Real Estate Appraisals Services

The vendor required to provide real estate appraisers familiar with the real estate market who possess a recognized professional designation, to complete a series of real estate appraisals as selected by the town assessor.
- Appraisal requirements
•    Each appraisal must explore each of the three approaches to value, i.e., cost, income capitalization and comparable sales.
•    A detailed description of each neighborhood is required along with a careful analysis of its influence on value.
1. Cost approach
•    The basic land value must be carefully established using comparable sales. 
•    Items of comparison should include location, zone, shape, topography, state of sale, etc.
•    The Marshall valuation service manual. 
•    If an actual cost can be found, it may be trended up to current day values
•    These include class, type, floor area and perimeter multipliers, story height multipliers, multi-story adjustments, sprinkler system additions, elevator adjustments if required and HVAC adjustments if required, etc.
•    Basements, mezzanines, canopies and balconies should be shown separately. 
•    Outside improvements such as tanks, docks, paving, fencing, lighting, etc. must be accounted for.
2. Income capitalization approach
•    The income approach to value must be considered. 
•    Since the subject properties are owner occupied, leases, vacancy rates and expenses of comparable properties must be investigated.
3. Comparable sales approach
•    Value is determined by comparing the subject property with sales of comparable properties. Sales must be adjusted for time of sale, size, condition, zone, conditions of sale (financing, etc.), functionality, land building ratios, etc.
- Correlation
•    The successful respondent will decide which approach or approaches is indicative of value and explain his reasoning.