Estudio de la publicidad de Adidas

Size and Shape

Size and shape affect value in many ways. A parcel that has no frontage on a road may not be suitable for building. A commercial parcel with limited frontage will sell for much less than another parcel with abundant road front-age. A 10,000-sq.-ft. parcel may be adequate for a

$300,000 home but too small for a $600,000 home.

Corner Influence

While corner lots are highly desirable for commer-cial users, they are often discounted by residential users. Corner lots offer greater visibility and access for commercial property owners but afford less privacy and require more sidewalks to be main-tained or built by residential owners. Commercial uses—such as gas stations, fast-food restaurants, and drug stores—require visibility for signage and access to attract convenience-oriented buyers.

Plottage Potential

Two parcels with a less intense use may expe-rience an incremental increase in value when

A surveyor measures distances parallel with sea level. Surveyors indicate property sizes as if the land were flat. For example, a surveyor would not measure up the side of the hill.

known by just asking to see the title insurance policy. Data gathered in this research includes

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Zoning and Land Use Information

Zoning and land use information is usually avail-able from local planning or zoning departments and is easily confirmed. Inexperienced appraisers often fail to investigate the details and require-ments of the actual zoning classification. You may need assistance from planning and zoning staff members to help you understand the effects of zoning regulations. It is every appraiser’s duty and responsibility to thoroughly check zoning and land use regulations applicable to the subject, which include but are not limited to

s MINIMUM

s UTILITY

s MINIMUM

s MINIMUM

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Compliance with zoning and land use regula-tions may fall into two categories:

1. Legal land use

Researching the allowable uses may be simple or complicated.

2. Development standards

If the parcel is being used in compliance with zoning requirements but the lot size is too small, the side yards are too small, or there is a building in the setback area, the problem areas will commonly be considered as non-compliant with development standards rather than as illegal land uses. Development stan-dards are sizes, distances, and other configu-ration definitions outside the use of the land.

Before a plat is filed, a surveyor prepares a plat drawing showing the dimensions, directions, references, easements, and locational attributes of the parcel. This document is then recorded in the county in which the land is located.

Land and Site Description 109 combined into a single parcel with a more intense

use. For example, two small parcels may only have value as residential building sites when considered separately, but they have commercial value when assembled. The act of putting two parcels together to create a larger, more valuable site is known as assemblage. Plottage is the term given to the additional value that accrues when two or more parcels are assembled.

Excess Land and Surplus Land

Excess and surplus land are both forms of extra land that is not needed for the highest and best use of the property as improved. Excess land can be separated and sold off for another use, but surplus land cannot. Excess land has a separate highest and best use, but surplus land has a highest and best use as part of the original tract. Exhibit 12.3 shows an industrial parcel with excess land in the first drawing and surplus land in the second.

Topography

Topography is sometimes overlooked in appraisal assignments when it should be of primary con-cern. Some parcels of land may be unbuildable

due to the steepness of the site. (Construction costs may be 50% higher because of the difficulty of building on a rolling or steep lot.) Other parcels may be poor building sites because of a lack of adequate drainage. Some commercial properties are valued much lower because they are below the grade level of adjacent roads, which impacts visibility, or discounted because they are too high and the potential customer only sees the land-scaping. You must consider and analyze the to-pography of the site in any valuation of real estate.

In addition to physically inspecting a site, you can obtain copies of topographical surveys and other useful maps to obtain topographical data.

Geodetic Survey Program

The National Geodetic Survey (www.ngs.noaa.gov) is a government-sponsored topography mapping system that grew out of the original Survey of the

A subject site may sometimes be usable as a building site if the to-pography is adequate, and sometimes it may not be. A topographic map will tell the reader if the slope of the earth is very steep.

Exhibit 12.3 Excess and Surplus Land Example of Excess Land

Under the zoning, the minimum lot size is 43,560 square feet and the minimum frontage is 175 feet. The market requires only one acre for this parcel to be marketable and will not pay as much per square foot for land over the one-acre required amount. This parcel can legally be divided into two parcels.

Building

Production Drive

Divided Drive

300 feet

350 feet

Example of Surplus Land

The minimum lot size is 43,560 square feet and the minimum frontage is 175 feet. Again, the market requires only one acre for this parcel to be marketable and will not pay as much per square foot for land over the one acre required amount. Because this is not a corner site, it does not have enough frontage to sell off as another parcel.

Building

Production Drive 250 feet

350 feet

110 The Student Handbook to THE APPRAISALOF REAL ESTATE, 14TH EDITION

Coast conducted in 1807. The survey is a primary source of topographical maps and data. These maps may be found in a variety of government of-fices and sometimes even on computer disk.

Soil Analysis

In the valuation of agricultural properties, soil types may be of primary importance to the typical buyer and appraiser. In the valuation of a residential lot, the soil type may preclude building certain struc-tures or may require the use of additional support.

To adequately analyze soils, appraisers use the maps prepared by government agencies. Reviewing these maps may help in analyzing the highest and best use of a site. In many cases, finding out infor-mation on soil types, uses, and suitability can be as easy as asking the owner the right questions.

Engineers or geologists may also be hired to ascertain if a soil type is suitable for a proposed use. For example, if a property owner is consider-ing installconsider-ing a septic system as a substitute for a costly connection to the public sewer system, the soil may not accept this use. If a property owner is considering building a home on a parcel, that owner may need to install extra drainage because the soil will not allow absorption and runoff water will be a concern.

Floodplain and Wetlands Analysis

Designation as a federal floodplain or wetland will inhibit and may preclude any development on certain parcels. Appraisers are often asked by their clients to indicate if the subject property is located in a flood hazard area. If so, building per-mits may not be issued. Keep in mind that some properties mapped in the identified flood hazard areas may be later identified as above that eleva-tion. Properties in flood areas may also be elevat-ed to bring them out of the flood zone. It is also important to note that in many markets building a septic system in a FEMA-identified flood haz-ard area is not permitted. This can also include

replacing an existing system. It is important for an appraiser to know where the septic system is in relation to the flood hazard area.

Wetland designation is a major factor in all ap-praisals of large vacant parcels because it affects highest and best use. A property that is designated a wetland by state or federal agencies will usually have fairly significant limitations on development.

If a parcel of land is designated a wetland, add-ing fill dirt or dredgadd-ing the land to dry it out is not permitted. These regulations would also impede or prohibit a proposed use of a wetland parcel as a site for any improvements, which reduces the value of the land significantly. Mapping of wet-lands is done at the US Fish and Wildlife Service of the US Department of the Interior.

Utilities

Researching the availability and capacities of utili-ties may be the most significant part of an apprais-al of vacant land. Without electric service or avail-able clean water, most development is prohibited.

Development trends often follow public water and sewer lines. The typical buyer for a home with well water and a septic tank may be completely different than the typical buyer for a home in the same price range with public utilities. Out-of-town buyers are often apprehensive about buying homes with septic systems for fear of failure in the future. In some appraisals, the subject property may have utilities nearby, but they may not be of sufficient size or capacity to serve the property.

Site Improvements

Site improvements are sometimes included in ap-praisals as an afterthought despite their major im-pact on value. For some properties, the site improve-ments may represent more than 50% of a property’s value. Common site improvements include

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Some appraisers include in-ground swimming pools and other non-building structures in the site improvements. Because many site improvements are growing assets, it is difficult to apply stan-dard age-life depreciation schedules to them. For example, grass that is one year old is often worth more than new grass.

It is usually necessary for appraisers to come to a conclusion regarding flood hazards for proposed improvements or in highest and best use analysis, but it is probably best to avoid stating definitively that a property is or is not in a flood hazard area. In-stead, indicate to your client where the property lies on the map.

However, the determination of a flood hazard has more to do with topography than maps, which is why you should not indicate if a property is located in a hazard area but rather if it is mapped as being in a hazard area.

Land and Site Description 111 Accessibility

Access and visibility are major factors for many buyers of commercial properties. The two attri-butes are often classified under the single term lo-cation, which is an oversimplification of the issue.

Good access is important to a commercial user but may not have any positive impact on a residential property. In many markets, corner lots will sell for much more because they give a commercial prop-erty the best access and visibility. A business that has many competitors will not do as well without ease of access. For example, a car dealership can be successful without an excellent access point because most buyers will not ignore that type of business even if it takes extra effort to get there.

On the other hand, the value of a fast food restau-rant will be affected greatly by its inaccessibility.

Environment

Climate and natural resources affect values greatly. The availability of resources like ground water can change the highest and best use and control the value of vacant land in many cases.

On the other hand, even an unsubstantiated alle-gation about an environmental problem is enough to ruin a property’s reputation and diminish its value in an unsophisticated market.

Contamination and Environmental Risk Issues

Since the 1960s, federal and state governments have taken on the responsibility of regulating land use to reduce the contamination of the water and air supply. Landowners are held responsible for water and air pollution caused by activities on their sites.

Buyers can be made liable for the cost of cleaning

up sites and other related expenses if they are in the chain of ownership when contamination is found.

Appraisers cannot possibly be aware of all potential environmental hazards, but it is reason-able to assume that appraisers are reason-able to recognize situations in which contamination is likely to have occurred. One common limiting condition of an appraisal is that the opinion of value is subject to a clean environmental report from an environmen-tal engineering firm. This condition is used when an appraiser feels there could be a problem. The analysis of environmental contamination can be a complex appraisal problem, and professional com-petency issues are discussed in USPAP’s Advisory Opinion 9: The Appraisal of Real Property That May Be Impacted by Environmental Contamination.

Environmental contamination issues are more commonly encountered by appraisers now than they were in the past. While appraisers are not expected to detect environmental contami-nants or measure the remediation costs, they are expected to be able to estimate the effect of contamination on property values. In the past, appraisers most commonly focused on sites that were sources of the contamination. Recently, that focus has shifted to non-source sites that are near or adjacent to contaminated sites.

Special Characteristics of Rural, Agricultural, or Resource Land

The ability to grow a crop translates into value.

Soil type, water rights, drainage, irrigation, climate, labor, and the availability of capital all influence the ability of a farmer to bring in a crop

Common and Significant Environmental Problems

Industrial plant pollution into a nearby river Can affect property values but more commonly will cause the polluter to pay for all related expenses, including legal expenses.

Industrial plant pollution into the water table May go on undetected for many years, and then some time later the owners or previous owners are required to pay to clean up the mess.

Gas stations leaking fuel into the ground or water table from A fairly common type of contamination and a fairly expensive type of underground fuel storage tanks that have rusted through problem to fix. Any gas station or property where petroleum products were

sold or used can be a risky property.

Farms that have underground oil or gasoline storage tanks It is also common for some farms to have old cars, trucks, and tractors buried on site, which can rust away and contaminate the soil.

One-unit homes that have underground oil storage tanks Tanks in the ground can leak for years without being noticed, and then the contaminant can come to the surface with serious consequences.

Commercial users polluting the ground with chemicals from Dry cleaning businesses create an environmental problem if they dump into commercial processes a cistern. Another common problem is car dealerships with in-ground

automobile lifts that leak into the ground.

112 The Student Handbook to THE APPRAISALOF REAL ESTATE, 14TH EDITION

on a given plot of land. Environmental controls are also important on farm properties. Gas and oil storage tanks, the use of chemicals, and environ-mental issues may influence property values.

Mineral rights are a significant issue with some properties. Some rural properties are mined for their sand, gravel, rock, stones, oil, and natural gas. Water is an even more important resource.

It is easy to fail to recognize mineral extraction as the highest and best use of a site, and some-thing as basic as water can be the most important part of the highest and best use analysis. In some markets, land with minerals to extract does not

sell for more than other nearby land, but in other markets it sells at significantly higher prices.

Other special considerations for agricultural land include special tax provisions, recreational potential, proximity to more densely populated ar-eas, wildlife habitats, and “hidden” environmental contamination. Rural properties may appear to be green and clean but may suffer contamination from fertilizers, pesticides, or aging underground gasoline storage tanks. It was not unusual for some land owners to use low spots on a parcel as trash dumps. These can be 2 feet under the sur-face or 40 feet down. This is a difficult thing for an appraiser to know.

Land and Site Description 113 Review Exercises

1. A site is

a) A platted subdivision lot b) A telescope on a gun barrel c) Land underneath buildings

d) Land that is improved so that it is ready to be used for a specific purpose

2. Which of the following statements is correct?

a) Land and sites can be created by people.

b) Sites can be created, but land is fixed in amount.

c) Land can be created and destroyed, but sites are fixed in amount.

d) Neither land nor sites can be created or destroyed because both are fixed in amount.

3. An example of a rectangular survey legal description is a) Part of the Northwest Quarter of Section 25, Township 17N,

Range 3E

b) Lot 27 in Pleasant View Acres

c) A parcel of land beginning at the oak tree in Bill Jones’s farm, then southwest 123 feet to the center of the creek next to the bridge over US Highway 35

d) Unit 27, in Mark’s Horizontal Property Regime

4. Which of the following statements about zoning is correct?

a) Zoning controls land use.

b) Zoning controls building construction.

c) Zoning is controlled and regulated by the federal government.

d) Zoning is only used in cities and metropolitan areas.

5. Plottage is

a) The process by which large parcels of land are divided into lots and recorded in county offices

b) The assemblage of two or more parcels of land

c) The name of the discount given when larger parcels sell for more per acre than smaller ones

d) An incremental increase in value that results when two or more sites are combined to produce greater utility

6. Excess land is

a) Land that is not needed to support the subject’s primary high-est and bhigh-est use or not needed to support existing improve-ments

b) Land that is not needed according to zoning requirements c) Land included with the subject that is above the lender’s limits d) Land value that is above the assessor’s estimate of value

7. A rectangular site measures 125 feet (frontage) by 256 feet (depth), of which 26 feet is in the public right of way. What is the gross and net site area?

a) 0.66 acre gross and 0.73 acre net

b) 35,100 square feet gross area and 32,000 square feet net area

c) 38,656 square feet gross area and 32,000 square feet net area

d) 32,000 square feet gross area and 28,750 square feet net area

8. A full section of land usually a) Measures 5,000 feet by 5,000 feet b) Measures 2,640 feet by 2,640 feet c) Includes 27,878,400 square feet d) Is 600 acres

9. An acre of land includes a) 43,560 square feet b) 320 acres c) 180 acres d) 27 hectares

10. Flood maps are published by a) The Army Corps of Engineers b) FHA/HUD

c) The Federal Emergency Management Agency d) The Federal Land Bank

114 The Student Handbook to THE APPRAISALOF REAL ESTATE, 14TH EDITION

Review Exercises

Suggested Solutions to Review Exercises

1. d) Land that is improved so that it is ready to be used for a

1. d) Land that is improved so that it is ready to be used for a

In document La proliferación del running:estudio de la publicidad y su evolución (página 37-45)