Big Rafuse Island & Little Rafuse Island
Mahone Bay, Nova Scotia, Canada
LandVest was hired by the family to appraise this unique 149-acre property, for U.S. federal estate tax settlement purposes. The property consisted of two islands connected by a causeway. Improvements included a residential compound consisting of a main residence, separate guest cottage, post and beam barn, 'bunkhouse' cabin, boathouse/studio, and a 130 -foot wharf. Panoramic views extend from 42 acres of reclaimed fields.
The appraisal challenge to be solved involved determination of the subject property’s highest and best use and estimation of the property‘s 'as is' fair market value at two points in time: the date of the death of the owner and a 6-month alternative valuation date following the death. This complex appraisal met IRS standards. Despite the remote location, LandVest’s appraiser was able to find sufficient relevant sales and listings in the local market and other comparable markets to substantiate the property’s value.
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