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Perform a highest and best use analysis on two properties - Essay Example

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Summary to essay on topic "Perform a highest and best use analysis on two properties"
The first property is a building in which I live. It is a highly unmaintained building, which consists of six flats. The roof of the building is damp and the sewerage system needs immediate attention. The overall look of the building is very dingy and it needs to be spruced up in all areas…
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Download file "Perform a highest and best use analysis on two properties" to see previous pages... The building is in urgent need of total maintenance. Keeping in mind the cost of buying a flat in this building and then contributing 1/6 of the total cost of renovation is high. But to make my flat financial feasible to the prospective buyer as well as lucrative enough for me to sell, I will have to invest money in its renovation.
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Then only can it be termed financially feasible from both the buyer and seller's point of view. There is no question of the supermarket not being financially feasible. Since it is a recent construction, there will hardly be any renovation required for a long time to come. This supermarket is economically doing fine so it is at its highest and best use.
Legal conformity: Both the properties are legally fine. The only thing is that the residential building can legally never be converted into a commercial property as it is situated in an area meant for residential houses.
Maximal productivity: Both the properties are maximally productive. The flat in which I live will guarantee highest net value to the developer because of the area in which it is situated. The supermarket is fit in all aspects and is unquestionably maximally productive.
Physical possibility: Both the properties scored well in the physical possibility test. Keeping in mind the topography, shape, size and other attributes of the sites, any potential future use will not be a problem for both the sites.
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