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Posts tagged right of way
Surveyor property appraisals
Oct 22nd
Formal property appraisals play a key role in the final determination of individual property values, and therefore in the final determination of parcel-specific ROW (right of way) costs. The most common and accepted valuation method is the sales comparison approach, which requires access to recent and relevant arms-length sales data. Other accepted valuation methods include the income and the cost approaches (FHWA, 2002a, Wurtzebach and Miles, 1991). The income approach may be used for commercial or investment properties, by considering gross rent, vacancy rates, and typical operating expenses, in order to estimate net income. The cost approach evaluates the replacement cost, and subtracts depreciation or obsolescence of the existing structure. This last approach is only used in cases where special purpose improvements develop the property to its highest and best use (FHWA, 2002a). In addition to being the most common and accepted method, the sales comparison approach is generally the easiest method to use. Comparable sales, listings, or rental data may be obtained from appraisal districts, title companies, private appraisers, and/or online data services. This method is most helpful in assessing the value of single-family residential properties and raw land, where sales data are plentiful (Wurtzebach and Miles, 1991). Sales data for commercial properties are relatively limited and more difficult to obtain (Carey, 2001, Gatzlaff and Geltner, 1998). This research enhances the literature by providing predictions of commercial property values, based on a large sample of commercial sales transactions for Texas’s major metro areas. These data are described in the Data Assembly section.
Cited from (http://www.ce.utexas.edu/prof/kockelman/public_html/TRB04ROW.pdf)
By Jared D. Heiner
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Right of way Acquisition
Oct 22nd
Right of way (ROW) acquisition for highway and transportation projects can be very expensive and time consuming. The federal government spent nearly one billion dollars for ROW in fiscal year 1999, at an average federal cost of $36,400 per parcel (FHWA, 2003). States and local agencies spent $1.8 billion in the same year, on projects subject to federal acquisition regulations. An additional $100 million in federal and state funds was paid to displaced business and property owners for reestablishment and relocation assistance (FHWA, 2003). The federal totals represent approximately 4 percent of total federal funding for highways in 1999 (AASHTO, 2002). Accurate ROW cost estimation can be key to project budgeting and completion.
Texas ROW administrators report a number of challenges routinely encountered in ROW cost estimation (Kockelman, anticipate the extent of takings based on limited information. Second, administrators often have limited time to prepare estimates, thus restricting the amount of research that can be undertaken for complex parcels. Third, they typically prepare ROW estimates several years in advance of actual ROW acquisition, during which time significant inflation and speculation can occur, resulting in property and damage appreciation. Administrators (both urban and rural) report that this time interval is typically three years, but it may stretch to seven years in some cases (Kockelman, et al., 2003). First, early estimates are based on planning-level maps, so project administrators mustet al., 2003). These factors can easily combine to bias ROW cost estimates low.
Cited from (http://www.ce.utexas.edu/prof/kockelman/public_html/TRB04ROW.pdf)
By Jared D Heiner
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