Appraisal Articles 2019 Free Appraisal Articles for Appraisers and the Public
The strongest vacant land sales price increases appear to have been for low-density (2 DUPA) single-family residential vacant land parcels which, in the Southwest, were estimated to have increased in price from about $ 3.91 per square foot (SF) on average to nearly $ 5.91 per SF on average based on my review of the sales data.
As I have discussed in the past, it is important to note that these averages do not constitute an appraisal, they are aggregate numbers and any specific property may have a market value that is significantly higher or significantly lower than the average prices that the graphic displays. The average prices displayed do however provide a general indication of how the sales prices of vacant land in the Southwest have been moving over time in Clark County, Nevada.
The data indicates that while the market has not fully returned to its 2008 high point it has gained strength and is significantly improved from its 2011 to 2012 lows.
The graphic displays the vacant land sales by zoning category however there are a number of factors that affect land vale including; location / surrounding development, size, topography, zoning, planning, offsite improvements / infrastructure, orientation, overlay districts and sale terms to name a few.
The sales comparison approach used to value most vacant land parcels is not a difficult methodology to understand. Employing it as an appraiser however requires a great deal of research to discover similar properties and an extensive understanding of the market that is usually only garnered through being involved in it.
For more appraisal information contact Glenn J. Rigdon MA, MRICS, IFAS, ASA who is a Las Vegas / Henderson Nevada based broker and appraiser who can be contacted via email or via his business website known as Appraiser Las Vegas (http://www.appraiserlasvegas.com), or http://www.horizonvillageappraisal.com, or you can also click on “Contact Us” on the home page of this website or visit my public profile at LinkedIn at http://www.linkedin.com/pub/glenn-rigdon-ma-mrics-asa/1a/30b/879/
Please input letters you see on the image.
Click on image to redraw.