Highest And Best Use
Who can I contact in my area to determined the highest and best use for a vacant land? Thanks
Who can I contact in my area to determined the highest and best use for a vacant land? Thanks
A real estate agent and/or realtor may also be helpful.
"Highest and best use" is not a formula you can look up someplace.
"Permitted uses" you can look up at the city or county zoning or planning office but that only tells you what is allowed-- not what is "best". Sometimes those are the same, often not.
I know of a boat storage yard in the middle of noplace which makes good money precisely because its in the middle of noplace. Nobody looking at the vacant site said to themselves, "lets put a boat storage yard here-- that would be the highest and best use."
Nobody, of course, except the genius who did it. Surrounded by miles of swamp. Why does it work? Because he also came up with a very ingenious marketing plan which brings in cruisers from all over the Caribbean for the Hurricane season when being high and dry on a canal in central Florida looks pretty good.
Now you cannot stop by in your local government office and fill out a form for them to tell you that. Any real estate broker who knows the answer is probably going to keep it close to his vest.
Highest and Best requires thinking out of the box.
Maybe the Highest and Best of a vacant lot in the middle of a housing development is one more house. Maybe not. Maybe its a club house/community center with a swimming pool, Maybe its a cell phone tower.
Especially in the current market Highest and Best is likely to be some little niche that nobody is seeing and therefore serving.
Read THE LONG TAIL.