Appraisal Matters

The income approach always needs to be included in a marina appraisal.  It’s how the market works and thinks.  It’s not an owner occupied property like a single family residence… it’s an investment in a business, so the report isn’t exactly civilized if it’s excluded.

The Expensive Omission

I laugh when I seen a marina income approach with . . . → Read More: How to Tell a Bad Marina Appraisal – Part 6 of 7

Let’s summarize what you need to look for in a marina appraisal to determine if you’ve been sold a “bill of goods”.

The fee for this special purpose property is cheap, like $2,500, $3,000 or $3,500.
The number of pages in the market section is far greater than the total number of pages devoted to the part you . . . → Read More: How to Tell a Bad Marina Appraisal – Part 7 of 7

It’s time for the approach to value I love to hate:  the Cost Approach.

The Biggest Problem with Using the Cost Approach for a Marina

When you find that there is no sales comparison approach but there is an income approach and a cost approach, that will tell you you’ve got a bad appraisal.  That may seem harsh, . . . → Read More: How to Tell a Bad Marina Appraisal – Part 5 of 7