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HOUSE_OVERSIGHT_018816.jpg
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Extraction Summary
2
People
4
Organizations
2
Locations
1
Events
2
Relationships
3
Quotes
Document Information
Type:
Property valuation report page
File Size:
1.69 MB
Summary
This document is page 6 of a property valuation report for the IGY American Yacht Harbor Marina, likely prepared by the firm 'irr'. The report confirms the valuers' independence, their compliance with RICS standards in the Caribbean, and specifies that all financial figures are in USD. It justifies the use of the income capitalization approach as the primary valuation method, deeming the sales comparison and cost approaches inapplicable due to the property type and lack of market data.
People (2)
| Name | Role | Context |
|---|---|---|
| RICS members | Valuers / Appraisers |
The document states compliance with the RICS Valuer Registration program is mandatory for RICS members in the Caribbe...
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| External valuers | Appraisers |
The authors of the report identify themselves as 'unbiased, independent, external valuers'.
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Organizations (4)
| Name | Type | Context |
|---|---|---|
| RICS (Royal Institution of Chartered Surveyors) |
Mentioned in the 'RICS Valuer Registration' section, indicating the valuers are compliant with its program.
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| irr |
The logo appears in the bottom right corner. This is likely the firm conducting the valuation, Integra Realty Resources.
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| IGY American Yacht Harbor Marina |
Mentioned in the footer, this is the subject property of the valuation report.
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| House Oversight |
The Bates number 'HOUSE_OVERSIGHT_018816' in the footer indicates the document is part of a collection for a U.S. Hou...
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Timeline (1 events)
A property valuation was conducted for the IGY American Yacht Harbor Marina. This page outlines the methodology, stating the income capitalization approach was used, while the cost and sales comparison approaches were not.
IGY American Yacht Harbor Marina
irr (valuers)
Locations (2)
| Location | Context |
|---|---|
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The location where the RICS Valuer Registration program is mandatory for its members.
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The specific property being valued.
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Relationships (2)
The document is a valuation report by 'irr' for the 'IGY American Yacht Harbor Marina'.
The report confirms compliance with the RICS Valuer Registration program.
Key Quotes (3)
"We hereby confirm that we have no conflicts of interest or material involvement in the property which is the subject of this valuation; and that we are acting as unbiased, independent, external valuers."Source
HOUSE_OVERSIGHT_018816.jpg
Quote #1
"The income capitalization approach is the most reliable valuation method for the subject due to the following:"Source
HOUSE_OVERSIGHT_018816.jpg
Quote #2
"There are insufficient sales of comparable properties in this market from which to derive a credible value conclusion."Source
HOUSE_OVERSIGHT_018816.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (2,117 characters)
General Information
6
6
Independence
We hereby confirm that we have no conflicts of interest or material involvement in the property which is the subject of this valuation; and that we are acting as unbiased, independent, external valuers.
We hereby confirm that we have no conflicts of interest or material involvement in the property which is the subject of this valuation; and that we are acting as unbiased, independent, external valuers.
RICS Valuer Registration
We confirm that we are in compliance with the RICS Valuer Registration program, which is mandatory for RICS members in the Caribbean region.
We confirm that we are in compliance with the RICS Valuer Registration program, which is mandatory for RICS members in the Caribbean region.
Currency
Unless otherwise stated, all financial figures in this report are expressed in United States Dollars.
Unless otherwise stated, all financial figures in this report are expressed in United States Dollars.
Scope of Work
To determine the appropriate scope of work for the assignment, we considered the intended use of the appraisal, the needs of the user, the complexity of the property, and other pertinent factors. Our concluded scope of work is described below.
To determine the appropriate scope of work for the assignment, we considered the intended use of the appraisal, the needs of the user, the complexity of the property, and other pertinent factors. Our concluded scope of work is described below.
Valuation Methodology
Appraisers usually consider the use of three approaches to value when developing a market value opinion for real property. These are the cost approach, sales comparison approach, and income capitalization approach. Use of the approaches in this assignment is summarized as follows:
Appraisers usually consider the use of three approaches to value when developing a market value opinion for real property. These are the cost approach, sales comparison approach, and income capitalization approach. Use of the approaches in this assignment is summarized as follows:
Approaches to Value
Approach Applicability to Subject Use in Assignment
Cost Approach Not Applicable Not Utilized
Sales Comparison Approach Not Applicable Not Utilized
Income Capitalization Approach Applicable Utilized
Approach Applicability to Subject Use in Assignment
Cost Approach Not Applicable Not Utilized
Sales Comparison Approach Not Applicable Not Utilized
Income Capitalization Approach Applicable Utilized
The income capitalization approach is the most reliable valuation method for the subject due to the following:
- The probable buyer of the subject would base a purchase price decision primarily on the income generating potential of the property and an anticipated rate of return.
- Sufficient market data regarding income, expenses, and rates of return, is available for analysis.
- Sufficient market data regarding income, expenses, and rates of return, is available for analysis.
The sales comparison approach is not applicable to the subject because:
- This approach does not reflect the primary analysis undertaken by a typical investor-purchaser.
- There are insufficient sales of comparable properties in this market from which to derive a credible value conclusion.
- There are insufficient sales of comparable properties in this market from which to derive a credible value conclusion.
The cost approach is not applicable to the subject considering the following:
IGY American Yacht Harbor Marina
irr
HOUSE_OVERSIGHT_018816
irr
HOUSE_OVERSIGHT_018816
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