The concept of damages Vacant residential lot Zoning requires a minimum lot size of 9000 SF If lot reduced below minimum no building permit will be issued Before situation Showing taking in situation 1 ID: 911976
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Slide1
Cost to Cure
A limited appraisal technique to reduce damage payments
Slide2The concept of damages
Vacant residential lot
Zoning requires a minimum lot size of 9000 SF
If lot reduced below minimum, no building permit will be issued
Slide3Before situation
Slide4Showing taking in situation 1
Slide5Showing taking in situation 2
Slide6Illustration of cost to cure
Retail stores with dumpster screening enclosure
If enclosure is taken, it must be replaced or the property cannot be used as retail
Cure may consider construction of new enclosure
Cure may necessitate changes to parking lot space layout.
Slide7Before situation
Slide8Showing taking
Slide9Cut and Re-face in cost to cure
Small take from rear of grocery store
Assumption is current use is highest and best use; and that “cure” offsets more damages than it cost of the cure.
Slide10Title here
Slide11Basic Rules
Cost to cure should be addressed in appraisal Scope of Work
Cure must be physically and economically prudent
Adjacent land
cannot be considered
in cure*
Cost to cure cannot exceed the diminution of value that would occur without the cure
* State law varies