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<br />Size <br />' Another important factor in valuing vacant land is the <br />size of the tract being considered. Usually, the <br />smaller the parcel of land, the higher the unit value <br />and conversely. This is subject to a variety of factors <br />' including market demand, highest and best use of the <br />site and the most likely purchaser. <br />t Time <br />The date of comparable sales is also important when <br />relating to present land values. This is due to cycles <br />' in land values within the local economy as well as the <br />general inflationary trends experienced during the past <br />20 years. <br />Physical Characteristics <br />' A number of physical features also affect land value. <br />These include soil conditions, shape, frontage, <br />drainage patterns and topography. When all of these <br />factors are favorable, sale prices tend to be at a <br />I premium. When all or any are unfavorable, prices tend to <br />be discounted accordingly. <br />Zoning and Potential Use <br /> <br />1 <br />1 <br />1 <br /> <br />1 <br /> <br />The highest land values are normally found under the <br />more intensive uses. While the existing zoning <br />classification may not absolutely dictate future use, it <br />usually has a direct bearing on sales prices. A <br />prospective purchaser who must rezone to a higher or <br />different use must consider not only the probability of <br />rezoning, but also the time required and expense <br />incurred. <br />Character of Surrounding Development <br />The presence of attractive, new or modern development in <br />a neighborhood will tend to enhance surrounding land <br />values. Either the presence of obsolete structures or <br />the absence of any development at all will tend to <br />lessen land values. <br />Terms of Sale <br />Sale prices are often influenced by such factors as the <br />terms offered by the seller or the motivation of either <br />buyer or seller. This is especially true during periods <br />of high interest rates and owner financing. <br />12 <br /> <br />