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Valuation of Land

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  • Valuation of Land

    I’m in the process of transferring some land in the Turks and Caicos Islands and I need a valuation for Stamp Duty purposes. In the past 10 years there has only ever been one sale and completion for $120,000 It was on the market for over 12months and the vendor paid the purchasers stamp duty. I was therefore surprised when the RICS valuation came in at $170,000 a premium of 50%. Transaction levels are at an all time low so much so there is a temporary stamp duty discount of 75%
    The RICS Surveyor used a combination of 3 listing prices.
    They have all been on the market for a considerable length of time ( 3 years and more)
    I also contacted a respected North American Auction house who advised there was little or no appetite for land on the island at the present time. So much so he declined
    a request to list it for auction even without a reserve.
    I’ve limited time available to complete the transfer and I would appreciate any advice on how I can challenge this valuation.
    Many thanks.

    VALUATION METHODOLOGY 4.2 Valuation Approaches
    4.2.1 Comparable Sales Approach
    In terms of the relevant comparable sales to the subject properties we considered the following limited comparable sales from the TCREA Multiple Listing Service.
    Address Block Parcel # View Date Sold Price Sold Acreage US$/Acre DOM
    There is only one sale of a canal front property which was listed for sale in May 2012 and spent 936 days on the market before a sale was concluded in December 2014. This property was 50109/84 which had 100 linear feet of canal frontage and was 0.45 Acres. The sale even included the vendor paying the stamp duty on the sale for the purchaser. We spoke to the realtor involved and whilst the vendor wanted out, on the three years on the market this is the best offer received and no other sale has been achieved.
    We noted that the most recent listing was 50109/33 which was listed for a year from April 2017 to April 2018 at US$295,000 and was then withdrawn from the market without offer.
    The only other sale listed on this block is 50109/17 which a beachfront lot facing Parrot Cay which in our
    For information below
    4.0 VALUATION METHODOLOGY 4.2 Valuation Approaches
    4.2.1 Comparable Sales Approach
    In terms of the relevant comparable sales to the subject properties we considered the following limited comparable sales from the TCREA Multiple Listing Service.
    Address Block Parcel # View Date Sold Price Sold Acreage US$/Acre DOM
    There is only one sale of a canal front property which was listed for sale in May 2012 and spent 936 days on the market before a sale was concluded in December 2014. This property was 50109/84 which had 100 linear feet of canal frontage and was 0.45 Acres. The sale even included the vendor paying the stamp duty on the sale for the purchaser. We spoke to the realtor involved and whilst the vendor wanted out, on the three years on the market this is the best offer received and no other sale has been achieved.
    We noted that the most recent listing was 50109/33 which was listed for a year from April 2017 to April 2018 at US$295,000 and was then withdrawn from the market without offer.
    The only other sale listed on this block is 50109/17 which a beachfront lot facing Parrot Cay which in our
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