Appraisal Journal articles from March 2004

Appraisal Journal archives from March 2004

Armstrong/Kahn Award.(appraisers)(Brief Article)
March 22, 2004... William Weaver, PhD, and Stuart Michelson, PhD, are the winners of the 2003 Armstrong/Kahn Award and a $1,000 honorarium for their article, "A Practical Tool to Assist in Analyzing Risk Associated with Income Capitalization Approach Valuation...

Swango Award.(appraisers)(Brief Article)
March 22, 2004... Charles K. Thompson, MAR, is the 2003 recipient of the Swango Award and a $1,000 honorarium. The Appraisal Journal Editorial Board presents the Swango Award to the best article published in the previous year on a residential, general, or...

Future rezoning may be considered in determining just compensation.(cases in brief; real estate appraisal)(Brief Article)
March 22, 2004... The Supreme Court of Nevada ruled that possible future rezoning may be considered in calculating property value in a condemnation case. The City of Las Vegas condemned a house and residential lot for the purpose of widening a road. At the...

Income capitalization approach rejected in valuation of truck stop partial taking.(cases in brief)
March 22, 2004... According to the Supreme Court of Wisconsin, evidence based on the "income approach" was inadmissible in an eminent domain proceeding where comparable sales evidence was available. National Auto Truckstops, Inc. (National) owns a truck stop...

Medical clinics providing occasional free care are not exempt from property tax.(cases in brief)(Brief Article)
March 22, 2004... Medical clinics where the taxpayer provided some free care were not entitled to a charitable exemption from state property taxes, according to an Illinois appellate court. The Riverside Medical Center (Riverside) is a not-for-profit...

Reducing convenience of access not a compensable taking.(cases in brief; property valuation)(Brief Article)
March 22, 2004... A change in a city's designation of a public access road on an owner's property from a two-way to a one-way street did not amount to a compensable taking of the owner's right to access his property according to the Court of Appeals of Georgia....

Donation does not invalidate rezoning.(cases in brief; real estate valuation)
March 22, 2004... A voluntary offer to donate $8 million, which was made by a utility that sought rezoning of a parcel to industrial use, did not invalidate the rezoning sought by the utility according to the Supreme Judicial Court of Massachusetts. The...

Cost of remediation appropriate to consider when determining value of contaminated property for ad valorem purposes.(cases in brief)
March 22, 2004... In a case of first impression in that state, the Colorado Court of Appeals ruled that a valuation of contaminated property for ad valorem purposes that factored in the government-mandated cost to remediate the property conformed with...

Recovery of litigation fees and expenses in federal condemnation proceedings under the equal access to justice act.(law and the appraiser)
March 22, 2004... The U.S. Constitution requires the payment of just compensation to the owners of property taken by eminent domain. Despite this constitutional guaranty, securing adequate just compensation often involves expensive litigation that requires a...

The three Rs of election year economics: recovery, rhetoric, and 'rithmetic.(financial views)
March 22, 2004... Commentary In the first quarter of 2004 the economic picture continued to brighten. There were signs that the resurgence in business activity and the stock market recovery might be sustainable, at least over the near term. Investors who...

Case studies analysis: environmental stigma and monitored natural attenuation.(environment and the appraiser)
March 22, 2004... This edition of "Environment and the Appraiser" addresses the use of environmental case studies to analyze the extent to which contamination may adversely impact property value through the effect previously referred to and defined as...

Valuation Committee meeting notes.(news from NCREIF)
March 22, 2004... The National Council of Real Estate Investment Fiduciaries (NCREIF) Winter Conference was held in February at the Pointe Hilton Tapatio Cliffs Resort in Phoenix, Arizona. The conference began on Wednesday, February 18th with the Real Estate...

The timing of development revealed by the market: an options approach.(real estate appraisal)
March 22, 2004... abstract The market provides an estimate of the time to development. This article shows simple computations for the price of agricultural land with no development option, the price of the option to develop, and the payoff associated with...

Preservation premiums and required restoration discounts: an empirical analysis of the Jacksonville, Florida, historic housing market.(appraisal)
March 22, 2004... abstract This article explores the relationship between historic preservation district designation and property values. It contributes to an understanding of the impact of historic preservation in two important ways. First, it offers...

Where the overall cap rate meets the discount rate.(property valuation)
March 22, 2004... abstract This article explores the relationship between the overall capitalization rate ([R.sub.0]) and the discount rate ([Y.sub.0]). It illustrates how value equivalency can be achieved between direct capitalization and yield...

Evaluating the valuers.(automated appraisals)
March 22, 2004... abstract Automated valuation model (ARM) technology has become prevalent among lenders who want to increase the speed of the appraisal process. With all this new technology in place, how can we know that AVM techniques really work? Who is...

Base adjusting in the sales comparison approach.(property appraisal)
March 22, 2004... absract This article demonstrates that the same value indication can be developed in the sales comparison approach by using either dollar or percentage adjustments. However, the dollar adjustments are summed while the equivalent...

Macroeconomic variables and real estate returns: an international comparison.(appraisal)
March 22, 2004... abstract The relationship between property returns and the macro economy is important to investors' strategies. Pattern analysis based on correlation models reveals the ongoing macroeconomic links with major international property markets....

In all fairness.(notes and issues; financial reporting valuation)
March 22, 2004... Valuation for financial reporting (VFR), or "mark-to-market," is an issue appraisers have been hearing about during the last few years. Although initially portrayed as a potential "silver bullet" for appraisers--perhaps as lucrative as FIRREA...

Conservation easements: growth, abuses, and regulation.(notes and issues)
March 22, 2004... With land conservation flourishing throughout much of the United States, land trusts and conservation groups are setting their sights on new legislation that could significantly expand the practice of conserving land by purchasing future...

The Complete Idiot's Guide to Investing in Fixer-Uppers.(Book Review)
March 22, 2004... The Complete Idiot's Guide to Investing in Fixer-Uppers Published by Alpha Books, Indianapolis, Indiana, 2003, 336 pages $19.95, softcover Now and then it is beneficial to read the books our clients are likely to read because we...

Comments on "market value for financial reporting: the premise".(letters to the editor)(Letter to the Editor)
March 22, 2004... I commend John D. Dorchester Jr., MAI, for his very thorough Winter 2004 article on valuation for financial reporting (VFR). While I generally agree with the article's premise that reporting market value for land, buildings, and equipment on...

Comments on "A Higher and Better Definition".(letters to the editor)(Letter to the Editor)
March 22, 2004... I found the article "A Higher and Better Definition" (Winter 2004) interesting and thought provoking, but I also found myself questioning some of the points made and conclusions reached. I have been working with the current definition of...

Practical Applications in Appraisal Valuation Modeling.(Brief Article)(Book Review)
March 22, 2004... by M. Steven Kane, Mark R. Linne, MAI, and Jeffrey A. Johnson, MAI (2004) Softcover, 200 pages, illus. Stock number: 0695M Members: $40 Nonmembers: $45 Introductory member price for a single copy through June 15, 2004: $32 The process...

Analysis and Valuation of Golf Courses and Country Clubs.(Brief Article)(Book Review)
March 22, 2004... by Arthur E. Gimmy, MAI, and Buddie A. Johnson (2004) Softcover, 200 pages, illus. Stock number: 0695M Members: $40 Nonmembers: $45 Introductory member price for a single copy through June 15, 2004: $32 Analysis and Valuation of Golf...