1.25 acres accross from GULF PLACE - 800k appraisal - make offer

**mark pale** · 07-19-2006, 09:23 AM

1.25 acres on Penny Lane accross from GULF PLACE in Santa Rosa Beach - appraised for 800k in march 2005, have not had it reappraisal since then. Property will hold 2 lots Maximum per the engineer due to DEP wetlands jurisdiction. Property is entirely walkable, the only water on property is a 4' creek running thru the middle of property. Location is excellent so close to gulf place and walk to Ed Walline Beach. 2 new developments on the Street have just recently paved Penny lane and brought in sewer and water. 70' tall + trees all over the property - absolutely beautiful and peaceful setting.

Email me with any questions! I have blackberry and will respond immediately! I know the market extremely well and am willing to look at all offers - someone could own this 1.25 acre lot for the price of 1/8 acre lot that just got developed on the same street.

Mark

**SHELLY** · 07-19-2006, 11:03 AM

Originally Posted by mark pale

1.25 acres on Penny Lane accross from GULF PLACE in Santa Rosa Beach - appraised for 800k in march 2005, have not had it reappraisal since then. Property will hold 2 lots Maximum per the engineer due to DEP wetlands jurisdiction. Property is entirely walkable, the only water on property is a 4' creek running thru the middle of property. Location is excellent so close to gulf place and walk to Ed Walline Beach. 2 new developments on the Street have just recently paved Penny lane and brought in sewer and water. 70' tall + trees all over the property - absolutely beautiful and peaceful setting.

Email me with any questions! I have blackberry and will respond immediately!

Mark

Just wondering...if the 3 comps all were in the neighborhood of $400,000, how can they come back with an appraisal of $800,000? Real estate gurus...tell me what I'm missing here please.

**Mango** · 07-19-2006, 11:49 AM

Originally Posted by SHELLY

Just wondering...if the 3 comps all were with the neighborhood of $400,000, how can they come back with an appraisal of $800,000? Real estate gurus...tell me what I'm missing here please.

I've been reading appraisals for 20 years now as a mortgage broker. There is an adjustment of $50K on site/view. It seems that based on the approach he used, he multiplied the adjusted values on the comps to 400K each and multiplied by 2 since the lot can seat 2 homes.
He should have included what he adjusted $50K for in his comments section, was it site or view? and if I was reviewing that appraisal would have asked for an addendum explanation.
Can't tell from the comp addendum if the subject would have better views than the comps, and you would only know if you were actually there to see if that was the case.

In my opinion, an appraiser should comp a property the way it is existing, and adjust for the land. Had it been sub-divided, then you would have 2 separate appraisals.
Just my opinion though. That's how I see them done in New York.

**SHELLY** · 07-19-2006, 12:06 PM

Originally Posted by Mango

I've been reading appraisals for 20 years now as a mortgage broker. There is an adjustment of $50K on site/view. It seems that based on the approach he used, he multiplied the adjusted values on the comps to 400K each and multiplied by 2 since the lot can seat 2 homes.
He should have included what he adjusted $50K for in his comments section, was it site or view? and if I was reviewing that appraisal would have asked for an addendum explanation.
Can't tell from the comp addendum if the subject would have better views than the comps, and you would only know if you were actually there to see if that was the case.

In my opinion, an appraiser should comp a property the way it is existing, and adjust for the land. Had it been sub-divided, then you would have 2 separate appraisals.
Just my opinion though. That's how I see them done in New York.

Seems like he added the same 50-Gs to every comp for site/view--maybe that was his fee for "viewing the site." He apparently then he went back to his home office--plugged in the numbers, multiplied by 2....and clocked out for the day.

**mark pale** · 07-19-2006, 12:45 PM

The appraisal was based on 2 homesites for the 1.25 acre property. 40' x 80' Lots on this street (penny lane) sold for 450k and there are 450k comps further back from the beach in Shadow pines as well. We all know that was at the high of the market so make your assumptions and make me an OFFER! I am very reasonable now and need to move some property.