PROPERTY EVALUATION (RESTRICTED REPORT)
VALUATION CONSIDERATIONS
IMPACT ON VALUE
Legal Possibility: The subject easements are located in a residential area of Cathedral City. Even so, the zoning restricts possible development as all uses require either a PUD permit or a CUP. Overall, it seems that the subject site would allow for a restricted number of uses.
NEUTRAL
Probable Use: Due to the unique configuration of the site, which generally consists of long, narrow strips, the possibilities for the site are somewhat limited. The most probable uses include incorporation of the easements into the abutting parcels, or possibly developing for use for parking or for small accessory buildings. Perceptions of Value: Overall, the market does discount these types of easement areas, given their perceived use of encumbered sites that are not used regularly by the dominant tenant. Even so, the buyer has been using the site and the need for access has thus far proved to have little effect on the overall utility. Market Reaction to Easement: Market reaction is expected to be average given that the proposed access easement would have little to no effect on the existing uses.
LOWER
HIGHER
NEUTRAL
Reputation of Easement Holder: We are unaware of any strong public perceptions of the Easement Holder
NEUTRAL
Rumors of Present or Future Changes: The southern portion of the site will continue to be used for parking while the eastern portion will provide access to a proposed dog park. Public Agency/Utility vs. Private Easement: The easement will be between a private entity and a public agency. While there will be a small access easement, the majority of the easement refers to subsurface rights. Expense Considerations: No taxes are currently associated with this parcel since it is owned by a utility. However, the land will be taxed once sold as Outdoor Resorts is not tax exempt.
NEUTRAL
LOWER
LOWER
In addition, we have also considered the Easement Valuation Matrix presented by Donnie Sherwood MAI, FRICS in an article from the November/December 2014 issue of Right of Way Magazine:
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