • Highest and best use
  • Interim use
  • Interior lot
  • Key lot
  • Location
  • Lot shape
chapter terms and concepts1
CHAPTER TERMS AND CONCEPTS
  • Lot type
  • Net area
  • Off-site improvements
  • On-site improvements
  • Orientation
  • Planned Unit Development
  • (PUD)
  • Plottage
  • Plottage value
  • Private restrictions
  • Public restrictions
  • Right of access
  • T-intersection lot
  • Topography
  • Townhouse
  • Transportation
  • Useful area
  • Utilities
learning outcomes
LEARNING OUTCOMES

List three reasons for making site inspections.

List the four criteria for highest and best use.

List the three main categories of site information.

Calculate the area of a square, rectangle, triangle, trapezoid, and circle.

preparing to inspect the site
PREPARING TO INSPECT THE SITE
  • Reasons for Inspecting the Site
    • Estimate Highest and Best Use
      • The land use that will support its highest value
    • Identify Key Features
      • Physical characteristics
      • Site location elements
      • Public and private restrictions
    • Identify any Legal or Physical Problems
legal problems
LEGAL PROBLEMS
  • Non-Conforming Use:
  • Unrecorded Easement:
  • Encroachment
physical problems
PHYSICAL PROBLEMS
  • Flood Risk
  • Soil or Fault Problem
  • Environmental Hazards
what data and tools are needed
WHAT DATA AND TOOLS ARE NEEDED?
  • Sales History of Subject
      • Three years of history prior to date of value
  • Site and Neighborhood Data
      • Flood maps, aerial photos, easements (title report), plat map, zoning map and available utilities
  • Data Sources
      • City or County Offices
      • MLS, FEMA and Public Records
  • Tools and Equipment
      • Checklist, computer, measuring device, camera, map or GPS
highest best use
HIGHEST & BEST USE
  • The Uniform Standards of Professional Appraisal Practice.
      • Requires an analysis of Highest and Best use if intended use of the appraisal is to form an “….opinion of market value”
      • This is the only time USPAP requires an opinion of highest and best use.
highest and best use analysis
HIGHEST AND BEST USE ANALYSIS
  • Definition
    • “The reasonable and profitable use that will support the highest land value as of the date of value.”
  • Use Criteria
    • Physically possible
    • Legally permissible
    • Economically feasible
    • Most productive (Profitable)
highest and best use analysis continued
HIGHEST AND BEST USE ANALYSIS (Continued)
  • Purpose
    • Basis of data collection
    • Suggests the appraisal methods
    • Is usually required by USPAP
  • Use Assumptions
    • The highest and best use as if vacant land
    • The highest and best use as presently improved
major categories of site information
MAJOR CATEGORIES OF SITE INFORMATION
  • Physical Characteristics
  • Site Location Elements
  • Public and Private Restrictions
physical characteristics of the site
PHYSICAL CHARACTERISTICS OF THE SITE
  • Size and Shape
  • Topography, Soil, and Geology
  • Drainage and Flood Hazards
  • Environmental Factors
  • Form of Ownership
    • A physical and legal feature
  • Lot Type and Orientation
  • On-Site and Off-Site Improvements
size and shape
SIZE AND SHAPE
  • Size is Usually in Square Feet or Acres
  • Assemblage or Plottage
        • Joining of two or more parcels
        • May/May not increase value (Plottage Value)
  • Gross vs. Net Lot Area
  • Building Footprint or Coverage Ratio
  • Lot Shape and Depth
  • Frontage and Excess Depth
topography
TOPOGRAPHY
  • Topography or Contour
        • Lot Type and Orientation
        • View lots
        • City, Ocean, Lake, Forest
soil geology
SOIL, & GEOLOGY
  • Soil and Geology
    • Poor soil stability
    • Soil too dense or sandy
    • Permafrost
    • Swamps
    • Poor absorption
      • Poor septic systems
drainage and flood hazards
DRAINAGE AND FLOOD HAZARDS
  • Appraiser Should Note the Drainage Pattern
  • Flood Maps/Flood Plain
environmental factors
ENVIRONMENTAL FACTORS
  • Radon and Methane Gas
  • Hazardous Wastes
  • Lead Paint
  • Former Oil Fields
  • Toxic Wastes
form of ownership
FORM OF OWNERSHIP
  • Conventional Detached Lot
  • Airspace Condominium
lot type and orientation
LOT TYPE AND ORIENTATION
  • Common Types of Lots
on site off site improvements
ON-SITE & OFF-SITE IMPROVEMENTS
  • On-Site Improvements
        • Earth leveling, grading, filling, drainage, compaction or excavation
  • Off-Site Improvements
        • Widening and paving of streets, curbs, gutters, sidewalks, alleys, street lighting and parking
analysis of site location elements
ANALYSIS OF SITE LOCATION ELEMENTS
  • Evaluation of the Neighborhood
  • Proximity to Earthquake, Flood and Environmental Hazards
  • Comparison with Neighborhood Properties
  • Utilities
  • Transportation
evaluation of the neighborhood
EVALUATION OF THE NEIGHBORHOOD
  • Convenience to Schools, Hospitals, Community Centers
  • Relationship to Employment and Shopping
  • Market Appeal of the Neighborhood
public restrictions
PUBLIC RESTRICTIONS
  • Regional and Master Plans
  • Zoning Regulations
  • Subdivision Requirements
  • Building and Safety Regulations
  • Environmental Protection Laws
  • Federal Flood Zones
  • Geological Hazard Zones
property taxes
PROPERTY TAXES

Ad Valorem

Direct Assessments

Property Transfer Charges

Leases (In California)

private restrictions
PRIVATE RESTRICTIONS
  • Deed Restrictions
  • Association Agreements
  • Easements
  • Leases
area of shapes
AREA OF SHAPES

Area = s x s

Side

Side

Area = W x L

W

L

b1

b1

A = b1 +b2

h

h

b2

b2

2

h

h

A= ½ h x b

b

b

A = Π r2

r

summary
SUMMARY

Site inspection is one of the most important parts of the entire appraisal process. It is desirable to have certain kinds of information before the actual site inspection begins.

The tools and equipment necessary to perform the inspection were outlined. During the inspection, the appraiser should first investigate the physical characteristics of the site. Physical characteristics also include the form of ownership, type of lot, its orientation, and physical access. The improvements made to the site or on areas surrounding it must be noted.