Appraisal Matters

During the past few years of explosive growth, the highest and best use for marinas very often was NOT as a marina.  Many traditional marinas changed to mixed use or condominium developments, especially in the southeast.  Now that that the real estate bubble has burst, development is often not the highest and best use of [...]

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When functional obsolescence is present at a marina, it is usually one of two types:  Those that affect the marketability and value of the marina (which I call supply-side obsolescence) and those that are recognized by boaters (demand-side obsolescence; again my term).
From marina surveys I’ve recently performed, there is a clear and almost universal pattern [...]

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So if the transaction amount is materially greater than the market value as shown by comparables or via another approach to value, is the seller and buyer just wrong about market value or do they know something that the market or the appraiser does not?  What exactly is the difference between the higher transactional value [...]

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