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Message
re: Valuing a Partially Developed Residential Property
Posted on 12/4/18 at 2:22 pm to LSUFanHouston
Posted on 12/4/18 at 2:22 pm to LSUFanHouston
Unfortunately I do not own the property, but I am connected to someone in a similar situation. With that said, I wasn't told the reasoning behind their situation.
When you ask if this could be used for financing, do you mean as collateral for a loan for another investment of some sort? I don't believe that would be the case if so.
If I had to guess it's the former, and he's attempting to figure out the value of the property to determine whether or not selling to another property would be worthwhile.
When you ask if this could be used for financing, do you mean as collateral for a loan for another investment of some sort? I don't believe that would be the case if so.
If I had to guess it's the former, and he's attempting to figure out the value of the property to determine whether or not selling to another property would be worthwhile.
2
Posted on 12/4/18 at 2:37 pm to Vaquero
If the appraisal is being used for anything other than personal knowledge of the owner, I think the only you could do is value the lots. If there are any binding contracts, you could add that value as well.
If it's just for giggles of the current owner, maybe he could use past experience to determine how many lots are likely that he would develop as builder, and a potential income stream.
If it's just for giggles of the current owner, maybe he could use past experience to determine how many lots are likely that he would develop as builder, and a potential income stream.
Posted on 12/5/18 at 8:59 am to Vaquero
quote:
If I had to guess it's the former, and he's attempting to figure out the value of the property to determine whether or not selling to another property would be worthwhile.
I would imagine this is his intention as well. He has a couple of options:
1) Hire and appraiser and pay them their fee. It's between $300-$600
2) Do all of the leg work himself. Look at the comps in the area and see what property values for lots like his are going for. Not what they are listed for, what they are actually selling for.
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