Appraisal Journal articles from January 2000

Appraisal Journal archives from January 2000

Methods of Valuing Properties Without Compare: Special Use Properties in Condemnation Proceedings.
January 1, 2000... Frequently a government authority with eminent domain power condemns for public use a property that the owner has improved or adopted for a unique purpose. The most prevalent examples of such properties are churches, schools, cemeteries, and...

New FHA Requirements Improve Appraisal Reports.
January 1, 2000... Let me dispel any truth to the rumor that residential appraisers will be replaced. They will never be replaced, but they are certainly going to be displaced. The residential appraiser's job description has changed dramatically in the last two...

NAREIT and Tax Law Changes Will Foster Consistency in Accounting Practice and Disclosure Among REITs.
January 1, 2000... Over the past decade, real estate investment trusts (REITs) have made their way into the investment mainstream. In 1971, REIT market capitalization was less than $1.5 billion. By 1999, it had increased to over $130 billion. Clarification in the...

Appraisal Review in a Litigation Support Role.
January 1, 2000... abstract This article describes how the appraisal review process and a review appraiser may be effectively used in litigation support. It informs readers of the elements required in an appraisal review under the 1999 version of the Uniform...

Estimating Depreciation for Infrequently Transacted Assets.
January 1, 2000... abstract This article discusses the development of depreciation estimates for infrequently transacted assets when market information is either limited or unavailable for the asset subject to the appraisal. The author proposes the use of...

The Market Value of Mature Trees in Single-Family Housing Markets.
January 1, 2000... abstract How does the existence of mature trees change the market value of single-family homes? This article demonstrates the use of multiple regression analysis to estimate the market value added by the existence of mature trees in a...

Using Monte Carlo Simulation to Improve Long-Term Investment Decisions.
January 1, 2000... abstract With today's technology, real estate professionals can easily use Monte Carlo simulation as a tool to quantity the inherent uncertainties surrounding many of the estimates used to model long-term real estate investment decisions....

Valuation of Continuing Care Retirement Communities: Worth Another Look.
January 1, 2000... abstract Continuing care retirement communities (CCRCs) are businesses in which real estate plays only a minor role. Unless distressed, they typically are traded as going concerns. An appraisal of only the real estate or an allocation of...

Partial Acquisitions of Right of Way in New Jersey.
January 1, 2000... abstract This study analyzes the impact of partial acquisitions of right of way due to road construction programs in New Jersey, particularly as influenced by the cost to cure. Using data from partial acquisition cases in the State of New...

Valuation and the Appraisal Institute in a Global Economy: The European Initiative.
January 1, 2000... abstract The European Initiative is an outreach program of the Appraisal Institute designed to respond to the growing need for uniform international valuation standards and demands arising from the globalization of real estate activities....

Simple Computer Applications Improve the Versatility of Discounted Cash Flow Analysis.
January 1, 2000... abstract Using discounted cash flow analysis, an appraiser can more sensibly interpret real estate value as long as he makes sensible assumptions. Because major variables applied in DCF analysis do vary to a certain extent, depending on...

Maximizing Profits with a Synthetic Lease.(Brief Article)
January 1, 2000... abstract From a real estate perspective, the words "synthetic lease" might be understood to be a form of agreement for occupancy or use that is in some way artificial and contrived. In fact, it is very real and can be a means of...

The Challenges of Appraising Residential Alzheimer's Assisted Living Facilities.
January 1, 2000... abstract In the early 1990s assisted living facilities began to fill the gap between skilled nursing facilities and retirement facilities. Assisted living facilities have become more common, and some appraisers have become highly skilled...

More Than a Makeover: Introducing the Third Edition of Appraising Residential Properties.
January 1, 2000... Every year thousands of new books fight for shelf space and the attention of readers. Add to these the journals, trade magazines, and email listservs on valuation-related topics competing for your attention and you may well ask what a new...

Specialty property should not be valued using comparable sales approach.
January 1, 2000... A valuation of a property categorized as a specialty would not be based on comparable sales since, by definition, there is no market for the property, according to the Court of Appeals of New York. Niagara Mohawk Power Corporation, a public...

State may not tax hotel property on federal land.
January 1, 2000... The State of Ohio has no jurisdiction to assess a real property tax on a hotel operated at an air force base on land leased from the U.S. government, according to the Supreme Court of Ohio. The Hope Hotel & Conference Center is located on...

Government regulations on land present encumbrances that must be considered in tax assessments.
January 1, 2000... When assessing the value of property owned by a utility; the tax board must consider the impact of government regulations, according to a decision of the Supreme Judicial Court of Massachusetts. Tennessee Gas Pipeline Co., a part of...

Undervalued properties not entitled to assessment reduction based on the community's lowest ratio of assessed value to market value.
January 1, 2000... Property owners paying less than the average tax burden within the county may obtain no relief under the uniform tax doctrine by showing that some of their neighbors are paying an even lower proportion of their fair share, according to the...

Valuation of a Medical Practice, 1st ed.(Review)
January 1, 2000... by Reed Tinsley, Rhonda Sides, and Gregory D. Anderson Published by John Wiley & Sons, Inc., New York, New York, 1999, 278 pages, hardcover A medical practice is arguably one of the most complex and difficult business enterprises to value....

Housing Statistics of the United States, 2d ed.(Review)
January 1, 2000... Edited by Patrick A. Simmons. Published by Bernan Press, Washington, D.C., 1999, 538 pages, softcover $65 Every real estate appraiser and analyst needs accurate data. Quite often, data that we do not even know exists could be...

From the Editor-in-Chief.(Editorial)
January 1, 2000... The new millennium presents an excellent opportunity to reposition The Appraisal Journal in several areas. For decades, educators from the United States and other parts of the world have cited The Appraisal Journal in their research...

Appraising Residential Properties, 3rd ed.(Review)
January 1, 2000... As the business world changes, new tools are adopted while old ones are set aside. To help residential appraisers adapt to an evolving marketplace, the Appraisal Institute is pleased to announce the publication of a new tool for your business,...

The Valuation of Apartment Properties.(Brief Article)
January 1, 2000... In recent years, apartment properties have consistently topped the wish lists of institutional real estate investors. A growing economy, increasing populations of traditional renters and empty nesters, and numerous opportunities to reposition...

Real Estate Damages: An Analysis of Detrimental Conditions.(Review)
January 1, 2000... by Randall Bell, MAI The cost of all natural disasters in the United States has doubled in the last decade, from roughly $25 billion to $50 billion a year. Research has yet to reveal clear reasons behind this phenomenon, though many...