Appraisal Journal articles from July 1996

Appraisal Journal archives from July 1996

Boundary lines, property values and the appraisal process.
July 1, 1996... Whatever happened to Blockbuster Park? The proposed $1-billion entertainment and sports complex in south Florida was cancelled by its developer after many months of planning. The developer cited, among other reasons, that "the regulatory...

Mixed business and real estate components in hotel valuation.
July 1, 1996... The concept of segregating the various components of a going-concern value is widely considered desirable because of the different levels of risks associated with each component, particularly in hotel valuation. Title XI of the Financial...

Writing comparative analyses and correlations.
July 1, 1996... Not much information on writing a successful narrative sales comparison approach has been published. This is unfortunate because a proper conclusion of value in an appraisal directly depends on reasonable, consistent, and market-prudent...

Rethinking speculative subdivision valuation for loan purposes.
July 1, 1996... Most people involved with the financing of subdivision projects would agree that loan underwriters need a better understanding of how the collateral value of such projects should be established and monitored over time. This narrative discusses...

Rich man, poor man - update. (valuation of low-income housing)
July 1, 1996... On March 10, 1995, in a joint policy statement, the Office of Thrift Supervision (OTC), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Federal Reserve Board (FRB) clarified their position that...

Valuation of potable water east of the Mississippi River.
July 1, 1996... Water is not really abundant in many areas of the western United States. Since before the Civil War, private interests had to trade in water rights, so western attitudes, customs, and laws about water have been well established for years. Market...

Risk assessment.
July 1, 1996... In many instances, the question of value is best answered by an appraisal that addresses it as a simple point estimate. Courts can only award one amount as compensation for a taking. Authorities of taxation can levy only one tax, which must be...

Valuing unique natural resources: endangered species.
July 1, 1996... "It may seem curious to some that the survival of a relatively small number of three-inch fish among all the countless millions of species would require the permanent halting of a virtually completed dam for which Congress has expended more than...

The similarities of valuing real estate and bonds, and the diversification benefits of investing in real estate.
July 1, 1996... According to the dividend discount model (DDM), the intrinsic value of a stock ([P.sub.0]) equals the present value of all future dividends discounted at the stockholder's required rate of return (k) and growing at a constant rate (g)....

Impropriety of using dissimilar-size comparable land sales.
July 1, 1996... Parcels of different sizes generally sell for markedly different unit prices. Thus, their use is limited in measuring the value of appraised parcels of either smaller or larger size. At a minimum, considerable caution must be exercised in...

Estimating time adjustments with sales prices and assessed values. (includes appendix)
July 1, 1996... During the past decade, asset prices have become increasingly more volatile in the United States and abroad. One of the asset classes that has fluctuated the most during this period is real estate. Hindsight has demonstrated that many...