Real Estate Appraisals-Land

Land, the base for all real estate improvements, is a scarce or non-existent commodity in New Jersey.  Finding comparable properties and adjusting for land conditions and size are challenges that face appraisers when evaluating a fair market value for the property.  At RU Appraisals, LLC, we have completed over a hundred land appraisals and have the experience to take on these challenges.  Whether in the northern markets of Jersey City or from North Bergen to South Jersey, I have experience in land evaluations. Recently, I have completed some exciting land assignments involving large tracts of land in the Pine Barrens region of Pemberton Township and Manchester Township. One involves lakes and wetlands.  Another has a potential for warehouse use.  The last one, the client, had donated land to the government and needed value for tax purposes.

Our land appraisal experience includes:

• Before and after value appraisals for enhancements, sales, or purchase of land parcels
• Public land purchases
• Small land parcels
• Unique properties, including waterfront, tidelands, and rivers
• Temporary easements
• Permanent Easements
• Expert witness in hearing for land appraisals
• Highest and Best Use analysis for land.

See Condemnation Appraisals for more details on land appraising.  I am a former NJDOT reviewer/appraiser with 19 years of experience with condemnation work.   Land appraising is the most difficult of all types of appraising. Whether it's a tiny lot in an urban area or a large tract of land, this is where experience comes in. The land can be highly valued or could be worthless as a result of the analysis.  Is the property contaminated, or does it contain wetlands? Are there underground wells that might be possibly contaminated? What is the previous history of the property to help determine value? What happens if the land is located in a redevelopment zone?  These are the types of questions a knowledgeable and experienced appraiser comes in. One of the most critical parts of the analysis is the highest and best use.

This part of the analysis is critical and one of the essential parts of land analysis.  Four factors are analyzed in the highest and best use:

1. Physical possibility
2. Legally permissible
3. Financially feasible
4. Maximum productive. 

We can help you determine the value of the land. 

At RU Appraisals, LLC, we have the knowledge and experience to serve our clients our clients and the public.  Please feel free to contact us Ray@ 609-203-1194 or email   raymondunderhill@gmail.com.