Value of lot listed in north Portland with .07 AC? Water&Sewer?Dimensions?Did value decreased in 2008?

Asked by Ts, 97217 Thu Feb 5, 2009

We own an old (1920x) home in North Portland, on .16 AC and 2008 assessed value is $84000. An additional unimproved lot lies behind the home lot. It is .06 AC with no improvements, man hole and old sewer connection only, no current access to street, and 2008 assessed value is $95000. City planning said possible to build as flag lot or by changing lot lines for a skinny house. Cost would be $10000 to $15000, depending on option chosen. In addition, house's tie to sewer would have to be updated to code with any changes to its lot lines. Questions:(1) Why extra unimproved lot has higher assessed value than improved lot. (2) What do you feel the true market value of the unimproved land is now (3) What would the true market value be if lot lines were redrawn, and the new unimproved lot size was about the same, but was buildable with access to street?

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Tom Inglesby, Agent, Portland, OR
Mon Feb 16, 2009
The price for skinny lots today are from $50,000-$60,000 a couple of years ago maybe $80,000 in the right spot. Skinny houses are listed for $249,000-$269,000 in North Portland on a paved street. You don't say if it is a corner lot which would make it more valuable. Tax values don't mean much and you cannot sell them at the price some times they are assessed for. If you want to sell them give me a call and I will come out and take a look. I have some skinny lots listed now and the market is slow unless you really want to sell them because most builders are having a hard time getting loans. Thanks,

Tom Inglesby, Broker
RE/MAX Equity Group Inc
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June Lizotte,…, , Portland, OR
Thu Feb 5, 2009
You have a couple of very good questions; but only one can actually be answered now - but only partially,(without a visit to the property and more investigation) and a closer look at what you have there.

First you need to realize the assessed value will not necessarily hold true to actual fair market value. You are taxed on the assessed value. The unimproved lot is likely closer in valuation than the improved lot but that is difficult to guess, except that you may have a valuable location due to urban growth expectations. Keep in mind; there are many many lots which are sitting and builders are having a hard time unloading them at this time.

Secondly, the topography, how the lot is situated on location, zoning, etc all have a lot to do with the assessed values. I would have to do further research and that would take a minimum of about 36 hours to obtain all the pertinent info, as I can get very relavent info specific to your address if you are interested. This would Have to be done on an appointment bases (with any realtor of your choosing who know how to work with a builder's development packet from the title company). The question any realtor would want answered is this: are your planning to sell that property, build on the property yourself, or just need the information for your own purposes to know whether you are paying too much in taxes?

Although we can't be specific in our answer to your important question for reasons that we don't know the specific property, I hope your found this helpful; thank you for your question.

June Lizotte
Providing REAL Service
Prudential NW Properties
6400 SE Lake Rd., Suite 200
Portland, OR 97222
503-310-8032 mobile
503-212-2727 office
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