Just like any appraisal, the beginning point
is identifying the property to be appraised.
However, when condemnation is involved, the
parcel from which the taking will occur must be
properly identified as the starting point.
Since the highest and best use sets the
framework for the valuation analysis, the
appraiser must first arrive at an opinion of
the highest and best use of the property from
which the taking will occur. This requires that
the appraiser be able to read and understand
clearly the right of way plans, cross-sections,
drive profiles and any other applicable plans.
Understanding the acquisition plans as
they relate specifically to the property being
appraised allows the appraiser to form an
opinion of whether there may be an impact
beyond the part acquired.
Determining What Changed
Several years ago I appraised a multi-parcel
project in the Atlanta, Georgia area that
included a vacant wooded tract with a low-density residential zoning. If I had appraised
BY KENNETH CANTRELL, MAI
Beginning With the End in Mind
The framework for the valuation analysis