Start Date
8-12-2017 11:00 AM
End Date
8-12-2017 12:00 PM
Description
The presentation opens with a brief review of the Appraisal Process, focusing on Scope of Work and the initial Highest and Best Use of a new 'big box' property, the Bundle of Rights, and the data selection from market comparable sales. A review of Restrictive Covenants, what are they, their inclusion in a sale and the effects they have on a potential sale. A stigma of the 'Dark Store' sales, which is considered second generation space and, a second and limited Highest and Best Use. The cause of the dark store, why the dark store is Dark, why are restrictions placed on the dark store. Developing the Sales Comparison Approach with the appropriate comparable sale data set, each sale containing the same attributes as the subject property. The adjustment of property rights conveyed (fee simple v. leased fee) ; leased fee sales are normally used, which are the predominate type of sales. Briefly discuss alterations to properties immediately after acquisition either by a lease in.eluding tenant improvements or a lump si1m . dollar amount, to change the original decor of the first generation space to the second generation user, i.e., functional obsolescence. Concluding with, there a limited number of market transactions.
Recommended Citation
Voss, Kenneth CAE, "Restrictive covenants: The appraiser's function" (2017). IAAO Annual Legal Seminar. 10.
https://researchexchange.iaao.org/legal/legal17/sessions/10
Restrictive covenants: The appraiser's function
The presentation opens with a brief review of the Appraisal Process, focusing on Scope of Work and the initial Highest and Best Use of a new 'big box' property, the Bundle of Rights, and the data selection from market comparable sales. A review of Restrictive Covenants, what are they, their inclusion in a sale and the effects they have on a potential sale. A stigma of the 'Dark Store' sales, which is considered second generation space and, a second and limited Highest and Best Use. The cause of the dark store, why the dark store is Dark, why are restrictions placed on the dark store. Developing the Sales Comparison Approach with the appropriate comparable sale data set, each sale containing the same attributes as the subject property. The adjustment of property rights conveyed (fee simple v. leased fee) ; leased fee sales are normally used, which are the predominate type of sales. Briefly discuss alterations to properties immediately after acquisition either by a lease in.eluding tenant improvements or a lump si1m . dollar amount, to change the original decor of the first generation space to the second generation user, i.e., functional obsolescence. Concluding with, there a limited number of market transactions.