Lynne Apprai…,  in Springfield, OR

I am doing an appraisal on 35 acres of land in Springfield with 900 frontage feet along the McKenzie river.

Asked by Lynne Appraiser, Springfield, OR Wed Aug 26, 2009

Approxmatly how much have values decreased of vacant land in the past year or so?

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6
Ron Ares, , Portland, OR
Wed Aug 26, 2009
Not sure who your question is directed to.

Doesn't seem to be the appropriate forum for a professional to ask such a question. Certainly there are better resources for property valuations and trends than this.
Web Reference:  http://www.repdx.com
2 votes
Thesa Chambe…, Agent, La Pine, OR
Wed Aug 26, 2009
good luck with that - (third attempt to answer nicely)
2 votes
Commercial A…, Agent, Los Angeles, CA
Wed Nov 11, 2009
$2.50 per sf Cochise@justice.com
0 votes
Chris Courtn…, , Eugene, OR
Wed Aug 26, 2009
....and because your subject has an extensive amount of frontage combined with significant acreage, I think it's wise to choose a unit of comparison at the lower end of your derived range given diminishing returns. As for your question regarding 'how much have values decreased of vacant land in the past year or so'...that's a generally vague question given your property type. I would not approach it that way. You should also go to the extent of searching assessor records...sometimes these properties fall into the hands of a commercial broker who uses LoopNet or their own medium, skipping MLS entry. You should also look for comps in Douglas County along the Umpqua River...and consider a location adjustment.
Web Reference:  http://www.HouseNow.com
0 votes
Chris Courtn…, , Eugene, OR
Wed Aug 26, 2009
Hi Lynne Appraiser...my name is Chris Courtney and if you are local to Lane County you may have heard of me. This type of valuation is quite complex and largely subject with very little data. Call me for some insight if you like (912-1405 cell). I am State Certified Residential with Pacific Valuation Group and owner of HouseNow.com. I have appraised numerous properties having river frontage, few of which have similar river frontage such as this. I can tell you that a unit of comparison considered among buyers and savvy brokers would consider a price per lineal river frontage foot...and depending on high bank, low bank, slow moving, white water, or other...your opinion of valuation is best achieved by representing comps $/lineal foot of river front. Because you comp pool may be in excess of what lenders like (6-12 months)...you may consider that your subject is quite rare and consequently resilient to general market forces. Sometimes, one buyer DOES make a market. Get my drift ? (no pun intended of course).....hmmmm...check out a sale by Andrea Gramzo north of $500k..search RMLS bare land and improved SFR since it was marketed both ways and included a significant shop & apartment improvement......while I would speak to a range of values per lineal foot that I have recently confirmed...that would be considered an appraisal and this forum is not to be construed as such. Don't forget to confirm water rights either...and valuing water rights is a complex component also that requires competency or at minimum exhaustive confirmation (recorded water rights certificates). You may also be looking to use comparables that sold improved and which require extraction...sometimes using assessor valuation for improvements is most easily defended. Hope that helps! It should.
Web Reference:  http://www.HouseNow.com
0 votes
HLR, , Oregon
Wed Aug 26, 2009
I think it best to not ask how much a property value as decreased or increased, it's best to look at current sales of similar properties, that will tell you the current value and answer your question. We don't value by rating properties from what it sold for before, we use current data to estimate our values.
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