Posted by RR Smith on February 12, 2000 at 12:02:17:
Possibly the appraised price is for a lesser use. The bidders who were bidding top dollar where going to use the property for something COMPETELY DIFFERENT. In REI we call this the quest for highest use. By finding the lands highest use REI ad value the same way rehabers do… In other words if you can rezone a SFH lot to small aptments then you are sifting up from residental to small time commerical. The same would apply from large commerical to small time industrial, etc. shifting up adds value.