Land Valuation. The Company shall collect and analyze all fair market land sales and demolition sales that occurred during the three years prior to the revaluation date in order to develop a market data approach. Any analysis or methodology utilized shall directly correlate to this market study. The Company shall prepare a sample format to be approved by the Tax Assessor prior to the actual use in valuing the land component. The identification of market trends is important, and an analysis should be used to determine and document such trends. Analysis may include sales ratio studies, paired sales and the development of general, segmented, and stratified coefficients of deviation. Data shall be secured from all available sources, compiled, checked, and analyzed for the calculation of land values. Factors affecting the value of land such as location, shape, size, topography, access to roads, railroads, and easements, use, etc. shall be carefully considered. The Company, in consultation with the Tax Assessor, if necessary, shall modify the existing VCS’s and/or create neighborhood delineations/value control sectors (VCS’s) which reflect the division of homogenous neighborhoods. The Company shall value land utilizing the square foot area of each parcel. Front foot valuation method is prohibited. Valuing land under the front foot bases is unacceptable and prohibited. The Company shall establish site values for each parcel within the Township of West Orange utilizing the appropriate zoning requirements as a base, square foot area and value the square foot area in excess of the zoning requirement as surplus lands utilizing a minimal value per square foot. Any variations caused by parcel characteristics shall be determined as factors to be applied to the base cost to determine a final parcel valuation. Company field personnel must have sufficient knowledge and experience with valuations being affected by location, shape, size, topography, traffic, view, leases, railroads, wetlands, right of ways, easements and other forms of economic obsolescence. Conservation easements, common areas and wetlands are to be valued uniformly throughout the Township of West Orange. Right of ways and easements are to be noted on the property data file and considered in the valuation process. If applicable, Qualified Farmland is to be valued according to its land use at rates provided by the State of New Jersey and at its highest and best use without farmland qualifications. In such instances, two val...
Land Valuation. The subject land is valued by the Sales Comparison Approach. This approach employs the principal of substitution, whereby willing buyers would typically pay no more for a property than what could be found as a substitute property within a reasonable period of time. This approach compares sales or capitalized leases of vacant land relatively similar to the subject, or at least bracketing the subject, as superior or inferior, on a price per unit basis. Since there are no two properties alike, some adjustments or ranking of the comparable sales will be performed. Following is a summary of the comparable sales or capitalized leases used in developing a market value estimate for the subject property. TABLE 4.1 - COMPARABLE SALES AND CAPITALIZED LEASES TABLE FM# # Location Date Price SF $/SF 10137 1 Lots 11 and 12, Xxx 00, XX 00/00 $188,700 10,000 $18.87/SF 10135 2 Xxx 00, Xxx 00, ST 10/16 $232,500 5,000 $46.50/SF 10750 3 M&M Brokerage Lse- Congress Way 01/18 $38,000* 2,000 $19.00/SF 10434 4 Tax Lot 5A, Petro Marine Lse – Congress Way 01/18 $25,600** 1,600 $16.00/SF 10752 0 Xxxxxxxx Xxx; ATS 4, Tax Lot 5C, Skagway Fish Company Lease 11/13 $108,000** 5,400 $20.00/SF Subject 03/18 Solve 5,500 Solve *Land Allocation Capitalized Lease **Capitalized Lease 18-035 / Stowaway Land Lease Update 11 | P a g e Comp 1 (030917_0118) Comp 2 (030917_0120) Comparable 1 is the 2016 sale of a much larger property. This property was zoned BG and further from the main tourist core on State Street. Due to the distance from the core as well as the larger lot size, this would be ranked inferior to the subject on a price per square foot basis. Comparable 2 is the late 2016 sale of a 5,000 SF BH zoned lot just one lot west of Broadway on 2nd Ave. It was purchased by the adjacent property owner for expansion, etc. It is similar in size. It is superior in zoning and has less restrictive use parameters. There also may have been a premium paid by the adjacent property owner. It is ranked superior on a square foot basis. Comp 3 (FM 10750) Comp 4 (080317_1289) Comparable 3 is the capitalized lease of the estimated land portion of the M&M Tour Broker site located towards the cruise ship dock at the head of the sea walk. It is ranked slightly inferior since the site is limited to a specific use. It is in a more congested area and the more industrial petro marine lease is located directly behind it. It is ranked inferior on a unit basis. Comparable 4 is the capitalized land lease for the Petro Ma...
Land Valuation. The area market was observed for other vacant land sales that were similar to the subject site, as if vacant and available for development. A detailed analysis of the five sales used is given as follows. A summary table is located below. SUMMARY OF VACANT SITE SALES Address Sale Site Size $/Unit Units/Acre Date Price (Square Feet) Land Sale 266 Junction 3/94 $438,333 265,312 $3,653 20 #1 Madison Land Sale 6009-29 Cottontail 11/93 $420,000 158,060 $7,500 15 #2 Madison Land Sale 202-10 Junction 10/93 $421,000 254,750 $3,661 20 #3 Madison Land Sale 1606 Cottontail 12/90 $000,000 140,289 $4,500 20 #4 Madison Land Sale 7402 Watts 11/92 $1,000,000 597,927 $3,943 20 #5 Madison Analysis of Sales The subject's lot area is 848,224 square feet as taken from the included surveys. For the subject, this would indicate a density of 16.34 units per.
Land Valuation. NEMRC will establish a land schedule based on recent sales in the Middlebury area. The schedule will use an added value approach that allows for the calculation of the Housesite/Homestead value. Grade adjustments for land will be developed based on sales.
Land Valuation f. Value of Whole Property Before Taking
Land Valuation. Rs ………………………… (Ac.- Decimal) VALUATION OF FLAT : Rs ………………………… (_ sq.ft. carpet area As per RERA) 4O% Electrical, P.H Sanitary Installation : Rs ………………………… and Others charges. Total : Rs ………………………… GST : Rs ………………………… Grand Total : Rs ………………………… (Rupees only) FLAT BOUNDED BY: North : South : East : West : CERTIFICATE Certified that the Vendor do not belong to scheduled caste or schedule tribe community. The Vendee(s) is/are not belonging to Scheduled Caste or Schedule Tribe Community. Further, certified that the land in question is not within the purview of consolidation proceeding xxx.xx Orissa Consolidation Holding and Prevention of Fragmentation of Land Act, 1972. Further certified that the land in question is not a ceiling surplus land within the meaning of Urban Land (Ceiling and Regulation) Act, 1976 or the Orissa Land Reforms Act, 1965. Further certified that the land in question is not a species Endowment property owithin the meaning of Orissa Hindu Religious Endowment Act, 1951.
Land Valuation. Tyler shall provide the following approach to the revaluation of land characteristics:
Land Valuation. The parties acknowledge that Sound Transit must receive fair market value for its properties as determined by the sales comparable appraisal method and approved by the Federal Transit Administration, and completed prior to the release of each site’s RFP. Site B-North will be appraised as property with a NC3-40 zoning designation; all other sites will be appraised at highest and best use. COORDINATED DEVELOPMENT PLAN ST PROVIDES CITY RECEIVES Sound Transit’s Capitol Hill Station XXX Coordinated Development Plan (CDP) depicts the expected siting and massing of non-transit facilities as allowed by the Development Agreement, including encumbrances and conditions running with the land for each parcel that govern minimum height, use, design, assignments of rights, and other covenants, conditions and restrictions, as required by Sound Transit and advocated by the Urban Design Framework’s vision and concepts as depicted in the CDP.
Land Valuation. The most applicable approach to land valuation is the Direct Sales Comparison Approach. All of the comparables are in Skagway. These sales or capitalized leases were chosen based on comparable attributes such as zoning, size, location, and available utilities. A qualitative rating is developed to weigh market differences between the subject and the comparables whereby, if a comparable attribute is superior to a subject, a minus rating xx -0, -0, xx -0 is given, depending on its severity. Conversely, if a comparable attribute is inferior to the subject, a plus rating of +1, +2, or +3 is given, depending on its severity, to weight this with other attributes towards the subject. The gradation of weighting 1 to 3 is used since all qualitative attributes are not, in the appraisers’ opinion, equally weighted within the market. TABLE 4.1 - COMPARABLE SALES AND CAPITALIZED LEASES TABLE # Location Date Price SF $/SF Comments 1 Portion Mill Lot (7922) 04/15 $312,500* 37,800 SF $8.93/SF I zoning; between downtown and seawalk 2 Xxx 00, Xxx 00 (9354) 09/15 $65,000 5,000 SF $13.00/SF IL Zoning, edge of town 3 Lots 11 & 12, Block 70, (8089) 05/15 $145,000** 10,000 SF $14.50/SF Zoned Light Industrial 4 Xxxx 00 & 00, Xxx 00 (10137) 08/16 $188,700 10,000 SF $18.87/SF Zoned BG; nearby 5 Ptn Tax Lot 5F (7207) 04/16 $39,000* 3,000 SF $13.00/SF Zoned W; Much smaller Subject 05/17 Solve 15,724 SF Solve Zoned W *Fee simple value considering 8% lease rate; **Land Allocation from improved sale. fm 7922) Comparable 1 is the fee simple value based on a capitalized 2015 lease. This property is zoned I which currently limits its use, although it is in a good location. The property is currently used by the municipality for misc. parking. It is much larger in size and therefore inferior when analyzing the property on a unit basis due to economies of scale. This comparable is ranked superior. (photo from Comparable 2 is the 2015 sale of a 5,000 SF Light Industrial lot on the outskirts of town but on the other side of the town core. It is smaller in size. It is similar in location and access. It is ranked superior overall. (photo 030917_0129) Comparable 3 is the land allocation of a fee simple sale of a parcel zoned for light industrial use and located near the airport. It is surrounded by a combination of residential and commercial uses. It is smaller at 10,000 SF. It occurred in May of 2015. It is ranked superior primarily due to size. (photo 090808_1256) Comparable 4 is the sale of a 10...
Land Valuation. The Sales Comparison Approach is the most common technique for valuing vacant land. It is used to form an opinion of market value of the subject site as though vacant. To apply this method, sales of vacant land comparable to the subject property are gathered and analyzed. The sales prices are adjusted for dissimilarities identified between each of the comparables and the subject. Elements considered include property rights, legal encumbrances, financing terms, conditions of sale (motivation), market conditions (sale date), location, physical characteristics, availability of utilities, zoning, and the highest and best use. The adjusted prices are reduced to some common unit of comparison, such as price per square foot or price per acre. This information is then analyzed in order to derive a unit value applicable to the subject property. When applied to the subject land area, this results in an opinion of the market value of the vacant land. To form an opinion of the market value of the subject property, we have completed a survey of sales of land felt to be the most appropriate for use in this analysis. Emphasis was placed on researching sales of properties similar to the subject in use potential. The comparables were analyzed in terms of their price per square foot. After adjusting the unit prices to reflect the characteristics of the subject and the current market conditions, an opinion of the unit value was determined for the subject property. The following pages display the location, details, property characteristics, and a discussion of the comparability of each sale followed by an adjustment grid. Land Valuation File #07-377 LUBAWY & ASSOCIATES, INC. 51 LAND SALES SUMMARY LOCATION SALE DATE NET NET SQ. FT. APN SALE PRICE ACRES PRICE/SF
