highest and best use analysis example

1 legally permissible 2 physically possible 3 financially feasible and 4 most profitable. The existing use will continue however unless and until land value in its highest and best use.

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The highest and best use may very well be determined to be different from the existing use.

. A prospective use cannot be considered the highest and best use unless that use would be allowed under current. Analysis process Step 2 the appraiser determines the probable users for the speci-fied use as well as probable. Up to 3 cash back Chapter 12 Highest and Best Use Analysis 1211.

Luce Realty will conduct a highest and best use analysis of 3701 N. To assess the highest and best use value analysis for a property requires extensive knowledge of the market area potential market growth zoning and property type. The four tests of highest and best use are.

After the analysis the appraiser determines that the current or planned use of the property is indeed physically possible legally permissible financially. The definition of highest and best use of land as if vacant requires appraisers evaluate the following four criteria. Highest and Best Use.

Maximum utility Profitability. The reasonably probable and legal use of property that is physically possible appropriately supported and financially feasible and that results in the highest value. An example might be an industrially-used site that can now be used legally for high-rise residential buildings but would cost so much to clean up remediate that the value as currently used is.

Appraisers begin their highest and. In this discipline traditionally referred to as highest and best use analysis. The reasonably probable and legal use of vacant land or an improved property that is physically possible appropriately supported financially feasible and that results in the highest value.

Fairfax that investigates the profitability and economic viability of i renovating the existing office building ii developing a. The highest and best use analysis concept is a form of real estate appraisal that considers not only the best use of the property but any potential use or gains that may come from future. The first two tests are interchangeable in order and.

Strategies to realize the highest potential from land assets a process called land value optimization.

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