EPIC Appraiser, James Arnett, MAI, Featured in IRWA Newsletter – “Interim, Nonconforming, and Highest and Best Uses”

The Oregon Chapter of the International Right of Way Association (IRWA), Beaver State Chapter 3, featured EPIC’s Senior Appraiser, James Arnett, MAI, in the February 2022 issue of the chapter newsletter, “Beaver Tales.”  James’ article, discussesthe “Interim, Nonconforming, and Highest and Best Uses.”  In this article, James explains the difference between “Grandfathered use” and “Interim Use” and how these terms are applicable in today’s market. The question is: how to appraise a residential property in a commercial zone where there is no demand for commercial use? James admits to seeing more of these type of appraisals “as statewide ADA projects begin in many of Oregon’s smaller, rural communities.” The highest and best use determines the appraisal value, however, “there are multiple ways to view an appraisal problem and different appraisers will take different approaches.”  To determine value, James boils it down to one question: “how does an interim use factor into the highest and best use conclusion and can interim or nonconforming site improvements have contributory value?” James will explore different scenarios in determining highest and best use, the demand, and how timing and depreciation figure in. Learn more about the difference between nonconforming and interim uses and how they relate to highest and best uses and factors that determine the outcome of value.

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