Vacant Land Appraisal Services

Our firm specializes in the appraisal of vacant land.

In order to appraise any kind of commercially zoned real estate in Lake County, the state requires an appraiser to hold the requisite license of State Certified General Real Estate Appraiser, a qualification held by each and every one of our firm's experienced real estate appraisers.

Whether needed for purchase, sale, financing, development feasibility analysis, estate planning, divorce, litigation, condemnation, eminent domain or any other such purpose, our expert appraiser can provide an accurate, unimpeachable appraisal of your vacant real estate, customized to your specific needs.

Your appraiser will first verify whether your vacant real estate is zoned as residential, commercial or industrial, along with the corollary permissible uses of the land, before beginning the appraisal process. If there are as of yet no building plans or approvals in place for your property, your appraiser will most likely use the sales comparison approach for valuation.

Units of Comparison

In some areas, the generally accepted unit of comparison for valuing vacant land is the price per square foot of land area. In other areas, however, the unit of comparison is price per buildable square foot, based on the maximum allowable floor-area-ratio (Max FAR). In such instances, the Max FAR is the key factor in vacant land appraisals, since the greater the FAR allowed by the zoning, the larger the lot's maximum buildable area, and consequently the higher the appraisal value.

If your property already has in place actual or conceptual plans, and/or approvals for development, your appraiser may choose to employ the more intricate land residual technique method of valuation. Based on development cash flow, this method accounts for construction costs and other expenses such as insurance carrying costs, real estate tax, developer and owner entrepreneurial profit, and selling or lease commissions, extending from the present to the stabilization or gross sellout of the proposed development.

Adjacent Properties

Your appraiser will also analyze any adjacent properties to determine whether those land owners may wish to expand their existing properties. If there is evidence that adjacent properties are being bought up as part of a planned development, it may increase the value of your property, depending on the size and scope of the new development.

The final appraisal report format may be customized to meet your specific needs and budget constraints, while still conforming to the Uniform Standards of Professional Appraisal Practice (USPAP), and meeting the requirements of all applicable local, state and federal appraisal guidelines and regulations.

Call our office today, and schedule a complimentary consultation with one of our experts in the unique field of vacant land appraisals.