Property Valuation
What is 'plottage value' in Oregon real estate?
AThe value added by landscaping improvements
BThe additional value created by assembling multiple smaller parcels into one larger, more useful parcel✓ Correct
CThe loss in value of a corner lot due to increased traffic
DThe appraisal adjustment for irregular lot shapes
Explanation
Plottage (or assemblage value) refers to the additional value created when multiple smaller parcels are combined into one larger parcel. The assembled parcel may be worth more than the sum of the individual parcels because of development potential, improved utility, or economies of scale. This is common in urban redevelopment in Portland and other Oregon cities.
Related Oregon Property Valuation Questions
- A property produces a net operating income (NOI) of $60,000 per year. If the capitalization rate is 6%, the property's estimated value using the income approach is:
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- In Oregon, an appraiser is valuing an older historic home in Portland's Irvington neighborhood. Which depreciation type would best describe the loss in value from a small bedroom that cannot be enlarged due to the historic designation?
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- What is a 'restricted use appraisal' (formerly called a 'restricted use report') under USPAP?
- An Oregon appraiser is asked to estimate the value of a vacant lot in Portland's Pearl District. Which approach to value is most appropriate?
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