highest and best use real estate example
Heres a breakdown of the four criteria that Highest and Best Use must. The reasonable probable and legal use of vacant land or an improved property which is physically possible appropriately supported.
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Highest and Best Use is the reasonable probable and legal use of vacant land or an improved property.
. For example if an area is zoned as residential it would be hard for an appraiser to state that the highest and best use of that real estate would be as a commercial building. The Appraisal Institute defines highest and best use as follows. Simply common sense highest and best use theory helps explain why some parking lots are still parking lots and others are being transformed into high-rise residential strata projects.
Third option is to tear it down and build a completely different property on the same site to achieve the highest and best use. That reasonable and probable use that supports the. The highest and best use of the.
For example house A in an area zoned for residential use may have a highest and best use as vacant and a highest and best use as improved that are both residential. An example of the highest and best use analysis would be if you owned a vacant plot of land in an urban area that was zoned for commercial use. The reasonably probable and legal use of vacant land or an improved property that is physically possible.
For example a parcel of land zoned for residential use. Highest and best use analysis evaluates each potential use of the property and its corresponding value. Continuing to use the.
The following are examples of narratives from appraisal reports outlining the primary criteria in estimating highest and best use LEGALLY PERMISSIBLE USE The present. In this case it should probably be demolished to make way for a. Now both options two and three have their own sort of range of.
The definition of highest and best use is as follows. Criteria for highest and best use. HIGHEST AND BEST USE EXAMPLE Highest and best use is defined by Real Estate Appraisal Terminology as follows.
The reasonably probable and legal use of vacant land or an improved property that is physically possible appropriately supported financially feasible and that results in the highest value. The property can only be used in ways that are zoned and permitted. In some cases marketmarketability data may require a more specific.
A similar house B in. For example a single family home in a high density urban area is not the highest and best use of the property. For example the highest and best use might be a commercial building or an office building.
The vacant property is valued at 150000. Specifically the appraisal institute describes the highest and best use of a property as the reasonably probable and legal use of vacant land or an improved property that is.
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