Appraisal Journal articles from April 1998

Appraisal Journal archives from April 1998

How business enterprise value applies in nearly all appraisals.
April 1, 1998... The current edition of The Appraisal of Real Estate defines business enterprise value (BEV) as a value enhancement that results from items of intangible personal property such as marketing and management skill, an assembled work force, working...

Does corporate ownership affect residential property prices?
April 1, 1998... The large number of transfers handled by relocation companies each year indicates that the marketing of corporately owned houses is an important niche in the residential brokerage industry. Some authorities go a step farther and suggest that...

Accrued depreciation redefined and reordered.
April 1, 1998... There has been considerable advancement over the years in developing the income capitalization approach since Pete Ellwood insisted that equity capitalization was more important than the existing systems. However, the other two valuation...

Valuing agricultural conservation easements.
April 1, 1998... An agricultural conservation easement is a voluntary, legally recorded agreement between a property owner and a qualified conservation organization or public trust that restricts land to agriculture and open space uses. The easement generally...

Evaluating future input assumption risk.
April 1, 1998... Efforts to develop quantitative decision-making tools have produced a host of techniques, but none have proven to be the perfect solution to how appraisers can express yield on a real estate investment. Overall capitalization rate (OAR) and other...

Empirical analysis of the breakdown method of estimating physical depreciation.
April 1, 1998... The breakdown method of estimating physical depreciation entails estimating "all items of depreciation individually"(1) then adding the individual estimates together and deducting the sum from the estimated reproduction or replacement cost. While...

The cost approach: an alternative view.
April 1, 1998... All appraisers understand that the appraisal process contains three approaches for estimating value: sales comparison, cost, and income. Few would disagree that among these the cost approach is the least respected. In fact, the prevailing...

Market-supported adjustments using multiple regression analysis.
April 1, 1998... The appraisal process, which is intended to be the logical process of estimating market value, is changing. Historically, the evolution of the appraisal process from the 1930s to the present has produced significant modifications and refinements...

Applying going-concern value to landfills.
April 1, 1998... Going-concern value is the value of an entire business operation. It is the value of the whole, or conceptually, the entire pie. There is general agreement among professionals regarding the definition of going-concern value. For example, The...

Value allocation in regional shopping centers.
April 1, 1998... The value of a regional shopping center is primarily determined by its rental rates, and the shopping center's rental rates are attributable to the retail sales in the center. In short, the value of a regional shopping center is dependent on the...

The new noneconomics: public interest value, market value, and economic use.
April 1, 1998... A major debate has developed within the real property valuation profession over the appropriate definitions and applications of the concepts of highest and best use and market value. This debate has focused on the valuation of land, principally...