4 STOREY BUILDING WITH ROOF DECK(PENTHOUSE)
#3415 in F Roxas BO. Obrero Tondo MAnila
Built in the 2008. Expensive type of construction features, complented with 8 bedrooms, and 8 toilet and bath provided with electrical lighting and plumbing facilities, made of CHB of plain cement & brick asphalt finish exterior walls,
CHB plain cement wall interior & partitions, concrete slab on fill with glazed, ceramic & laminated wood tiles flooring, glass on analok frame windows with screen & safety grills, panel and PVC type doors under wood ceiling with dropdown design & suspended slad roofing/roof deck.
Total Floor area is approximately is 467SQM
Estimated remaining life is 30years
HIGHEST AND BEST USE
Based on analysis of the property itself and prevailing land usage in the neighborhood, I am of the opinion that the residential utilization represent the highest and best use of the property at present.
HIGHEST AND BEST USE-is defined as the highest and most profitable continous use to which the property is adapted and needed or that use of the land, which will reasonably be expected to produce the greatest net return to the property over a given period of time. Alternatively, it is that use, from among reasonably probable and legal alternative uses, found to be physically possible,approximately supported, financially feaible, and which will results in highest land value.
In the appraisal, considered the market reaction between buyers and sellers. An analysis is necessary since sellers would normally look forward to sell their properties at the highest price while typical prudent buyers will bargain for the least price.
Likewise, I made used a reference the available data quoted by real estate brokers as represented by herein comparables and opinions of banks appraiser, private appraisal companies and government agencies in so far as the current market value of the property is concerned.