Appraisal Journal articles from April 1999

Appraisal Journal archives from April 1999

Appraisal arbitration: the role of the real estate appraiser in resolving value disputes.
April 1, 1999... Among the various aspects of real estate appraisal, one of the more interesting and challenging is appraisal arbitration. In appraisal arbitration, parties to a real estate contract settle their differences by relying on two or more...

The persistence of contamination effects: a Superfund site revisited.
April 1, 1999... The author conducted a previous study in 1994 and published the results in The Appraisal Journal.(1) The study was the result of litigation prompted by a class action suit filed on behalf of property owners in Uniontown, Ohio. The study found...

The importance of demand-side analysis.
April 1, 1999... This article examines the work of two appraisers and demonstrates the weakness of a single-focus analysis of real estate. The subject of this analysis is a multitenant, four-story, urban, 77,235-square-foot medical office building. It has 3.69...

The role of professional designations as quality signals.
April 1, 1999... An appraisal firm may be defined as an agent employed to produce information for a principal, the client. The appraisal firm's production of information involves the discovery and disclosure of information to the client in the form of an...

An analysis of the tax and valuation attributes of scenic easements.
April 1, 1999... In most instances, a perpetual easement granted by a property owner for consideration deprives the grantor of beneficial interest in that part of the real estate affected by the easement. The transaction is treated as a sale or disposition of...

Discounted cash flow analysis and long-term leases.
April 1, 1999... A recent appraisal assignment required valuation of a leased fee interest created by a long-term ground lease under a motel. The subject leased fee interest was created by a long-term (35 years remaining) ground lease with payment escalations...

Quantifying business enterprise value for malls.
April 1, 1999... One of the most interesting issues real estate professionals are debating today involves shopping centers and the components of their value(s). With the widespread application of The Appraisal Foundation's Uniform Standards of Professional...

Presenting convincing residential appraisals.
April 1, 1999... A good appraisal goes beyond delivering the "right" property value. A good appraisal report also convinces its readers that the appraisal's conclusion is reasonable and reliable. Clients want appraisal reports that present persuasive analysis...

Minority interest discounts: a quantitative approach for real estate limited partnerships.
April 1, 1999... It is always important for appraisers to deliver persuasive and well-founded analyses, but with respect to valuation of limited partnership interests, it is imperative. Discounts for lack of control and lack of marketability can be large, at...

What appraisers need to know about the Year 2000 problem.
April 1, 1999... The Year 2000, or Y2K, problem, arises because some computer code, written many years ago in some cases, includes only two digits to represent the current year (99 for 1999). On January 1, 2000, the appearance of 00 in the computer code will...

The price and liquidity effects of UST leaks from gas stations on adjacent contaminated property.(underground storage tanks)
April 1, 1999... The effects of gas station leaking underground storage tanks (LUSTs) are a concern because petroleum compounds may potentially cause groundwater contamination (especially serious if drinking water is affected), soil contamination, and noxious...

Appraisal practice and Japan's bubble economy.
April 1, 1999... Japan and other Asian countries are curtly experiencing an economic depression. A major cause of the Asian economic crisis was the recent collapse of the Japanese "bubble" economy in 1991 and the ensuing depression. Before the collapse of the...

The senior housing industry: market characteristics and market data.
April 1, 1999... Many individuals and companies involved with the senior living industry have noted the strength of certain segments - the assisted living market in particular. The resilience of this market in the 1990s has been exciting to those who follow the...

Real estate and business value: a new perspective.
April 1, 1999... A going concern - such as a hospital, hotel, or shopping center - may include an intangible component of value, often called business value, in addition to the real estate component. Valuing the real estate and the business value separately is...