Appraise Nevada Eminent Domain / Takings Page

Builders in Nevada are in touch with housing demand and must compete with the massive oversupply of homes that periodically flood the market, that have been the result of short-sales and REOs.

In late 2011 and early 2012 the supply of REO's and short sales was reduced due to additional bank foreclosure requirements, which sent more buyers to new homes. The use of judicial foreclosures may again bring many foreclosure properties to market later this year.

While there are new subdivisions being developed, by builders who can cut costs to the bone, if you watch them you will see that many are developing very slowly.

UNLV's Center for Business & Economic Research publishes its Southern Nevada Index of Leading Indicators each month and notably a couple of hundred home permits were being issued each month in late 2011. Its something, but its a snails pace compared to when times were good.

It is expected that it will take still more time to stabilize the housing market, and a turnaround will depend on an improvement in national and local economic conditions.

UNLV's CBER projections are saying 2014 or 2015 are the turnaround years.

Appraisal Articles

Nevada Commercial Real Property

USEFUL DEFINITIONS:

1. Highest and Best Use: It's not what you want to do with your property. For appraisers it is the “reasonably probable” and legal use of vacant land or improved property, which is physically possible, appropriately supported, financially feasible and that results in the highest value. Sometimes called the “optimum use.”

Zoning, Probability of Rezoning, Land
Use Plans and appraiser judgment based on analysis all can enter into a final highest and best use determination.

The highest and best use may or may not be the currently improved use.

2. Fair Market Value: For condemnation purposes appraisers are bound by definition provided in Nevada Revised Statute (N.R.S. 37.009). There are several other definitions of market value including the "federal" definition. Appraisers must provide the definition that they used and their source in an appraisal report.

3. Just Compensation: is the "fair market value" of the property and any consequential damages.

4. Partial Interest Taking: Typically only a portion of a property is taken from a property owner for roadway widening, power lines, drainage channels or other public uses. The parcel that is left is described as the "remainder."

5. Before and After Appraisal: Appraisers typical need to know the value of a property both before the taking and after the taking.

So. NV Home Builders Assn.
Home Builder's Association NV
Hanley Wood Market Intelligence
Housing Supply / Demand, More
UNLV Center for Business & Economic Research
Vegas Housing Market Conditions