highest and best use analysis
To let clients and users of the appraisal report know that. Highest and best use of the real estate and that STANDARDS RULE 2-2 ax states when an opinion of highest and best use was developed by the appraiser summarize the support and.
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HIGHEST AND BEST USE ANALYSIS AND LAND VALUE OPTIMIATION STUDIES DELTA ASSOCIATES P.
. To assess the highest and best use value analysis for a property requires extensive knowledge of the market area potential market growth zoning and property type. Highest and best use as improved Leave the house and sell off the other site. 2027783101 1717 K STREET NW STE.
In this post on highest and best use analysis we will focus only on real estate although this concept can be applied many other assets. The four criteria the highest and best use must meet are legal permissibility physical possibility financial feasibility and maximum productivity. A property includes a one-unit.
As standard 1-3 b in uspap exhorts us to develop an opinion of highest and best use of the real estate when a market value opinion is developed page u-19 2014-2015 uspap. Highest and Best Use Example. Highest and best use as though vacant Two parcels with -25 acres each.
The highest and best use of the subject may be something other than its current use. The concept of highest and best use was popularized by economists Irving Fisher. According to The Uniform Standards of Professional Appraisal Practice 2002 highest and best use is defined as The.
Highest and Best Use Analysis STUDY Flashcards Learn Write Spell Test PLAY Match Gravity Market Analysis Click card to see definition -begins the process of narrowing the focus of the. Highest and best use analysis produces the highest value for a property based on the concept of maximum productivity. We all know that highest and best use HBU analysis is the foundation of any market value estimate and has an important and practical application within our Standards rules.
Thats why after determining the zoning class of the property three other questions need. After the analysis the appraiser determines that the current or planned use of the property is indeed physically possible legally permissible financially. Slide 6 Highest Best Use Definition The reasonably probable and legal use of vacant land or an improved property that.
Highest and Best Use Analysis Site as though vacant Ideal improvement Property as improved The Value Cannot Be Right if The HB Use is Wrong. In this issue of The Appraisal Journal we offer a reprint of a key chapter of the 15th edition The Application of Highest and Best Use Analysis This chapter was significantly reworked in the. Alternatively the probable use of land or.
Alternatively the probable use of land or. Appraisers must analyze the relevant legal physical and economic factors needed to support our conclusions for highest and best use. According to the Appraisal Institute the definition for highest and best use is the reasonably probable and legal use of vacant land or an improved property that is physically possible.
Highest and Best Use. The four criteria the highest and best use must meet are legal permissibility physical possibility financial feasibility and maximum productivity. It is to be recognized that in cases where a site has existing improvements on it the highest and best use may very well be determined to be different from the existing use.
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