In SC can an appraiser use comps from properties the city purchased?

I am selling a tract of land and the absolute best two comps are identical tracts within 1 mile of my property and closed within the last 6 months. My only question is - can the appraiser use those two comps even though it was a municipality/city that purchased them?
In Selling Property - Asked by Scott G. - Jun 9, 2011
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Answer(s)

Commercial A.
Appraiser
Los Angeles, CA

No, .Fair Market Vallue, the highest price, in the consiteration in a Goverment Purchaese. Oftern there is duress and no substitute properties for the ones being acquired.
CDH
Commercial Appraiser

Jun 9, 2011
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Gregory G.
Broker/Agent
San Francisco, CA

Probably not.
.
.
Gregory Garver - Commercial Real Estate Broker
Broker License# 01716531
(415)968-6065
greg@nnnbrokersusa.com
http://www.gregorygarver.com

Jun 11, 2011
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Philicia L.
Broker/Agent
Brooklyn, NY

Sure. The appraiser has to consider all sales in the market. If those properties were actively listed in the open and competitive marketplace with adequate exposure to the market. The municipalities are cash buyers just like all other land buyers. You need to know the terms of sale and buyer motivation. Contact the municpality's real estate divsion, they will provided the information because it has to be available to the public. While their providing the information ask if you can get a copy of the appraisal report associates with the sale. Remember it is a sale by a public municipality covered by the freedom of information act.

Jun 20, 2011
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Jordan H.
Broker/Agent
Columbia, SC

Were they Arms length transactions? Did the city purchase them from a non-affiliated seller who had not other incentive?
If so, then as long as the highest and best use of your property is municipal then I would say the sale is very applicable. If your highest and best use is retail or multi-family then they may not be as applicable.

Sep 12, 2011
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