When I ask you to picture in your mind's eye a resort marina, what do you see? Palm trees, happy hour from 6 to 8 p.m., joggers, and bikinis? I should be so creative (oops... I think I am:) From an appraiser's perspective, even if that's the way it appears, that's not the way I see.
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Marina Sales – Part 2
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Posted by John Simpson
As indicated in Part 1, I promised to give you a real example illustrating the time and effort that goes into excluding the sales comparison approach. It’s almost your lucky day. Real World = Real Hard I won’t cite the marina and I’ll omit the state this assignment was in… except to say it wasn’t Maryland.
Read moreHow to Tell a Bad Marina Appraisal – Part 6 of 7
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Posted by John Simpson
The income approach always needs to be included in a marina appraisal. It's how the market works and thinks. It's not an owner occupied property like a single family residence... it's an investment in a business, so the report isn't exactly civilized if it's excluded. The Expensive Omission I laugh when I seen a marina income approach.
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