Appraisal Journal articles from January 2009

Appraisal Journal archives from January 2009

A message from the editor-in-chief.(Column)
January 1, 2009... The year 2009 is indeed an auspicious one. A new president has taken office in a time of major challenges, and the serious economic problems that originated in the U.S. real estate market have yet to be resolved. Many of The Appraisal...

Tax appraisals must include sales comparison method when data is available.(Recent Court Decisions)
January 1, 2009... The Appellate Court of Illinois ruled that the property tax appraisal of a mixed-use commercial building should have included the sales comparison method of valuation as sufficient sales data was available. Omni Chicago Hotel (Omni) owns a...

Comparable sales that occur after a taking can be considered in establishing fair value.(Recent Court Decisions)
January 1, 2009... In a condemnation action, comparable sales evidence is admissible to establish the condemned property's value regardless of whether the sales took place after the taking, according to the United States Court of Appeals for the Ninth Circuit....

Assessed value can be established without a certified appraisal for the relevant tax year.(Recent Court Decisions)
January 1, 2009... In the absence of a certified appraisal for a particular tax year, a board of tax appeals could independently value property based on a certified appraisal for a subsequent year along with the appraiser's testimony that his valuation would be...

Public has right to walk upon privately owned river beds when using state waters.(Recent Court Decisions)
January 1, 2009... The Supreme Court of Utah ruled that the public's easement in state waters includes the right to utilize the water for any recreational activity and to touch privately-owned river beds in connection with those activities. In 2000, Jodi and...

Veterinary clinic is a health-oriented office under zoning code.(Recent Court Decisions)
January 1, 2009... The Supreme Court of Connecticut ruled that a veterinary clinic qualified as a permitted use in a district zoned for health-oriented offices. Gen Three, LLC (Gen Three) owns a building on a 0.57-acre parcel in the town of New Canaan on...

City's undue delay in condemning property can constitute inverse condemnation.(Recent Court Decisions)
January 1, 2009... Landowners whose property was declared blighted but never formally condemned can recover consequential damages if the city unduly delayed condemnation proceedings or engaged in untoward activity, according to the Supreme Court of Missouri. ...

Nonuse of nature conservatory land does not constitute a tax exempt charitable use.(Recent Court Decisions)(Brief article)
January 1, 2009... The Superior Court of Connecticut ruled that property did not qualify for a charitable tax exemption when the land was held for conservation purposes and no charitable activity took place on the premises. The Aspetuck Land Trust, Inc....

Local government authority to regulate billboards includes power to ban all billboards.(Recent Court Decisions)(Brief article)
January 1, 2009... A city ordinance banning all outdoor advertising signs is valid when state law grants local governments unlimited authority to regulate the construction of billboards according to the Missouri Court of Appeals. In 2005, Ad Trend, Inc. (Ad...

A flood of economic trouble, a ray of political hope.(FINANCIAL VIEWS)
January 1, 2009... Commentary Over the past six months, the economy and capital markets have dominated the news. This attention blossomed in late fall as the economic environment continued to implode and Washington debated what it could do to avoid a...

Financing and sales concessions: do we adjust or not? Can paired data analysis work if we don't?(RESIDENTIAL APPRAISING)
January 1, 2009... Sellers, whether they are individuals, brokers, or developers, may make sales concessions to induce a sale. When a buyer wants to purchase a house but cannot qualify for a loan because of excess debt or lack of a down payment, the seller may...

Evaluating the potential impact of a proposed landfill.(Report)
January 1, 2009... ABSTRACT This article is intended as a road map for appraisers who have a landfill consulting assignment. Construction or expansion of a solid-waste landfill typically triggers an extensive permitting process. Real estate appraisers are...

A reality check on ground lease reversions.(Case study)
January 1, 2009... ABSTRACT In leased fee valuation of ground leases, conventional appraisal practices often disregard the potential contributory value of improvements in the reversion. Empirical evidence in this article shows that such practices are often...

Bridging the gap between discount rate theory and investor surveys.(Report)
January 1, 2009... Abstract This article is intended to assist appraisers in reconciling the differences between the theoretical relationship of discount rates and overall capitalization rates and the published market information in investor surveys. The...

You can't get the value right if you get the rights wrong.(Report)
January 1, 2009... Abstract Market value opinions of the fee interest in custom-built commercial properties present challenging problems. In these assignments, appraisers must understand the nuances between value in use and market value, and fee simple...

Relationships between the overall property and its parts, and the three approaches to value.(Report)
January 1, 2009... Abstract This article describes the theory behind, and the practical concerns of working with, formulas relating the whole or overall property to its parts. The article clarifies misconceptions and misapplications pertaining to application...

Comments on "An Argument for Establishing a Standard Method of Capitalization Derivation".(Letter to the editor)
January 1, 2009... Once in a while an article is presented in The Appraisal Journal that has widespread, practical appraisal application. Eric Reenstierna's discussion of overall capitalization rate (OAR) calculation in "An Argument for Establishing a Standard...

Appraisal Institute members earning their designations during 2008.(DIRECTORY OF 2008 NEW DESIGNERS)
January 1, 2009... The Appraisal Institute conferred 146 SRA designations during 2008, exceeding the record number of 104 SRAs designated in 2007. Also during 2008, 123 MAI designations were conferred by the Appraisal Institute. The Appraisal Institute's MAI...