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Highest and Best Use Analysis Redevelopment site located at 5801 and 5809 Annapolis Road Cleverly, MD Prince Georges County Redevelopment Authority February 2018www.greendooradvisors.consecutive Summary
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How to fill out highest and best use
How to fill out highest and best use
01
To fill out the highest and best use, follow these steps:
02
Identify the property: Begin by gathering information about the property, such as its location and current use.
03
Conduct market research: Analyze the current real estate market and identify potential uses for the property that would maximize its value.
04
Evaluate zoning and regulations: Understand the zoning laws and regulations that apply to the property and determine what types of developments are allowed.
05
Analyze economic factors: Consider economic factors like demand, supply, and market trends to determine the feasibility of different uses for the property.
06
Consider physical characteristics: Assess the physical characteristics of the property, such as size, topography, and infrastructure, to determine its potential use.
07
Determine the highest and best use: Based on the information gathered, determine the use that would result in the highest value for the property.
08
Document findings: Clearly document the analysis and reasoning behind the chosen highest and best use to support your conclusions.
Who needs highest and best use?
01
Anyone involved in real estate development or investment can benefit from understanding the concept of highest and best use.
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Real estate developers use the concept to identify the most profitable use for a property before investing in its development.
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Real estate investors analyze the highest and best use to evaluate the potential return on investment before purchasing a property.
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Government officials and urban planners utilize the concept when making decisions about land use zoning and development regulations.
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Appraisers and valuation experts consider the highest and best use to assess the market value of a property.
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Overall, anyone involved in buying, selling, developing, or appraising real estate can benefit from understanding and applying the concept of highest and best use.
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What is highest and best use?
Highest and best use is the legally permissible, physically possible, financially feasible, and maximally productive use of a property.
Who is required to file highest and best use?
Property owners or appraisers are typically required to determine and report the highest and best use of a property.
How to fill out highest and best use?
To fill out highest and best use, gather information on the property's current condition, zoning regulations, market trends, and potential uses.
What is the purpose of highest and best use?
The purpose of highest and best use is to determine the most valuable and profitable use of a property to maximize its potential.
What information must be reported on highest and best use?
Information such as property condition, zoning regulations, market analysis, and potential uses must be reported on highest and best use.
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