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HIGHEST AND BEST USE (Continued) <br />Conclusion - Highest and Best Use as if vacant <br />The highest and best use of the subject property, as if vacant, is for the development of a high-rise, <br />condominium, project, in accordance with the current zoning code and LDR. <br />Highest and Best Use - As Improved <br />The overall the proposed high-rise, condominium, project meets the four criteria of highest and best <br />use. The existing improvements were completed in 1951 and no longer maximize the potential <br />development rights of the subject property, as vacant land. The existing building has no remaining <br />economic life. <br />MARKETING & EXPOSURE TIME <br />An opinion of the amount of time to sell a property interest at the concluded market value or at a <br />benchmark price during the period immediately after the effective date of an appraisal. Marketing <br />time differs from exposure time, which precedes the effective date of an appraisal. <br />Source: (The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute 2022). <br />Exposure Time is: <br />1. The time a property remains on the market. <br />2. An opinion, based on supporting market data, of the length of time that the property interest <br />being appraised would have been offered on the market prior to the hypothetical <br />consummation of a sale at market value on the effective date of the appraisal. (USPAP, 2024 <br />ed). <br />Source: (The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute 2022). <br />A marketing or exposure time is not applicable for the cost of a TDR. However, marketing and <br />exposure times for recent oceanfront purchases have gone well beyond several years because of the <br />need to assemblage condominium units in older projects. A typical land purchase would require a <br />marketing or exposure time of at least twelve months. <br />31 <br />569 <br />