When the lot is worth more than the house
This is the Monona conversation. A 1,100 square foot ranch built in 1956 sits on a parcel near the lake that a builder would happily pay for and scrape. The house is genuinely fine, it is just the least valuable thing on the property.
A comp-driven appraisal handles this badly, because appraisers value the improvement and adjust for the lot rather than the other way around. Sellers who list get an offer priced like a small dated ranch, and never learn what the land was worth.
We underwrite the land separately. If the highest use of your property is a rebuild, our number reflects the parcel, not the countertops. On the right Monona street that is a materially better outcome for you.
