Land Appraisal Services
Land appraisals determine the value of unimproved land. While this may seem like simple real estate to appraise, it is one of the most complex types of real estate to appraise because the land may have yet to be committed to a specific use. Land without improvements needs a highest and best use analysis by the appraiser. This analysis focuses on issues such as zoning, utilities, ingress, and egress, as well as location, among other factors.
Types of Land Appraisals
Lots
A land lot or plot of land is a tract or parcel that has defined boundaries and comes in different shapes and sizes. Lot values vary depending on size, location, road frontage & features, such as water frontage. A lot is generally developed or used by a single entity, such as a residence or commercial building.
Raw Land
Raw land, also known as undeveloped land, refers to natural land that has not been improved or built on. It typically lacks utilities like electricity, water, or sewer systems. Often, undeveloped land parcels consist of sizeable acreage up to hundreds of acres or even greater. Evaluating and analyzing raw land requires investigating and determining the highest and best use of the land.
Subdivisions
Subdivisions - A subdivision is the division of a tract of land into two or more lots or parcels. A commercial, industrial or residential subdivision includes lots with streets, roadways, open areas and other facilities appropriate to its development. Subdivisions are drawn and created by an engineer. A subdivision analysis or appraisal involves considering the available lots, an absorption study to determine the rate at which they will sell and a discounted cash flow analysis for the income stream to determine an overall value for the subdivision.
Cross Country Appraisal has over two decades of experience appraising lots, raw land, acreage, and subdivisions. Tracy has a genuine interest in land and enjoys the research required to provide a detailed analysis. Each land assignment she completes provides her clients with an accurate and informative narrative appraisal report.
Tracy has assisted financial institutions, buyers, attorneys, real estate brokers and investors by providing them with accurate, detailed property appraisals. We understand and are up-to-date on the land and real estate markets in North Carolina and South Carolina. Every appraisal is different, so fees are quoted on a per-job basis. Land appraisals range in cost based on their complexity. We have completed many appraisal assignments for financial institutions that are partnered with the U.S. Small Business Association (SBA).
All assignments are completed in accordance with “USPAP” or Uniform Standards of Professional Appraisal Practice as written and published by The Appraisal Foundation. This organization sets the congressionally authorized standards and qualifications for real estate appraisers and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals.