Land or Site Description

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Land or Site Description

• Wayne Foss, MBA, MAI
• Wayne Foss Appraisals, Inc.
• Email wfoss_at_fossconsult.com

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Site Analysis

• Before the site can be valued, its features and
  characteristics must be known - - -
• Facts and features relative to market standards
• What does it bring to the market?
• How well will it compete?

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Definitions

• Land The earths 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.

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Definitions
Land 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.
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Purpose of Land or Site Description

• Provides a description of the property being
  appraised
• Basis for analyzing comparable sales
• Basis for allocation of values to land and
  improvements
• provides the foundation for determining the
  propertys highest and best use

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Legal Descriptions

• Metes and Bounds System
• Rectangular Survey System (Government Survey
  System)
• Geodetic Survey Program
• Lot and Block System
• Tax Parcels

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Legal Descriptions

• Metes and Bounds System
• Oldest system
• Metes and bounds refers to the direction and
  distances between the bounds

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Metes and Bounds System
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Legal Descriptions

• Rectangular 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 miles
• Each township contains 36 sections
• Each section is 1 square mile with 640 acres
• Each section can be broken down into halves,
  quarters, etc.

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Rectangular Survey System (Government Survey
System)
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Legal 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

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Geodetic Survey Program
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Legal Descriptions

• Lot and Block System
• Established when developers subdivided land in
  the government survey system.
• Individual numbers were assigned to individual
  sites within the blocks
• Files with local government, usually the county
  where the subdivision is located

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Lot and Block System
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Legal Descriptions

• Tax Parcels
• Many taxing authorities use a variation of the
  lot and block system to identify parcels for
  taxation purposes.
• Not usually nor acceptable as a legal description.

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Tax Parcels
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Factors in Site Analysis

• Legal
• Ownership information
• Legal owner
• Type of Ownership
• Type of Property Rights Owned
• Limitations (easements, restrictions)
• Private deed restrictions
• Chain of Title

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Factors in Site Analysis

• Zoning and land use data
• General Use
• those uses that are legally permitted
• Density of Use
• how many units are permitted?
• Specific Development Requirements
• Setback and building height restrictions
• Lot coverage ratios
• parking and sign requirements
• Flood and Earthquake Hazard Zones
• Procedures for variances and zoning changes

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Factors in Site Analysis

• Assessment and Tax Information
• Assessed value of the subject
• Tax rates in the jurisdiction
• Taxation levels compared to other areas
• Future trends in tax rates
• Special Assessments

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Factors in Site Analysis

• Physical
• Size
• Shape
• Frontage (Width)
• Depth
• Corner Influence or Cul-de-sac location
• Topography
• Slope, elevation, soil and subsoil conditions
• Utilities and Site improvements

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Factors in Site Analysis

• Economic
• Plottage
• The increment of value created when two or more
  sites are combined to produce greater utility
• Excess Land
• land not needed to serve or support the existing
  use
• Surplus Land
• land not needed to serve or support the highest
  and best use, but not independently useable.

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Factors in Site Analysis

• Units of Comparison
• Residential
• Price per acre, per square foot, per unit
• Commercial
• Price per square foot, per front foot
• Industrial
• Price per acre, per square foot

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Factors in Site Analysis

• Location
• Residential
• convenient transportation linkages to employment,
  shopping and other services
• Commercial
• visibility, easy access for customers and
  deliveries, parking, traffic patterns and counts
• Industrial
• linkages for employees, raw materials and
  finished products, utilities

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Factors in Site Analysis

• Environmental
• Climate
• Ground water and drainage
• Quality of air and water
• Proximity to natural hazards
• flooding, earthquakes, and landslides
• Presence of wildlife habitats or endangered
  species
• Restrictions due to wetlands or coasts
• Orientation to sun or wind

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Factors in Site Analysis

• Agricultural
• Soil type and composition
• Drainage and irrigation
• Climate (function of growing season)
• Potential Crops
• Environmental controls
• Other considerations
• minerals, streams, lakes, recreational land uses
• special tax considerations

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Sources of Data

• Public Records
• Deeds and Mortgages
• Plat Books (Maps)
• Assessors records
• City and County
• Building, Planning and Engineers offices
• County and State Department of Transportation

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Sources of Data

• Private Sources
• Title Companies
• Title report
• Research organizations
• Flood maps, demographic analysis
• Universities
• Special studies, economic reports

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Sources of Data

• Maps
• Zoning and General Plan Maps
• Tax Plat Maps
• Survey Maps
• Geodetic survey maps
• US Geologic Survey topographic maps
• Flood and Earthquake
• Soils
• Oil and Gas

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So ThatsLand or Site Description
Are there any Questions?
Wayne Foss, MBA, MAI, Fullerton, CA USA Phone
[phone] Fax [phone] Email
wfoss_at_fossconsult.com