Appraisal Journal articles from October 2001

Appraisal Journal archives from October 2001

Birth of a Profession.(Romanian appraisers)
October 1, 2001... The last decade of the 20th century provided a unique opportunity for Central and Eastern Europe to transition from a command economy and dictatorship to a market economy and democracy. On this road, Romanians encountered obstacles and...

The Significance of Social Influences and Established Housing Values.
October 1, 2001... Investment in housing represents the largest single source of wealth for individuals and has an important role in the macro economy. Traditional economic indicators cannot always observe the degree of purchaser and vendor willingness;...

NCREIF Executive Summary and Discounted Cash Flow (DCF) Database.(National Council of Real Estate Fiduciaries)(Brief Article)
October 1, 2001... The NCREIF Valuation Committee has been working on the development of a standardized executive summary of appraisals done for NCREIF properties. The executive summary will cover all three approaches to value, but emphasis is placed on the...

Real Estate Capital Markets: Transitional Economic Turmoil Amidst Demographic Change.
October 1, 2001... Commentary Six months ago, we labeled the U.S. economy as transitional, making a structural shift from the old to the new economy. A lot has changed since that time, especially the economic outlook. While we are still in transition, the...

Hurricanes, Housing Market Activity, and Coastal Real Estate Values.(Statistical Data Included)
October 1, 2001... abstract Assuming hurricane landfalls are random events for a given coastal community, a single storm or even a pair of storms should have no appreciable effects on property values. However, we hold that the increased frequency of strikes...

Misconceptions Associated With Low Income Housing Tax Credit (LIHTC) Valuations.
October 1, 2001... abstract This article attempts to clarify many of the misconceptions associated with the Low Income Housing Tax Credit (LIHTC) program. Historically, market participants have used the term "tax credit value" to describe the price paid for...

The Role of Formal Survey Research Methods in the Appraisal Body of Knowledge.
October 1, 2001... abstract This article discusses how formal research methods fit into the appraisal body of knowledge. While appraisers frequently use informal data collection methods to gather information, the use of formal or "scientific" survey research...

Revisiting Valuation of Real Estate Partial Interests: Recent Case Studies.
October 1, 2001... abstract Valuing partial interests, such as common tenancies, is one of the more difficult assignments in appraising property interests. There are usually few comparable sales, a myriad of complex issues revolving around the rights of the...

The Effects of an Oil Pipeline Rupture on Single-Family House Prices.
October 1, 2001... abstract This study quantifies the effects of environmental contamination on residential property values. An oil pipeline rupture occurred on the Patuxent River in Maryland in Spring, 2000. Hedonic and predictive regression analysis were...

What's Financial Feasibility Got To Do With It?
October 1, 2001... abstract Proper highest and best use analysis should not fail to take into consideration the impact of timing on financial feasibility. Acknowledgment of timing as a factor recognizes the possibility that the maximally productive use of a...

Using Multiple Regression Analysis in Real Estate Appraisal.
October 1, 2001... abstract This paper illustrates, using a representative appraisal report, the pitfalls or mistakes that real estate appraisers can make when using multiple regression analysis (MRA) to estimate the value of real estate. The paper also...

Showing What You Know.
October 1, 2001... abstract The author was recently asked to make a presentation on the use of geographic information systems, commonly referred to as GIS, to a local chapter of the Appraisal Institute. The purpose was to show how an appraiser or appraisal...

Welcome to the 12th Edition of The Appraisal of Real Estate: A Focus on Fundamentals.(Review)
October 1, 2001... One of the greatest challenges encountered in revising the Appraisal Institute's flagship textbook, The Appraisal of Real Estate, was incorporating recent developments in valuation into the historical tradition of the discipline while...

Tax Court Expresses "Grave Doubts About the Reliability of the QMDM Model to Produce Reasonable Discounts".(quantitative marketability discount model)
October 1, 2001... The case of Donald J. Janda and Dorothy M. Janda v. Commissioner, [1] involves the valuation of the stock in a closely held bank holding company for federal gift tax purposes. The principal controversy in this recent case involved the...

Tax exemption denied to a leasehold interest in Missouri.(Brief Article)
October 1, 2001... The tax-exempt status of a fee owner of land does not extend to a leasehold interest in the same land, granted to another for a term of years, according to the Supreme Court of Missouri. Prior to 1986, the curators of the University of...

Charitable exemption provided for fledgling charity organizations in Minnesota.(Brief Article)
October 1, 2001... A fledgling organization may, for a reasonable time after its inception, qualify as a purely public charity based on its plans and organizational structure without having yet provided charitable services, according to the Supreme Court of...

Uniqueness necessary to recover condemned property's business losses.(Brief Article)
October 1, 2001... A landowner seeking to recover business losses in a condemnation action bares the burden of proving the uniqueness of the condemned property by a preponderance of the evidence, according to the Court of Appeals of Georgia. Cobb County,...

Expert testimony aids in separate values determining fair market value of a property.(Brief Article)
October 1, 2001... Expert testimony on the value of timber was admissible in determining the fair market value of a condemned property, according to the decision of the Court of Appeals of North Carolina. According to the court, the timber was an enhancing...

Letters to the editor.
October 1, 2001... Comments on "To Whom Are Appraisers Liable?" In the article "To Whom are Appraisers Liable" (April 2001) and in a prior seminar, Steven R. Smith covers three topics--the growing criminal problem for appraisers; the Soderberg case,...

A Classic Redefined: The Appraisal of Real Estate, 12th Edition.(Review)
October 1, 2001... The discipline of real estate appraisal changes every day. Practitioners stay ahead by refining their skills, incorporating new ideas to inform and expand their expertise. Real estate and business professionals will find everything they need to...