Which factor is likely to indicate that a property is overimproved?

A property is considered overimproved when the cost of the improvements exceeds the property's market value. This means that the enhancements made to the property have not resulted in a proportional increase in its value. In other words, if the money spent on renovations, additions, or upgrades surpasses what can be reasonably expected in terms of the property’s value when compared to similar properties in the area, it indicates overimprovement.

The other choices do not suggest overimprovement. Matching the average market value implies that the improvements have been appropriately aligned with what buyers expect in that market. Standard renovations typically enhance a property's appeal without leading to overimprovement, as they generally reflect common upgrades that buyers look for. Finally, having a slightly higher value for improvements compared to market value does not necessarily indicate overimprovement; it could simply reflect a situation where the improvements are viewed as favorable but not excessively so. Thus, the clear indicator of overimprovement is when improvements exceed the market value.