Specifications include, but are not limited to: Vendor shall analyze the regional and local area economic profiles including employment, population, household income, and real estate trends. The local area should be studied to assess the general quality and condition, and emerging development trends for the real estate market. The immediate market area should be inspected and examined to consider external influences on the subject. Vendor shall confirm and analyze legal and physical features of the subject property including, but not limited to, sizes of the site and improvements, flood plain data, seismic zone, zoning, easements and encumbrances, access and exposure of the site, and construction materials and condition of the improvements. This process also included estimating the remaining economic life of the improvements, analysis of the subject’s site coverage and parking ratios compared to market standards, a process to identify deferred maintenance and a conclusion of the subject’s overall functional utility. Vendor shall complete a market analysis that includes market and sub-market overviews. The overviews should analyze supply/demand conditions using vacancy, absorption, supply change and rent change statistics. A conclusion should be drawn regarding the subject property’s competitive position given its physical and locational characteristics, the prevailing economic conditions and external influences. Vendor should conduct a Highest and Best Use analysis, determine the highest and best use of the subject property As-Vacant and As-Improved. The analysis should consider legal, locational, physical and financial feasibility characteristics of the subject property. Development of the Highest and Best Use As-Improved explored potential alternative treatments of the property including demolition, expansion, renovation, conversion, and continued use "as-is." Vendor shall confirm and analyze financial features of the subject property including, but not limited to, historical and budgeted income/expense data, rent roll, and tax and assessment records. This information as well as trends established by confirmed market indicators should be used to forecast performance of the subject property. Selection of the valuation method should be based on the intended use, intended users, definition and date of value, relevant property characteristics and assignment conditions of the following categories: • Vacant Parcels (includes forested land, wetlands, agricultural land). • Improved Parcels/Residential Parcels with ability to appraise structures and residential homes. • Commercial Parcels with ability to appraise structures/commercial buildings. • Conservation Easements • Historic properties (including land and structures, i.e. homes and outbuildings) Reporting of the appraisal is in an Appraisal Report format as required by USPAP or UASFLA as required. Vendor’s analysis and conclusions should be described within this document.
