Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1911-01-24

blocks when surveyed LOT use VI loI
the market were cut up into lots 20
feet wide by 100 feet in depth. This
subdivision came to be so common,
particularly in what is now the
Borough of Manhattan, that its ascer-
tanned value is the accepted basis from
which all values of city land are CAL
culated. The value Of such lot In
any block at or about the middle OF
the block is what we call the unit
value. and this value when ascer-
tanned Is the starting point OF every
appraisal.
Now this value is the measure in
money of the best use to which such
, a lot can be put, and the degree of its
usefulness becomes expressed in the
prices paid for such a lot or lots SIM
ilarly located and conditioned by buy
ers in the omen market. These quoted
prices where they are the outcome OF
agreements to buy and sell under
equal and normal conditions are the
Appraisers guide. These are the
FIRST facts he seeks upon which to form
a preliminary judgment of values
| all transactions embracing the sale
of property are matters of public rec
ord. and they are published by most
of the newspapers from day to day
and are grouped in more available
I
the Record and Guide, which issues
weekly and an annual publication
in which all transfers Of property
are shown for these respective periods
Self-indeXed.
Since all values are built upon the
value Of the land unit. 1t is absolute
ly essential to the correctness Of any
appraisal that the unit should be
truly estimated. If there should be
an error made in determining this
value correctly, all calculations based
thereon would give a false conclusion.
The prime essential. therefore, is the
true appraisal of the value of the
single lot, and when this is satisfac-
torily determined it is seldom diff
cult to conclude as to the value Of
any number of lots similarly situated.
| Assuming for example, that we are
requested to appraise the value OF a
plot of four city lots, 100 by 100, sit
uated at or near the middle or
block front, what is the practical
| process as inferred from the forego-
| ing?
There must first be physical in.
spection Of the property and caretui
survey of the surroundings. Lots
are usually appraised as at grade with
the curb of the street. If they are
pense of grading an important one.
due allowance must be made for the
cost of this operation. If they are
below grade. allowance must be made
| for this advantage. These allow
ances are based upon cost unit Tor
removal of rock and earth varying
from $1.25 to 50 per cubic yard, ac-
cording to the state of the labor mar
ket and care required in protecting
the adjoining Improvements.
The first value to be established IS
then that of the unit, or single city
| lot 25 by 100, standing alone and by
itself, but not so limited that it can
not be used together with adjoining
| property. This value must be what
| is known as the fair market value,
which is the price obtainable for 1t
when voluntarily offered for sale IN
the open market, but under equable
| and normal conditions to the COM
petition Of buyers.
Having carefully searched the rec
ords for sales tending 10 show such
market value and having arrived at
conclusion as to value OF such a iot
satisfactory to the judgment all otner
| lots adjoining it or near 1t VIII prop,
ably be worth, each the same. and
if the unit figure arrived at be Sl0,-
L ".
and the plot together is worth $40
600. plus 10 per cent, or $4,000. and
will be so appraised. This is the
simplest proposition in appraising.
The 10 per cent added to the ag-
gregate value of the four lots is called
plo tage. and this added value ac-
| rues by reason Of the more protitable
use to which the larger plot can be
put, because Of the economies 10 De
realized in the construction OF any
building thereon and the greater lati-
| tude afforded by the larger area in
planning of such building.
The common assignment Of 10 per
~en. as the. proper percentage or the
aggregate value, fairly representing
such plottage value, is the result or
the experience of appraisers in MAX
| ing their observations Of the various
data that are considered in the esti-
nation of land value, and The hgure
still works out as a fair one so far
as my own observations have eX-
| tended.
The next proposition in apprais-
ling city land values is more complex,
in that it introduces to your CONSIDER
alton the principal of relative values,
| thai is. the value which attaches 10
any lot by reason Of its situation IN
the block with respect to other lots.
| 1t is, however, the next proposition IN
order of simplicity. The example is
plot 100 by 100 (four city los of the
unit siZe) at the corner of any inter-
secting street and avenue, each lot
| facing 25 feet on the most important
of the two thoroughfares, which is
usually the wider of the two and is
called an avenue.
If the unit of value be assumed to
| be $4,000 we have the following pro-
cess and result as an appraisal of the
whole plot:
Lot furthest from corner. $1,000
| Next lot ............. lV'Voo
Lot adjoining corner lot s1O,-
| 900, plus 10 per cent -. ll,O0o
Corner lot is worth $1,000
plus 60 per cent or ...... 1900
| Total .......".... Sfo'ooo
| Add plottage, 10 per cent. 4,S6O
| Total appraised value .s53.46O
In this example Of four lots we
note that the land varies in value very
materially directly as it lies nearer
20 the corner, and that while the sec
ond lot is still estimated as of the
same value as the unit that the next
| lot gains 10 per cent over that value
and the corner lot gains 60 per cent
more of the value of the next ad-
la IL