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Lesson 10 QA.docx - Lesson 10 Air Rights Q1: A client has...

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Lesson 10Air RightsQ1: A client has approached you with an interesting valuation problem. They own a one-storey housein the historic downtown area of a small city in Ontario. The house is on Main Street and issurrounded by commercial uses. Nearby properties have recently been rebuilt with mixed-usedevelopments, retail on the main floor and condominiums above. However, the house is designated asa heritage property – meaning, despite the commercial zoning on its block, it cannot legally beredeveloped. Initial discussions with the municipality indicate a willingness to allow your client totransfer development rights (air rights) to another nearby property. Your client is seeking your help inestablishing the value of these rights. Is this assignment within CUSPAP’s defined scope of practice fora CRA-designated appraiser?
Q2: Discuss how the concept of air rights relates to the valuation of a condominium in a high-risebuilding.

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Term
Winter
Professor
N/A
Tags
Ms Chary

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