Appraiser working on different project at Sandpoint, ID

I am Appraising a proposed airpark development in Sandpoint, Idaho. The development will have 44 pre-engineered hangars each with an attached or built in residence all on private/fee-owned land adjacent to the Sandpoint Airport. The development has a through-the-fence agreement with the Sandpoint Airport providing direct access to the taxiway and runway. Buyers will own both the hangar and the lot on which it sits. Owners will pay monthly association fees to maintain the common areas.

Virtually all air parks that I have researched are effectively large residential developments offering attractive detached, somewhat traditional houses except for the hangars, all proximate to a private airfield. In these developments, the hangars are in addition to the house. In the development that I’m appraising, the “house” is effectively an addition to the hangar. This is a subtle but, I believe, important difference.

Are you familiar with other such developments?

Bruce C. Jolicoeur, MAI
Auble, Jolicoeur & Gentry
107 S. Howard, Suite 300
Spokane, WA 99201