Okay, so my first huge narrative appraisal report was assigned to me and I took a week off from job #2 and postponed my Valentine train trip to work on it so I could turn it in on time. It was 2.5 acres of land with an existing 10 houses however the assignment was to appraise the parcel as if it were vacant today. Problem in doing this was that the land was rezone an R-6. This means that one home per 6000 square feet is allowed whereas other parcels currently for sale in the area or even several many miles from the area are either zone R-43 which is one home per acre or they are already split and built into R-6 subdivisions.
All of the available vacant land parcels were R-43 which gave the subject an adjustment in its favor because as an R-6, it's more valuable. Here's where it got interesting, or should I say, frustrating. How do you find a parcel that was once an R-43 that has been rezoned to an R-6 or even an R-8 to determine it's value and make the according adjustment? Well after an entire weekend of going thru fiche, film, online sites, and Phoenix zoning and planning...good old common sense prevailed. My partner and I know of someone who bought a home that was recently rezoned. Much research was necessary to find the origin of sale and the value, blah blah blah...but, we came up with the figures, percentages, and therefore the adjustment. I know this is probably terribly boring however I love research and actually being able to complete the task was just over the top. Of course in the middle of it I don't think those were words or thoughts I used.
Anyway, the project was completed and awaiting my boss's review to ensure I was on target. Today I got the news that not only was it spot on, but that he's pleased as punch at my work and how quickly I've caught on which only strokes my Type-A, over-acheiving personality. So...while I've been away from blogdom and have only taken time out to read vs. type up anything, now you know. Oh, the client called this afternoon and changed the scope so now there's more research to be done but along with that comes more money more money more money...so I'm quite pleased with that indeed!