land or site description wayne foss, mba, mai wayne foss appraisals, inc. email:...
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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 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.
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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
property’s 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)» Assessor’s 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 That’sLand or Site Description
Wayne Foss, MBA, MAI, Fullerton, CA USAPhone: (714) 871-3585 Fax: (714) 871-8123 Email: [email protected]