ARU Social Science Community and Regional Data Discussion Response
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BRE-120, Real Estate Appraisal
Textbook Author: Walt H., Levin P., William P.
Chapters 5 & 6
Overview
The three key concepts discussed in this week’s reflection summary are Regional and Community Data, Highest and Best Use Defined, and Methods of site Valuation. Chapter 5 discusses Regional and Community Data, which explains how this data is used. Chapter 6 discusses The Highest and Best Use defined and Methods of site Valuation.
Key Concept from Chapter 5
Chapter 5, Data Collection and Analysis, Regional and Community Data. “Regional and community data reflect the effects of local social, economic, governmental, and physical forces on value” (Walt, et al., 2018, p. 146). The results of these forces will impact real estate values, which will result in either better or for worse. An appraiser will use regional and community data to help identify particular characteristics of properties that have increased and decreased in value.
Key Concept from Chapter 6
Chapter 6, Site Valuation, Highest and Best Use Defined. “The Highest and Best Use of property is the use that is reasonable and probable and that results in the highest present value, as of the date of the appraisal” (Walt, et al., 2018, p. 187). It is important to note that if there is more than one possible use for a property, the value will be determined by the most productive and profitable use.
Key Concept from Chapter
Chapter 6, Site Valuation, Methods of Site Valuation. In appraising, there are six commonly recognized methods for appraising the value of land. The most reliable type of method that is used is the sales comparison method, which is the most often used method when valuing land. When the sales comparison method can not be used, the other methods can be utilized. The six methods of land valuation are:
Sales Comparison Method
Allocation Method
Extraction Method
Development Method
Land Residual Method
Ground Rent Capitalization Method.
(Walt, et al, 2018, p.196)
Summary
In Chapter 5, I learned about Regional and Community Data and how it reflects the effects of local social, economic, and governmental forces of value. In Chapter 6, I learned about Highes and Best Use and Methods of Site Valuation. I learned that with the Highest and Best Use and how it is important to note that there is more than one possible use for a property. I learned that there are six methods of site valuation, but the most common and reliable one used is the Sales Comparison Method.
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