Appraisal Journal articles from October 1999

Appraisal Journal archives from October 1999

Measuring the Convenience of Gas Stations.
October 1, 1999... Estimating likely gas sales volume is the single most important step in the valuation of gas service stations. Gas stations are commonly sold as going concerns and rarely as real estate only or as leased investments. According to The Appraisal...

The Real Estate Valuation Profession in the Czech Republic.
October 1, 1999... The Czech Republic is a landlocked country of 79,000 square kilometers, situated in the heart of Europe. It comprises the regions of Bohemia, Moravia, and Silesia. Neighboring countries are Austria, Germany, Poland, and Slovakia. The Czech...

The Infamous Avigation Easement.
October 1, 1999... If there is one type of the bundle of rights taking that strikes fear into the hearts of property owners but, for some reason, matters little to the powers that be (condemnors), it's the avigation easement. Most easements are somewhat quiet in...

The Valuation of Fast-Food Outlets: Analysis, Methodology, and Reliability.
October 1, 1999... Changes in lifestyles and demographics in many advanced economies have resulted in ever-increasing demand for fast-food restaurants over the past 20 years. This increase in demand has been stimulated by increasing disposable income and...

Electronic Data Interchange and Electronic Commerce: The Future of Appraising.
October 1, 1999... Thanks to such vehicles as intranets and the Internet, electronic data transfer has been adopted by a growing number of industries, including manufacturing, health care, insurance, and retail establishments. Such information previously required...

Residential Appraising and the Stability of Regression Results Over Time.
October 1, 1999... This study presents empirical research results that indicate regression models have reasonable predictability but not necessarily coefficient stability over time. The results can be of great benefit to appraisers in the field in several ways....

But Is It Market Value? Separating Market Appraisal from the Liability Model.(Statistical Data Included)
October 1, 1999... A consensus of recent impartial scientific literature concludes that highly regulated common environmental substances and emissions associated with real estate are what risk analysts call "phantom risks." In other words, those substances that...

Yield Capitalization for Market Analysis.(Statistical Data Included)
October 1, 1999... There are several methods appraisers may use to value income properties. These include income multipliers, direct capitalization, and yield capitalization. Income multipliers are quite easy to find and simple to use. However, most agree they...

New Trends in the Japanese Real Estate Appraisal Industry.
October 1, 1999... As is generally known, the Japanese economy is still at low ebb. Most industries are having a hard time carrying on as going concerns in this long recession. The real estate industry is no exception. According to the Urban Land Price Index of...

The Valuation of Billboard Structures.(Statistical Data Included)
October 1, 1999... There have been major changes in the billboard industry in recent years. Billboard companies have been the targets of mergers, acquisitions, and public takings. One of the more subtle changes has been the trend toward replacing poster displays...

Business Enterprise Value Debate: Still a Long Way to Reconciliation.(Statistical Data Included)
October 1, 1999... For years, the existence of a residual intangible personal property component in certain properties has been widely recognized. The term "business enterprise value" (BEV), as it was coined by William N. Kinnard, caught on. In this debate, both...

The Role of Graphic Analysis in Appraisals.(Statistical Data Included)
October 1, 1999... According to The Appraisal of Real Estate, "Market value is inherently a simple concept. It is an objective value created by the collective patterns of the market."(1) Many appraisals use relatively small data sets or comparables to draw...

American Real Estate Society Conference: Some Noteworthy Research to Consider in Valuation Analyses.
October 1, 1999... Researchers who took part in the American Real Estate Society (ARES) annual conference this year focused heavily - although not solely - on the effect that electronic commerce (e-commerce) will have on the physical component of real property....

Real Estate and Capital Markets: Concepts Essential to Developing Forward-Looking Real Estate Decisions.(Statistical Data Included)
October 1, 1999... Increased alignment between real estate and capital markets resulted in the recovery of the real estate market in the 90s. This column will explain how this convergence came about and will provide details on the emergence of the public real...

Junk Science, Environmental Stigma, Market Surveys, and Proper Appraisal Methodology: Recent Lessons from the Litigation Trenches.
October 1, 1999... Litigation support assignments sometimes test the limits of acceptable appraisal methodology and practice. Frequently in litigation-related assignments the appraiser is required to follow appraisal standards and methods set out either in...

Thrift store for charitable purposes exempt from property taxes.(Brief Article)
October 1, 1999... Property occupied by a Salvation Army thrift store was exempt from property taxes because the store was used solely for The Salvation Army's charitable purposes, according to the Supreme Judicial Court of Maine. The Salvation Army applied...

Real estate appraisers who conducted pre-litigation appraisals in good faith immune from civil liability.(Brief Article)
October 1, 1999... The doctrine of absolute witness immunity from civil liability extended to appraisers' prelitigation appraisals of property, according to the Supreme Court of New Hampshire. Arthur Provencher owned 165 acres of land that the State wanted...

Valuation of vegetation in eminent domain case should apply sales comparison approach.(Brief Article)
October 1, 1999... The proper method for valuing vegetation on condemned property is the comparable sales approach and not the cost basis approach, according to an Arizona appellate court. Ramon and Rojelia Gonzalez own and live on land approximately 8/10...

Not-for-profit public garden exempt from property taxes.(Brief Article)
October 1, 1999... The operation of a public garden was a purely public charity entitled to claim real estate tax exemption, according to the Supreme Court of Pennsylvania. Longwood Gardens, Inc., is a very large and world-renowned public garden located in...

Real Estate Principles.(Review)
October 1, 1999... eighth ed., Charles J. Jacobus. Published by Prentice-Hall, Inc., Upper Saddle River, New Jersey, 1999, 631 pages, $51.33, hardcover. What is the difference between a right-of-way and an easement? What forms of real estate ownership are...

When multiplying and dividing adjustments are appropriate.
October 1, 1999... The article, "An Easy Method for Developing Accurate Land Comparable Adjustments," by H. Bob Stellmacher (July 1998 issue) discusses the mathematical incorrectness of adding and subtracting adjustments and the correctness of multiplying...

Stigma formula does not reflect market value or impartial appraisal of damages.
October 1, 1999... We have all heard examples about people who get things backwards. Man bites dog, the cart goes before the horse, the tail wags the dog, or division is performed before addition in an algebraic equation. In "The Performance of Exterior...

Appraising Residential Properties, third edition.(Review)
October 1, 1999... As the business world changes, new tools are adopted while old ones are set aside. To help residential appraisers adapt to an evolving marketplace, the Appraisal Institute is pleased to announce the publication of a new tool for your business,...

The Valuation of Apartment Properties.(Review)
October 1, 1999... by Arlen Mills, MAL SRA, and Anthony Reynolds, MAI In recent years, apartment properties have consistently topped the wish lists of institutional real estate investors. A growing economy, increasing populations of traditional renters and...

Real Estate Damages: An Analysis of Detrimental Conditions.(Review)
October 1, 1999... The cost of all natural disasters in the United States has doubled in the last decade, from roughly $25 billion to $50 billion a year. Research has yet to reveal clear reasons behind this phenomenon, though many experts point not to climactic...

More Evidence of Rational Market Values for Home Energy Efficiency.
October 1, 1999... The article, "Evidence of Rational Market Values for Home Energy Efficiency," which appeared in the October 1998 issue of The Appraisal Journal, presented the results of research indicating that market values for energy-efficient homes reflect...