During the quarantine period, due to the spread of the COVID-19 coronavirus infection, there were quite a lot of interesting objects that Valrus specialists worked on as part of forensic examinations. For example, one of these objects turned out to be a land plot in the cottage village "Serebryany Bor".
Serebryany Bor is an artificial island formed as a result of the construction of the Khoroshevsky straightening canal, in the Northwestern part of the city. Back in the Soviet period, state dachas and cottages of foreign diplomats were located on the island. Already at that time, this place was prestigious for living being located near the city center with definitely attractive species characteristics both near the shoreline and inside the island with a huge forest area.
According to real estate agencies, prices for luxury real estate in Serebryany Bor start at $ 420 000 per hundred, which in principle distinguishes this territory into a separate segment of the elite cottages market within the city. The prices for the sale of these plots are not typical even for such a intense luxury real estate market as in Moscow.
Source: photo material from https://silverbor.moscow/article/jilye-kompleksy-serebryanogo-bora
The land under study belongs to the settlement "Silver Lines". Based on the analysis of the market for the sale of elite class cottages in Serebryany Bor, presented on the websites of leading real estate agencies of elite real estate, it could be concluded that most of the objects are exhibited for 1 year or more.
It can be said that the valuation made as part of the filing of an administrative claim was absolutely not objective. The valuers selected analogues in the neighboring village of Troitse-Lykovo on the other side of the canal with more difficult access to the territory, as well as having no direct exit to the neighboring highway, that is, absolutely opposite in terms of the main characteristics of the location from the land under study. Taking into account the price level in Serebryany Bor, analogues selected in some other settlements, even within the city of Moscow, will show the cost clearly below the market of the object of research, which was reflected in the valuers' report.
The first forensic examination showed the same level of market value, and since about 5 more claims were filed along with the statement of claim for the investigated land plot for the plots located within the Serebryany Bor, the court decided to verify the correctness of the first forensic examination, which confirmed the results of the market value determined in the report.
Accordingly, the Valrus expert approached the definition of market value in more detail and was able to find those most cherished analogues. During the valuation, land plots free from development and located on the territory of Serebryany Bor with the appropriate type of permitted use relative to the object of research were considered, which made it quite difficult to collect price information within a narrow market segment, but nevertheless the Expert found a sufficient number of offer prices to determine the market value by comparing sales.
During the examination, the local market of land plots provided for the construction of dachas, as well as for individual residential buildings directly located on the territory of Serebryany Bor, was investigated. The price-forming factors corresponding to the market of the research object were determined. Special attention was paid to the factor of the location of analog objects relative to the reservoir. It should be noted that for low-rise residential real estate, and, accordingly, for land plots used for this purpose, this characteristic has a huge impact on the sale price.
The Expert also took into account the difference in the type of permitted use of land plots used in the calculation. Thus, there is a certain tendency to divide the land market for low-rise construction by permitted use: for the operation of suburban buildings or for individual housing construction. This division occurs due to the fact that the type of permitted use for individual housing construction obliges local authorities to create transport, engineering and social infrastructure for the owners of such sites. In turn, this leads to an increase in the cost of land for individual housing construction due to the developed infrastructure nearby. According to Metrium, the difference can be 15% or more, which was taken into account in the calculations using a comparative approach.
After summarizing the results of the repeated forensic examination, the difference between the market value of the valuer's report, as well as the first forensic examination, turned out to be very significant. The final market value of the research object, determined by the Valrus Expert, exceeded the values specified in the requirement of the administrative statement of claim by almost 6 times.
In turn, the court appointed 3 forensic examinations in order to verify such a difference in prices. The third forensic examination yielded results comparable to the valuation of the repeated forensic examination. Thus, we can say about the reliability of the results of the final market value of the Valrus expert.