Lesson 17 · 1:01
Highest and Best Use
Put the residential condominium use through the four highest and best use tests, reach the conclusion, and write the commentary it requires.
Transcript
Highest and Best Use
Highest and Best Use asks whether the property's present use is its highest and best use. It puts the present use, here a residential condominium, through four tests. Open it from the section list.
Is the present use…
Legally Permissible: are the current improvements legally allowed, with particular attention to zoning? The condominium use is legal under its zoning, so Yes. Physically Possible: the building already stands on this site, so Yes. Financially Feasible: Yes. And Maximally Productive: Yes.
Highest and best use
After all four tests: is the highest and best use of the property as improved the present use? Yes. Highest and Best Use Commentary is required when any answer is No. Every answer here is Yes, so we can leave it blank.
Market
That's Highest and Best Use, and the section is complete. Next, Market.