Chapter $16$ Worksheet

Highest and Best Use

This assignment is a lot like the textbook activity $16\mathrm{.}1$ on page $170.$ Obviously some of the data

has been changed.

Highest and best use of the land as though vacant and of the property as improved may change

depending on the land value of the subject property. Remember that land is always valued as

though vacant and available to be put to its highest and best use.

First Street is a busy thoroughfare with commercial potential. Sherman Avenue is not a

busy street and has no commercial potential.

The lots along First Street and Sherman Avenue are improved with nearly identical

homes by a tract production builder. All the lots are the same size square feet$).$

All improvements are physically the same in terms of age, condition, quality, etc.

All sales are current and no sales have financing concessions.

The properties facing Sherman Avenue are zoned residential only $($commercial is not

allowed$).$

The properties facing First Street are zoned residential$/$commercial$,$ which allows for both

residential and commercial uses.

It will cost approximately $$6,000$ to raze any of these homes.

The subject property is lot $3$ and faces First Street and is $9,800$ square feet.

Use the following comparable sales to help in your calculations:

Lot $1$ First Street sold for $$280,000$

Lot $7$ First Street sold for $$280,000$

Lot $10$ First Street sold for $$280,000$

Lot $15$ Sherman Avenue sold for $$300,000$

Lot $18$ Sherman Avenue sold for $$300,000$

Fill in the blanks of the following table based on the lot descriptions and the land values given: