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Old 05-30-2014, 05:14 PM
 
7 posts, read 22,649 times
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We are looking at rural acreage with a purged mobile home on the Western Slope of Colorado and wanted to try to have an independent appraisal before putting in an offer. Just had an appraiser call and said it would be $1200. Seems high to us...is this in line?
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Old 05-30-2014, 06:09 PM
 
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I'm not sure about Colorado, but in my part of Michigan that would be considered a reasonable price. Appraisals of raw land are typically much higher than appraisals of single family houses. The price of an appraisal may depend upon the size and expected value of the property, the ease of obtaining comparable sales, unique characteristics of the property...and, of, course...whether the appraiser feels that they can secure enough business at a particular price level. A lot of the appraisals which I have secured on larger acreage parcels have been in the $2,000 to $3,000 range, with some higher. The highest price paid for a raw land appraisal in which I've been involved was over $8,000--but that was for an appraisal which wasn't done using the market approach but, rather, it was based on the income approach which entailed substantially more work and calculations.

You may want to ask area appraisers if they give estimates of value which would be less than a full appraisal. Sometimes it's the write-up which is really the costly part. You could also check to see if real estate brokers in the area could provide you with a Comparative Market Analysis.
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Old 05-30-2014, 06:15 PM
 
Location: Plano, TX
496 posts, read 1,351,317 times
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Seems reasonable to me. If someone called me right now for such an assignment I wouldn't be able to do it. We are busy enough right now that the number of "average degree of difficulty" jobs are more than we can handle.
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Old 05-30-2014, 09:18 PM
 
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What is it about appraising land that makes it so much more expensive? What details are there to look at other than location and what is on the land/what it's being used for?
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Old 05-31-2014, 06:26 AM
 
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Quote:
Originally Posted by catlovr8 View Post
What is it about appraising land that makes it so much more expensive? What details are there to look at other than location and what is on the land/what it's being used for?
While the mechanics of conducting an appraisal on land are the same, in my experience the appraisals are more thorough--with extensive photographs, an analysis of "highest and best use", and a fuller narrative (even though much can be boilerplate). To a significant degree, however, I think the price is more based upon simple supply and demand. When appraisers can command higher prices for their appraisals, they charge them. Besides, many of the customers for land appraisals have deeper pockets. I know of one appraiser in my area who charges one particular client about 60% of his normal cost--but this client requires multiple appraisals each year. With a higher volume, the appraiser can afford to charge less per appraisal.
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Old 05-31-2014, 07:08 AM
 
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With raw land there is also the potential for rezoning that can change the value of the property. Recently our county has been going through a politically driven downzoning process on a lot of land that has reduced the value of the land. I assume an appraisal would have to take things like this into account. Appraising a subdivided single family home is pretty straight forward. The use is defined. Appraising a larger tract of land that can be repurposed for any of several uses is more difficult.
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Old 05-31-2014, 08:11 AM
 
Location: MID ATLANTIC
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Another way to explain it....are there known or probable marketable minerals or gasses in the land with potential income? Farm land? On house? 50 homes? With a house you know the one variable. If you were looking at developed land, it would be closer to a home appraisal. Raw land is the wild west.
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Old 09-22-2017, 05:04 AM
 
Location: Raleigh, NC
1 posts, read 10,013 times
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Default Raw Land Appraisal

Does anyone have an idea of what it would cost to get 97 acres of raw land appraised in Asheboro, NC?
Any help or suggestions greatly appreciated.
Thanks!
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Old 09-22-2017, 06:07 AM
 
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Originally Posted by CaptD73 View Post
Does anyone have an idea of what it would cost to get 97 acres of raw land appraised in Asheboro, NC?
Any help or suggestions greatly appreciated.
Thanks!
Around here, I would expect such an appraisal to cost about $2,000 to $3,000, as long as it's based upon the sales comparison approach and not a more technical income analysis of the property if it were to be developed. That would likely cost considerably more (and you are more likely to get bogus numbers through an income approach). I'll be curious to hear what someone from NC estimates how much the appraisal cost would be.

P.S. You'd probably get a more accurate number by calling up two or three appraisers.
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Old 09-22-2017, 06:21 AM
 
Location: Cary, NC
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The difficulty of survey, location, topography, number of pins to find and/or set, difficulty of research, will all impact time/money.
Subdivided off another tract, or raw land with an existing recent survey for reference?

Easements, environment, accessibility. All matter.

Knowing the topography in Asheboro, (I am a Zoo fan) I would think the $2000--$3000 could be low for a comprehensive survey.
But that's just guessing. Like Jack says, calling surveyors for proposals is a better approach.

Last edited by MikeJaquish; 09-22-2017 at 06:43 AM.. Reason: Corrected "survey."
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