Appraiser Services Land and Site Valuation Appraisals 

Vacant land site typically refers to a piece of land that is empty and does not have any structures or buildings on it

 

Here are key considerations and aspects related to vacant land sites:

 

Location: The location of the vacant land site is a crucial factor. Consider proximity to amenities, accessibility, and the overall neighborhood or region.

 

Zoning: Check the zoning regulations and restrictions imposed by local authorities. Zoning determines the allowable uses for the land, such as residential, commercial, agricultural, or industrial.

 

Land Use Planning: Evaluate the land for its potential use based on local land use planning and development regulations. Determine if there are any future plans or developments in the surrounding area.

 

Topography and Soil Conditions: Assess the topography and soil conditions of the land. Steep slopes, flood-prone areas, or poor soil quality can impact the feasibility of development.

 

Utilities: Check the availability of essential utilities such as water, electricity, gas, and sewer systems. The cost of bringing utilities to the site may influence its development potential.

 

Environmental Considerations: Assess environmental factors such as wetlands, endangered species, or contamination issues. These factors can affect development plans and may require environmental studies.

 

Access and Infrastructure: Consider the availability and quality of access roads to the site. Infrastructure, including roads and public services, can influence the development potential of the land.

 

Market Conditions: Evaluate current market conditions and demand for properties in the area. Understanding the real estate market can provide insights into the land's potential value.

 

Development Feasibility: Determine the feasibility of development based on the land's characteristics, zoning, and local regulations. This includes considering potential land improvements or subdividing.

 

Permitting Process: Understand the local permitting process for development. This involves obtaining necessary approvals and permits from local authorities.

 

Investment Potential: Assess the land's investment potential, considering factors such as future development prospects, market trends, and potential return on investment.

 

Land Size and Dimensions: Examine the size and dimensions of the land, as this can influence its uses. Larger parcels may have different development opportunities than smaller ones.

 

Future Growth: Consider the potential for future growth and development in the surrounding area. Growth trends can impact the long-term value and potential uses of the vacant land.

 

Land Value: Have a professional real estate appraiser assess the current market value of the vacant land based on comparable sales and market conditions.

 

Legal Considerations: Be aware of any legal restrictions, easements, or encumbrances on the land that may impact its use.

 

When considering a vacant land site, conducting thorough due diligence and consulting with professionals, such as real estate agents, appraisers, and legal advisors, is essential to make informed decisions about its potential development or investment.

 

Plottage and Assemblage 

Plottage is the increase in value realized by combining adjacent parcels of land into one larger parcel. The process of combining the parcels is known as assemblage. Generally, the value of the whole parcel will be greater than the sum of the individual smaller parcels.

 

Excess vs Surplus Land

The main difference is that surplus land cannot be developed separately from the property, while excess land has the potential to be sold separately because it is not needed to serve or support the existing improvements. Excess land is considered “value in use” for the purpose of the appraisal.

Land and Site Real Estate Valuation