Presentation on theme: "Land or Site Description"— Presentation transcript:
1Land or Site Description Wayne Foss, MBA, MAIWayne Foss Appraisals, Inc.
2Site AnalysisBefore the site can be valued, its features and characteristics must be known - - -Facts and features relative to market standardsWhat does it bring to the market?How well will it compete?
3DefinitionsLand: The earth’s surface, both land and water, and anything that is attached to it whether by the course of nature or human hands.Site: Land that is improved so that it is ready to be used for a specific purpose.Site Improvements: Improvements on and off a site that make it suitable for its intended use or development.On-site improvements include grading, landscaping, paving, and utility hookups.Off-site improvements include streets, curbs, sidewalks, drains and connecting utility lines.
4DefinitionsLand or site description: A compilation of detailed factual data, including a legal description, other title and recorded data, and information on the pertinent physical characteristics of a parcel of land or a site.Land or site analysis: A careful study of factual data relating to the neighborhood characteristics that create, enhance, or detract from the utility and marketability of the land or site as compared with competing, comparable land or sites.
5Purpose of Land or Site Description Provides a description of the property being appraisedBasis for analyzing comparable salesBasis for allocation of values to land and improvementsprovides the foundation for determining the property’s highest and best use
6Legal Descriptions Metes and Bounds System Rectangular Survey System (Government Survey System)Geodetic Survey ProgramLot and Block SystemTax Parcels
7Legal Descriptions Metes and Bounds System Oldest system Metes and bounds refers to the direction and distances between the bounds
9Legal DescriptionsRectangular Survey System (Government Survey System)Principal method of land description for most of the land west of the Ohio and Mississippi Rivers.Townships are 36 square milesEach township contains 36 sectionsEach section is 1 square mile with 640 acresEach section can be broken down into halves, quarters, etc.
10Rectangular Survey System (Government Survey System)
11Legal Descriptions Geodetic Survey Program Topographic Maps These maps include contour lines, bodies of water, forested areas, manufactured features such as buildings, roads, bridges and power lines
13Legal Descriptions Lot and Block System Established when developers subdivided land in the government survey system.Individual numbers were assigned to individual sites within the blocksFiles with local government, usually the county where the subdivision is located
17Factors in Site Analysis LegalOwnership informationLegal ownerType of OwnershipType of Property Rights OwnedLimitations (easements, restrictions)Private deed restrictionsChain of Title
18Factors in Site Analysis Zoning and land use dataGeneral Usethose uses that are legally permittedDensity of Usehow many units are permitted?Specific Development RequirementsSetback and building height restrictionsLot coverage ratiosparking and sign requirementsFlood and Earthquake Hazard ZonesProcedures for variances and zoning changes
19Factors in Site Analysis Assessment and Tax InformationAssessed value of the subjectTax rates in the jurisdictionTaxation levels compared to other areasFuture trends in tax ratesSpecial Assessments
20Factors in Site Analysis PhysicalSizeShapeFrontage (Width)DepthCorner Influence or Cul-de-sac locationTopographySlope, elevation, soil and subsoil conditionsUtilities and Site improvements
21Factors in Site Analysis EconomicPlottageThe increment of value created when two or more sites are combined to produce greater utilityExcess Landland not needed to serve or support the existing useSurplus Landland not needed to serve or support the highest and best use, but not independently useable.
22Factors in Site Analysis Units of ComparisonResidentialPrice per acre, per square foot, per unitCommercialPrice per square foot, per front footIndustrialPrice per acre, per square foot
23Factors in Site Analysis LocationResidentialconvenient transportation linkages to employment, shopping and other servicesCommercialvisibility, easy access for customers and deliveries, parking, traffic patterns and countsIndustriallinkages for employees, raw materials and finished products, utilities
24Factors in Site Analysis EnvironmentalClimateGround water and drainageQuality of air and waterProximity to natural hazardsflooding, earthquakes, and landslidesPresence of wildlife habitats or endangered speciesRestrictions due to wetlands or coastsOrientation to sun or wind
25Factors in Site Analysis AgriculturalSoil type and compositionDrainage and irrigationClimate (function of growing season)Potential CropsEnvironmental controlsOther considerationsminerals, streams, lakes, recreational land usesspecial tax considerations
26Sources of Data Public Records Deeds and Mortgages Plat Books (Maps) Assessor’s recordsCity and CountyBuilding, Planning and Engineers officesCounty and State Department of Transportation
27Sources of Data Private Sources Title Companies Research organizations Title reportResearch organizationsFlood maps, demographic analysisUniversitiesSpecial studies, economic reports
28Sources of Data Maps Zoning and General Plan Maps Tax Plat Maps Survey MapsGeodetic survey mapsUS Geologic Survey topographic mapsFlood and EarthquakeSoilsOil and Gas
29So That’s Land or Site Description Are there any Questions?Wayne Foss, MBA, MAI, Fullerton, CA USAPhone: (714) Fax: (714)