Land the base for all real estate improvements is a scarce or non-existent commodity in New Jersey. Finding comparable properties and making adjustments for land conditions and size are challenges that face appraisers when evaluating a fair market value for the property. RU Appraisals, LLC has completed over a hundred land appraisals and has the experience needed to take on these challenges. Whether it’s in the Northern markets of Jersey City and North Bergen to South Jersey, we are experienced in land evaluations. Recently, I have completed some exciting land assignments involving large tracts of land in the Pine Barrens region Pemberton Township and Manchester Township. One involving lakes and wetlands. Another with 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:
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 to be done. 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. Briefly, there are four factors analyzed in the highest and best use. 1. Physical possible 2. Legally permissible 3. Financially feasible 4. Maximum productive.
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 @ 609-203-1194 or email us email@example.com.
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