Specialty Appraisal Products and Properties
We are often called upon to provide appraisals for “specialty” properties; those properties which have a specific use or have special circumstances which relate to value. Special care must be exercised when appraising such properties. Examples of specialty properties we have appraised are shown below.
These properties are considered “specialty” as their value is often correlated to runway access. In addition, the size of the airport and its traffic is of major importance. To find similar sales which to compare to such a property, a nationwide search is often necessary. Recent airport properties we have appraised are shown:
Air rights are a very specialty type of rights which consist of only the rights to build above another’s existing or proposed structure. These rights are not common in smaller markets, they are more typical in large metropolitan areas such as Atlanta, Boston, Chicago, or New York City. An owner of a building may wish to expand to the area above an adjacent building, for example. We recently appraised the air rights for a property owner and the City of Athens for the transfer of rights for the Civic Center expansion. See below.
Sanitary Landfills / Contaminated Adjacent Properties
We were recently requested to appraise a sanitary landfill property, as well as adjacent contaminated properties, for the Burke County Government. We also appraised numerous properties adjacent to the Clarke County landfill to determine damage to market value. As with other specialty appraisal products, special care must be taken in order to properly account for environmental issues which are related to value. Close co-operation with the EPA and the local municipality are required. See below.
Medical / Surgical Centers
These facilities are complex insofar as specialty air-filtering requirements, configuration, and necessary equipment. Value considerations include number of beds and occupancy rates, among others. Centers we have recently appraised are shown below.
We recently appraised several automobile dealerships located within the region. As with all properties, value is based on highest-and-best use. A dealership which has gone out of business and is no longer viable as a dealership typically has an “adaptive re-use;” which is the most likely alternative use to which the property can be put. As these are specialty type properties, built and designed specifically for a single use, value is diminished if the structure and location are no longer viable for the designed use. An on-going concern, on the other hand, has “value in use,” noting that a potential purchaser of such an on-going concern would certainly pay more for it than for a vacant dealership. Recent appraisals were for properties seen below.
Over the years, we have appraised numerous bank facilities. These, like auto dealerships, are designed and built for one primary purpose. However, there are purchasers in the market who buy these properties for adaptive re-use – usually for conversion to office space, or retail below with office space above for two story properties. Recently appraised properties are shown below:
Assisted Living Facilities
The value of these special purpose properties are directly related to occupancy percentages, rates charged, Medicare / Medicaid applicability, and number of beds. There can be a large divergence in value of two similarly sized facilities based on these valuation factors. Recent properties we appraised are shown.
Recreational facilities are very unique properties in that value can be related to number of members and membership fees. Often, a market approach is used to determine value, but the cost approach, wherein the specialty components are valued by costing them and depreciating for age, is very relative. Recent properties appraised are shown:
There are many other special property categories which, from time to time, require appraisals. Some of those we have appraised are shown following.
We have performed numerous appraisal assignments of national retail locations. These, like other special use properties, take great care – specifically in consideration of the typical long term leases in place. Such locations bring premiums in the market for rental, as they are typically very high profile and visibility – and often are corner sites on major highways. Such properties we have appraised are shown:
Industrial properties can be unique within themselves. Such properties are specifically designed and built for different purposes, including production, distribution, product or mechanical servicing, and warehousing. Each use has specific construction characteristics, including docks, drive-on slab floors, numerous overhead doors, multi-ton trollies, refrigerated storage areas, or combinations of these dependent upon use. Three of the more significant we have appraised within the past three years are shown.
Conservation easement appraisals are prepared for landowners who wish to restrict future use of a property, typically to prevent its future development in order to ensure its perpetual use as undisturbed recreational lands. This is done in in exchange for tax credits which can be used by IRS to offset income taxes. These are prepared for various users, primarily Land Trusts, and are prepared by various guidelines – the most common being US Treasury and USFLA (“Yellow Book”) guidelines. A working knowledge of correct procedure is incumbent upon an appraiser, as many of the appraisal reports are reviewed/audited by IRS. We have appraised numerous of these, including those with historic improvements. Several are shown below.
We have appraised numerous convenience stores (“C-Stores”) over the years; and recently, a full service truck stop / restaurant / retail use property. See below:
We are specialists in performing appraisals for court testimony. Such appraisal assignments are often performed for divorces, partnership divisions, property damage disputes, property tax disputes, and settlement of estates, among other reasons. Mr. Carter has logged many hours preparing appraisals for litigation, and many hours providing court testimony.
While appraisers are allowed to serve as “advocates” in such testimony, our firm NEVER acts in advocacy. We always seek true market value of properties without bias toward or against any specific client.
We offer this service for individuals and for attorneys. A sample list of attorneys for whom we have served is as follows:
Please feel free to contact any attorney listed for references!
EASEMENTS / EASEMENT RIGHTS
Over the years, we have been requested to appraise easement rights for numerous clients, including attorneys, individuals, GA DOT, and local municipalities. Two of the more significant have been the appraisal of over 100 properties for the Bear Creek Water Authority for the rights-of-way for water lines from the Bear Creek Reservoir; as well as over fifty properties for the SPLOST Authority for acquiring rights for the Athens Greenway.