Appraisal Journal articles from January 1999

Appraisal Journal archives from January 1999

Timeshare tax assessment: price versus market value.
January 1, 1999... Born in the 1960s out of a vacationer's desire to own a costly place in the French Alps, the fractionalization of ownership into affordable one-week timeshares has mushroomed to include 5,000 resorts worldwide. The United States has more than...

The assumed mortgage: a residential cash equivalency case study.
January 1, 1999... This may be an inappropriate time to think about the value of assumable financing. After all, mortgage interest rates are low,(1) and most of the outstanding loans on existing properties are at or above current interest rates. In today's...

Variables that influence hotel parking demand.(includes glossary of hotel categories)
January 1, 1999... Because most municipalities' hotel parking requirements exceed actual demand for parking, it is unusual to find recently constructed hotels that do not have adequate parking. Hotels with inadequate parking can suffer multiple negative effects,...

Using the restricted report for experience credit.
January 1, 1999... Individuals training to become appraisers would do well to include a Restricted Report in the file that they submit toward experience credit. The Restricted Report should help clarify the ambiguous use of the terms "employee," "independent...

Wind energy: power and policy.
January 1, 1999... I spent my early years on a farm in North Dakota, in the heart of the Northern Great Plains. I still remember many things about that farm: the apple orchard, the river, the hayfields, the animals, and the farm equipment. Those were the days...

A practical guide to evaluating the functional utility of warehouses.
January 1, 1999... Most industrial properties are either warehouses or contain warehouse space, and most appraisers explicitly and routinely consider only clear heights when they consider the functional utility of warehouses. In fact, many other factors are...

Which retail properties are getting market share?
January 1, 1999... Without a single retail location, at least one store, Amazon.corn, can boast over 1.5 million customers hailing from more than 160 countries and representing all 50 states. Amazon.com started in the garage of its founder and CEO, Jeff Bezos,...

Appraising the assets of low-income housing tax credit properties.
January 1, 1999... Some aspects of low-income housing tax credit (LIHTC) properties are unique and bear special considerations when ad valorem tax value appraisals are undertaken. In this article, ad valorem tax regulations are covered with direct references to...

A cross-cultural comparison of the appraisal profession.
January 1, 1999... This article is the first to make cross-cultural comparisons between the United States and the United Kingdom, and reports findings from the first survey designed to be fully representative of a typical appraiser in both countries (see "Inside...

Estimating the effect of a view on undeveloped property values.
January 1, 1999... In using the sales comparison approach, an appraiser would adjust property value downward if a negative attribute, such as airport noise, is present and upward if a positive characteristic, such as a water view, is present. Unfortunately, it is...

Comparing the income property values of low- and high-income taxpayers.(includes appendix)
January 1, 1999... Lenders want to be assured that both the initial and future property values will exceed the outstanding loan balance at all times, while investors are concerned about paying too much for the property. Generally, an appraisal is performed...

Probability-based DCF: an alternative to point-value estimates.(discounted cash flow)
January 1, 1999... With the wide variety of spreadsheet programs now available, appraisers and other real estate analysts have increasingly turned to discounted cash flow (DCF) analysis. Because discounting cash flows allows analysts to take into account the...

Toward a more reliable cash flow analysis.
January 1, 1999... Valuation assignments and investment studies rely heavily on discounted cash flow (DCF) analysis. Cash flow models are used in developing market value estimates, performing investment and acquisition analyses, loan underwriting, and portfolio...

The performance of exterior insulation finish systems and property value.
January 1, 1999... Synthetic stucco, commonly known as exterior insulation finishing systems (EIFS), has been used as a siding material since World War II on residential and commercial buildings. While the product is sold and installed throughout Europe and North...