Appraisal Journal articles from March 2005

Appraisal Journal archives from March 2005

Armstrong/Kahn award.(David C. Lennhoff of Delta Associates Inc., Richard Parli of Parli Appraisal, Inc. receives awards)(Brief Article)
March 22, 2005... David C. Lennhoff, MAI, SRA, and Richard Parli, MAI, are the winners of the 2004 Armstrong/Kahn Award and a $1,000 honorarium for their article, "A Higher and Better Definition," which appeared in the Winter 2004 issue of The Appraisal Journal....

Swango Award.(Tony Sevelka of InterVal receives award)(Brief Article)
March 22, 2005... Tony Sevelka, MAI, is the 2004 recipient of the Swango Award and a $1,000 honorarium for his article, "Subdivision Development: Risk, Profit, and Developer Surveys," published in the Summer 2004 issue of The Appraisal Journal The Editorial...

Charitable organization's headquarters not entitled to property tax exemption.(Brief Article)
March 22, 2005... The Appellate Court of Connecticut denied a property tax exemption for property in which a charitable organization's headquarters were located and in which the organization's executive director resided. Promoting Enduring Peace, Inc. (PEP),...

Developer awarded reimbursement for town's taking of property without just compensation.(Stafford EstatesLimited Partnership)
March 22, 2005... The Supreme Court of Texas agreed with a developer that conditions attached to a plat approval, which required the developer to construct and pay for improvements to an adjacent public street, were a taking of property without just...

Environmental impact statement not needed for town to condemn property for roadway expansion.(cases)(Brief Article)
March 22, 2005... The Court of Appeals of North Carolina ruled that an environmental impact statement (EIS) was not necessary for a town's direct condemnation of property for a road-widening and paving project. In 2001 and 2002, the Town of Highlands, North...

Expert testimony based on experience deemed reliable.(real estate appraisal case)
March 22, 2005... Adjustments an appraiser made to comparable sales figures to accommodate for differences in age, size, and condition did not render the appraiser's opinion unreliable as to fair market value of condemned property, according to the Supreme Court...

Special benefits one form of just compensation.(cases in brief)
March 22, 2005... The language of the Colorado constitution's just compensation provision does not require cash to be paid for property taken but, instead, it requires that "just compensation" be paid, according to the Supreme Court of Colorado. Thus, the court...

Fair market value determined by current highest and best use.(property valuation)
March 22, 2005... A Connecticut appellate court ruled that the fair market value of a parcel of land in a condemnation case could not be calculated on the basis of municipal property tax assessment. In 1995, Bakery Place Limited Partnership (Bakery Place)...

Partial charitable exemption for nonprofit nursing facility.(tax exemption case of Evangelical Lutheran Good Samaritan Society )(Brief Article)
March 22, 2005... The portion of a skilled nursing facility utilized by residents who paid for their care was not entitled to a property taxation exemption, according to the Court of Appeals of Iowa. The Evangelical Lutheran Good Samaritan Society (Society)...

Accidental damages are not compensable taking of property.(Brief Article)
March 22, 2005... Damages to a home as a result of a city's efforts to unclog a sewer line did not result in a taking of property without just compensation, according to the Supreme Court of Texas. In 1993, the Wastewater Operations Department of the City of...

Toward spatial/capital market convergence.(financial views: spring 2005)
March 22, 2005... Commentary Going into the second quarter of 2005, the financial snapshot of the commercial real estate market continued to be generally positive. This situation is likely to hold in the near term, although there are signs that the economic...

U.S. Supreme Court tackles three takings cases that could chart new directions for eminent domain.(law and the appraiser)
March 22, 2005... In recent years, the U.S. Supreme Court has revived its interest in real property law and the issue of takings under the Fifth Amendment to the U.S. Constitution, which states, "nor shall private property be taken for public use without just...

The EPA's proposed all appropriate inquiries rule and the appraisal of contaminated properties.(environment and the appraiser)
March 22, 2005... In previous editions of "Environment and the Appraiser," standards and methods for appraising contaminated properties were reviewed (1) and illustrated with case study examples. (2) In this edition of the column, we break from standards and...

Valuation Committee meeting notes.(news from NCREIF)(National Council of Real Estate Investment Fiduciaries)
March 22, 2005... Since the last update from the National Council of Real Estate Investment Fiduciaries (NCREIF), there have been three meetings: June 2004 in Cambridge, Massachusetts; November 2004 in Miami, Florida; and February 2005 in Salt Lake City, Utah....

An exploratory review of the effects of toxic mold on real estate values.
March 22, 2005... abstract This article reports outcomes of ten litigated toxic mold cases; a contingent valuation (CV) analysis of toxic mold in South Carolina; and mold case studies of an apartment complex near Seattle and a group of homes in Cleveland,...

The influence of artificial water canals on residential sale prices.
March 22, 2005... abstract Research in the fields of environmental psychology and landscape architecture demonstrates that humans have an innate preference for natural water settings. Where other real estate pricing studies have focused on oceans and lakes,...

The market history of the subject: analytical tool or fourth approach to value?
March 22, 2005... abstract In response to recent real estate fraud and abuse cases, this article proposes that a discussion be forwarded to add a fourth approach to value. This fourth approach calls for the analysis of recent prior listings and sale...

Is pollution a homogeneous determinant of value?(toxic chemicals impacts the selling price of a home)
March 22, 2005... abstract This study uses a cross-sectional, hedonic pricing model to investigate the link between different types of chemical releases and prices paid by purchasers of single-family residences in Omaha, Nebraska's Douglas County. The model...

Prediction performance of a hedonic pricing model for housing.
March 22, 2005... abstract Recent studies point to the superiority of the prediction ability of semiparametric methods over conventional, parametric hedonic price functions for housing. This study evaluates the predictive performance of three parametric...

Distressed property valuation issues.(notes and issues)
March 22, 2005... When valuing distressed real estate, appraisers must address a number of basic issues in preparing a supportable estimate of value. Significant rewards, often associated with higher compensation, await those individuals that call properly...

255 Real Estate Investing Mistakes and How You Can Avoid Them.
March 22, 2005... 255 Real Estate Investing Mistakes and How You Can Avoid Them by Stephen E. Roulac Published by Property Press, San Francisco, 2004, 356 pages $29.99, hardbound 375 Housing Mistakes and How You Can Avoid Them by Stephen E. Roulac...

Publications of the Appraisal Institute.(Valuation and Market Studies for Affordable Housing )(Brief Article)(Book Review)
March 22, 2005... Valuation and Market Studies for Affordable Housing by Richard E. Polton, MAI, CRE, AICP, with Julia LaVigne Working in the affordable housing field is often a challenge for appraisers and market analysts. Projects are complicated,...