Real Estate Division

CPD 121 - Submerged Land Valuation

Pre-requisite: None.

This course provides guidance on the valuation of submerged land for real estate appraisers wanting to "get their feet wet" with water lots. The two lessons provide both theory and practical applications for the valuation of this special purpose property type.

Course Outline

Foreword: Introduction To Professional Development Courses

Lesson 1: Water Lot Valuation

  • Instructor's Comments
  • Introduction to Water Lot Valuation
  • Challenges in the Valuation of Water Lots
  • Factors That Affect Water Lot Value
  • Impact of Riparian Rights
  • Valuation Methods
    1. Direct Comparison Approach
    2. Zoning Method
    3. Overall Method
    4. Extraction Method
    5. Fill Cost Method
    6. Capitalization Method
    7. Percentage Method
    8. Residual Method
    9. Utility Method
  • Water Lots Surrounded by Submerged Lands
  • Improved Water Lots
  • Case Study 1: Water Lot Valuation
  • Case Study 2: Water Lot Valuation
  • Summary
  • Sample Court Cases

Lesson 2: Submerged Land Valuation - Practical Implications

  • Instructor's Comments
  • Preparing Submerged Land Valuations
  • Purpose and Function
  • Data Collection and Inspection Checklists
  • Submerged Land Inspection
  • Challenges in Submerged Land Valuation
  • Case Study 1: Commercial Marina Valuation
  • Case Study 2: Industrial Water Lot Valuation
  • Case Study 3: An Unusual Submerged Land Assignment
  • Summary
  • Review and Discussion Questions


  • The Final Examination

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