Appraisal Journal articles from April 2003

Appraisal Journal archives from April 2003

Armstrong/Kahn Award.(Brief Article)
April 1, 2003... David Rothermich, MAI, is the winner of the 2002 Armstrong! Kahn Award for his article, "Partitioning Real Property;" which appeared in the July 2002 issue of The Appraisal Journal. The Armstrong/Kahn Award is presented by the Editorial Board...

Swango Award.(Brief Article)
April 1, 2003... Max Kummerow, PhD, is the 2002 recipient of the Swango Award. The Appraisal Journal Editorial Board presents this award to the best article published in the previous year on a residential, general or technology-related topic or for original...

Gene Dilmore.(Obituary)
April 1, 2003... August 27, 1925--March 3, 2003 The Appraisal Journal Editorial Board was deeply saddened by the death of board member Gene Dilmore, MAI, SRA, SREA, ASA. For over forty years, he has been a leader in advancing valuation theory and practice...

Court upholds condemnation of property for use as public road to private developer's property. (Cases in Brief).(Brief Article)
April 1, 2003... The Supreme Court of New Jersey ruled that a municipality's condemnation of property for use as a public road to a private developer's property would serve a valid public use and, thus, constituted a valid exercise of the municipality's eminent...

Evidence of inverse condemnation because of pre-condemnation publications ruled inadequate. (Cases in Brief).
April 1, 2003... A state's pre-condemnation publication of notices, information, plans, and proposals pertaining to one component of a road improvement project did not constitute inverse condemnation, according to the Supreme Court of Alaska. The Illinois...

Classification of land use as single-family residential lots affirmed by court. (Cases in Brief).(Brief Article)
April 1, 2003... The Supreme Court of Idaho ruled that the actual and functional use of the unimproved lots held by a developer was as single-family residential lots. The developer had argued that the unsold lots should be valued aggregately using a wholesale...

Court upholds real estate tax exemption for museum. (Cases in Brief).(Brief Article)
April 1, 2003... An exemption from real estate taxes is not precluded for a public museum that will provide scientific, educational, and cultural activities to local citizens even though the museum will also enhance tourism and promote growth and economic...

Court rules that individual property value increase must result from countywide reassessment. (Cases in Brief).(Brief Article)
April 1, 2003... The Commonwealth Court of Pennsylvania ruled that once a valuation has been made for a taxable property, that valuation cannot be changed unless the change is the result of a countywide reassessment. Richard E. Radecke (Taxpayer) acquired a...

Owner must provide evidence of property value loss due to overflight effects. (Cases in Brief).(Brief Article)
April 1, 2003... In a case of first impression in that state, the Supreme Court of Texas ruled that, in the absence of evidence that flights from a city airport over a landfill directly impacted the property's surface and caused the value to decline, the...

Still bouncing and being bounced along. (Financial Views).
April 1, 2003... Commentary As the first quarter of 2003 unfolded, prospects for the economy became much more guarded, with the risk of a double-clip recession gaining attention. This deterioration can be attributed to a number of downside forces and the...

Stigma of contaminated land: difficult to tackle. (International Appraising).(appaisers must allow for stigma or psychological effects when real estate is on polluted land)(Reprint)
April 1, 2003... It is difficult to put a value on homes that stand on polluted land. Psychology is a capricious factor. The consequences are incalculable if a residential district is labeled as a polluted area. Prices tumble in polluted areas according to...

Appraisal standards and contaminated property valuation. (Environment and the Appraiser).
April 1, 2003... A wide variety of opinion exists concerning the applicability of appraisal standards to the valuation of contaminated properties. Opinions range from assertions that such properties are so unique or different from uncontaminated properties that...

Valuation Committee meeting notes. (News from NCREIF).(National Council of Real Estate Investment Fiduciaries winter conference)
April 1, 2003... The National Council of Real Estate Investment Fiduciaries (NCREIF) Winter Conference was held at the Don CeSar Beach Resort and Spa in St. Pete Beach, Florida, The conference was a welcome respite for many northerners who were desperate for a...

Risk and reasonableness for nonmarket occupancy. (Features).
April 1, 2003... abstract Properties may have income that is different from otherwise comparable properties due to above- or below-market leases or below-market occupancy. A common approach to valuing such properties is to begin with the value as if the...

Golf course communities: the effect of course type on housing prices. (Features).
April 1, 2003... abstract Although evidence exists that houses in a golf course community have added value because of their location, an unanswered question for appraisers is whether golf course types differently impact the price of houses in these...

Cross-examination at a jury trial. (Features).
April 1, 2003... abstract Cross-examination at trial is the best and sometimes the only opportunity for an attorney to discredit the analysis leading to an opposing appraiser's value conclusions. An attorney wants the members of the jury to believe the...

Billboard valuation: fundamental asset allocation issues. (Features).
April 1, 2003... abstract "A problem well defined is half solved" is an axiom worthy of consideration in the valuation of outdoor advertising assets. This article advances the concept of the money trail, or the observation of the direction and derivation...

Should landowners receive just compensation for coastal wetlands regulations? (Features).
April 1, 2003... abstract This article discusses issues in the case of Polazzolo v. Rhode Island, 533 U.S. 606 (2001), which was decided by the United States Supreme Court in June 2001. Anthony Palazzolo owned approximately 18 acres of coastal wetlands...

The academic roots and evolution of real estate appraisal (1). (Features).
April 1, 2003... abstract Real estate appraisal as a profession and real estate as a separate field of study in the United States are approximately one hundred years old. By reviewing the way the appraisal field has changed, we see that theory, methods,...

Real estate market in South Korea: identification and responsibilities of professionals. (Notes and Issues).
April 1, 2003... In Korea, real estate is viewed as the foundation of all human activities and occupies a very important place in the economic life of the nation. Recently some scholars have argued, "real estate is the origin of all things under the sun,"...

Barron's Real Estate Handbook, 5th Edition. (Book Review).(Book Review)
April 1, 2003... Barron's Real Estate Handbook, 5th Edit on by Jack C. Harris, PhD, and Jack P. Friedman, PhD, MAI, CPA, CRE Published by Barron's Educational Series, 2001, 832 pages $35, hardcover A reference and basic introduction-to-the-topic...