Valbridge Property Advisors | Boston helped a family settle their estate tax matters through the appraisal of one 194-acre vacant land site that spans two communities and four different zoning districts in Shrewsbury and Boylston, MA. The property underwent little planning or engineering work done prior to the decedent’s death, so the quantifiable support of its development potential was a central challenge. To add complexity, access to the site for development purposes would hypothetically require the purchase of one or more adjacent parcels.

The appraisal relied on fourteen comparable land sales which bracketed various degrees of development potential ranging from entitled land to unpermitted land with no contingencies. These comparable sales were then analyzed on a price-per-acre basis and then on a price-per-buildable-square-foot (also known as floor area ratio (FAR)) basis. The latter analysis was then applied to an estimated FAR for the subject. Recent developments completed near the subject lent a hand in determining a reasonable permissible FAR that could be used in this calculation.

This assignment is a typical example of the complex appraisal problems we enjoy solving. The work we do makes a difference in our clients’ lives and in the communities they serve.