Biota and Habitat Analysis: Field Survey and Site Characteristics.

Importance of field survey❓ and Site Analysis:

• Identifying factors affecting value (positively or negatively).
• Determining the optimal use of the site.
• Providing an objective basis for comparison with similar properties.
• reducing❓ risks by identifying potential negative factors.
• Supporting the appraisal process and enhancing report credibility.

Data Sources for neighborhood❓ and Site Analysis:

• Primary Data Sources:
  • Field Survey: The appraiser❓ visits the neighborhood or site, observing and recording its characteristics.
  • Interviews: Conducting interviews with local real estate professionals (brokers, appraisers, lenders, property managers) and property owners.
• Secondary Data Sources:
  • Government Data: Urban planning records, population census data, land use maps, real estate tax data.
  • Private Data: Real estate research reports, marketing data, insurance company data.
  • Websites: Municipal websites, real estate company websites, map websites.

Steps for Neighborhood Field Survey:

1. Defining Neighborhood Boundaries:
   • Consider natural factors (rivers, mountains) and artificial factors (major roads, railroads, land use changes, educational zone changes).
   • Draw a map of the neighborhood boundaries.
   • Example: The neighborhood may be a specific residential subdivision or a broader or narrower area.
2. Determining Neighborhood Type:
   • Residential (villas, apartments, residential complexes).
   • Commercial (offices, shops, shopping centers).
   • Industrial (factories, warehouses).
   • Agricultural (farms, agricultural land).
   • Mixed (combining different types of uses).
3. Physical Characteristics and Neighborhood Planning:
   • Street design (grid, circular, winding).
   • Presence of green spaces and gardens.
   • Presence of public facilities (schools, hospitals, police stations).
   • Quality of infrastructure (roads, sanitation, water, electricity, communications).
4. Development Ratio:
   • Estimate the percentage of developed land compared to undeveloped land.
5. Manifestations of Change:
   • Observe new buildings under construction.
   • Observe renovation and renewal work on existing buildings.
   • Observe the level of maintenance of buildings and properties.
6. Quantity, Age, and Condition of Properties:
   • Estimate the number of properties of different types.
   • Estimate the average age of properties in the neighborhood.
   • Assess the condition of properties (excellent, good, average, poor).
7. Traffic Patterns:
   • Observe traffic density at different times of the day.
   • Observe traffic congestion problems.
   • Observe the quality of public transportation.
8. Presence of Negative Factors Affecting Value:
   • Landfill sites.
   • Wastewater treatment plants.
   • High-voltage lines.
   • Noise.
   • Pollution.
   • Crime.
9. Overall Neighborhood Quality and Attractiveness:
   • Assess the overall aesthetics of the neighborhood.
   • Assess the level of safety.
   • Assess the availability of services and facilities.
   • Assess the attractiveness of the neighborhood to different age and social groups.
10. Noting Observations on a Neighborhood Map:
    • Note important locations, traffic congestion areas, and negative factors affecting value.

Site Data:

• The site is defined as land prepared for use through leveling, paving, access development, and provision of facilities.
• Distinction between the site and existing improvements (buildings, etc.) for:
  • Optimal use analysis.
  • Providing data for valuation techniques like the cost approach.
  • Requirements of the valuation task.

Site Description:

• Note whether property boundaries match the legal description, and any apparent encroachments.
• Note the location of any easements benefiting or burdening the property.
• Verify property boundaries as shown on the site map.
• Note the width and depth of the lot and the location and dimensions of any frontage.
  • Width: The dimension of the site measured parallel to the street.
  • Depth: The opposite dimension, perpendicular to the street.
  • Frontage: The length of the property boundary where it adjoins a street or body of water.

Other relevant characteristics include land contour (slope), soil properties, and climate. Note any problematic characteristics (steep slopes, poor drainage, exposure to high winds) and favorable characteristics (sun exposure, gently rolling terrain, pleasant views).

Physical Data

Physical site data includes information about the land itself, its location, and any site improvements.

1. Dimensions:
   • Show in feet if the site is a regular rectangle. Otherwise, include a plot plan as an attachment.
   • (Sites less than one acre: size in square feet. Sites one acre or more: size in acres to two decimal places. Include the unit of measurement “sf” or “ac”.)
   • If the total area cannot be accurately calculated, express the area as “MOL” for “more or less.”
2. Shape: Describe the shape of the land (rectangular, triangular, irregular).
3. View: Appraise the impact on value and marketability through the view as either typical, beneficial or adverse and describe nature of view such as water, pastoral, woods etc.
4. Specific Zoning Classification: Provide the specific zoning classification.
5. Zoning Description: An attachment from zoning authorities describing permitted uses may be required.
6. Zoning Compliance: Indicate if the current use is legal, legally non-conforming, no zoning, or illegal use. Explain any illegal use.
7. Highest and Best Use: Indicate if the site is currently used for its highest and best use. Describe the value impact if a different use is better.
8. Utilities: Indicate if utilities (electricity, gas, water, sewer) are public or private. If private, specify (propane, well, septic system, etc.)
9. Off-Site Improvements: Indicate if the street or alley is public or private. Sidewalks, drains, and lighting also are important and should be covered.
10. FEMA Flood Hazard Area: Indicate if the property is in a flood hazard area as shown on the FEMA map (Area “A” or “V” = yes, “B”, “C”, “D”, etc = no). Enter the zone, map date, and map number.
11. Are the Utilities and Off-Site Improvements Typical for the Market Area?: Indicate “yes” or “no”.
12. Are There Any Adverse Site Conditions or External Factors (Easements, Encroachments, Environmental Conditions, Land Uses, Etc.)?: Indicate “yes” or “no” and describe. Not required to verify recorded easements for a residential appraisal report but note any adverse usage.

Use of Mathematical Formulas and Equations (Where Applicable):

• Development Ratio Calculation: (Developed Area / Total Area) * 100
• Traffic Density Analysis: Mathematical equations can estimate the impact of traffic density on property value.
• Noise Impact Estimation: Equations can estimate the decrease in property value due to noise exposure.

Practical Applications and Relevant Experiences Examples:

• Example 1: Valuing a residential property near a train station, assessing the positive (easy access) or negative (noise) impact.
• Example 2: Valuing a commercial property in an industrial area, assessing the suitability of the location.
• Example 3: Valuing vacant land in a residential neighborhood, determining the optimal use (house, apartments, etc.).
• Example 4: Valuing a property damaged by flooding, assessing the impact and repair possibilities.
• Example 5: Valuing a property in a polluted area, assessing the extent of pollution and the cost of remediation.