Consider places as a point within many other points all related.
For Broker Price Opinions the essence of establishing value depends on one's understanding of an area, a street, a specific lot and how the places respond to the spaces.
One has to consider how the public spaces go down to private spaces whether commercial or residential type properties.
Considerations of access to a piece of real estate plays an important role in determining value.
How easy is it to get from one place to another? How large or small is the property in question? If one is going to build on an empty lot, how easy or hard is it to access the property to bring in a crane, or place building materials while building?
An appraiser may or may not consider nor care in their appraisal of such a property...using the John Anthony Realty approach we listen to our clients...and what their intent is....for a place is not a place unless it is a good place for your end needs or the end user. This is a "value" requiring more insight than the standard appraisal or BPO. One may have to go beyond to consider the sense of place as opposed to strictly a cost or income approach.
What is more important? The ROPE or what the rope ties to?
This is the question that the person with the noose wonders about just once. It is also the question sailors may ask when "the sheets" (Sailor talk for rope) is being pulled and the wind shifts.
When one looks at a property there are many more facets to simply look at beyond a piece of land, a piece of dirt.....what is more important is knowing the bundle of rights associated with the property and how you, the owner, buyer or investor understand those bundle of rights. Rights such as zoning, limitations on building, drilling, renovating and other words ending in "ing".
The bundle is more important than the rope that ties the bundle of rights together.
When considering a Broker Price Opinion, consider the approach used and make sure the report includes and interprets the "Bundle of Rights" as it applies to your or your clients needs relative to time and space.
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