Appraisal Journal articles from July 1997

Appraisal Journal archives from July 1997

Investor's perspective on single-tenant net lease transactions.
July 1, 1997... Net leases have been prevalent in real estate for many years and have given property owners the ability to shift to the tenant the responsibility of paying expenses. Historically net leases, referred to as triple net (NNN), are commonly found in...

The ethics of desire.
July 1, 1997... All values are subjective. To understand how ethical conduct plays a vital role in the appraisal process, we begin as we would in an appraisal by defining the problem. Ethics concerns itself with that which is morally right and wrong. Ethical...

Appraising undeveloped land in Russian cities.
July 1, 1997... This article is a summary of appraisal work conducted in 1995 under a contract with the United States Agency for International Development as part of its housing reform technical assistance program in Russia. In 1995 the city governments of Tver...

Appraisal writing, Aristotle, and the art of persuasion.
July 1, 1997... Because one appraiser's final value estimate may differ from another's, it is safe to say that appraisals are opinions, and the burden is on appraisers to convince their clients of their value conclusions. Regardless of whether the final value is...

Rank correlation analysis of comparable sales from inefficient markets.
July 1, 1997... Comparable sales data sets often show a vexing combination of general linear relatedness and specific nonlinear variance among variables of price and property attributes. A visual inspection of a typical table of 6 to 12 comparable land sales...

Liquidity loss and delayed transactions with leaking underground storage tanks.
July 1, 1997... Urban developers often encounter brownfield-related costs, expense required to clean up environmental contamination from prior land uses. Parties redeveloping brownfield sites also face uncertainty about the degree of remediation, the financial...

Adjusting the value of houses located on a golf course.
July 1, 1997... When valuing residential properties, appraisers must consider the effect of a variety of location-specific factors. For example, they must consider the possible negative effect on a house's value because it is located in a neighborhood that has...

Unsyndicated partial interest discounting.
July 1, 1997... Appraisers are sometimes engaged to value unsyndicated partial interests in real estate held by a tenant in common without right of survivorship, a formal partnership agreement, and a formal buy/sell agreement. Market value estimates of these...

The need for appraisal company standards.
July 1, 1997... The Uniform Standards of Professional Appraisal Practice (USPAP)(2) is legally and professionally the primary reference source for all appraisers. The purpose is to regulate the individual appraiser and his or her appraisals. It makes no...

Groundwater contamination and residential property values.
July 1, 1997... Many papers have been written on how discovering environmental contamination influences the value of real estate. Some describe the legal environment that created the problem, and others suggest methods for valuing a contaminated property. Most...

Due diligence in the single-family residential review process.
July 1, 1997... The appraisal review functions as quality control and was defined and institutionalized early on by government regulatory agencies involved in federal takings, such as highway programs, and by the mortgage lending industry. Later, appraisal...

Industrials: the baseline method.
July 1, 1997... Regression analysis and the more standard method of analysis through the sales comparison approach come at valuation from different perspectives. Standard analysis stresses the uniqueness of individual properties, moving the majority of market...