Appraisal Journal articles from October 2002

Appraisal Journal archives from October 2002

Cluster subdivision denied due to lack of required frontage. (Cases in Brief).(Julee Sanderson v. Town of Candia)(Brief Article)
October 1, 2002... A cluster subdivision ordinance, requiring frontage on a class V highway or better, was a taking of property with just compensation, according to the Supreme Court of New Hampshire. Julee Sanderson, a realty trustee, wanted to develop a...

Land condemned for presidential library. (Cases in Brief).(Eugene M. Pfeifer, II v. City of Little Rock)(Brief Article)
October 1, 2002... The Supreme Court of Arkansas ruled that the City of Little Rock had the authority to condemn land for a park with the intention of leasing it to another entity for use as part of the Clinton Presidential Library. In 1999, the city...

Condemnation taking benefiting a cargo facility granted. (Cases in Brief).(Piedmont Triad Airport Authority v. Kent W. Urbine)(Brief Article)
October 1, 2002... The taking of private property for airport expansion was for public use, although the expansion benefited a private air transport company, according to the Supreme Court of North Carolina. The Piedmont Airport Authority instituted a...

Appraiser license revoked due to failing to produce documents. (Cases in Brief).(Fred B. Eidson v. State, Department of Licensing)(Brief Article)
October 1, 2002... To be sanctioned under a provision of the Certified Real Estate Appraiser Act for failing to produce documents on demand, an appraiser need not have acted knowingly or intentionally in failing to produce documents and records in his or her...

Tax exemption denied for sequestered property. (Cases in Brief).(Mark Herrick v. Town of Marlboro)(Brief Article)
October 1, 2002... To qualify for a tax exemption for property sequestered (set aside) for a pious or charitable purpose under Vermont law, the property owner must dedicate the land unconditionally to a public use, according to the Supreme Court of Vermont. ...

Rent restrictions taken into account for tax assessment. (Cases in Brief).(Greens of Pine Glen, Limited Partnership)(Brief Article)
October 1, 2002... An apartment building's real estate tax assessment should have taken into account rent restrictions pursuant to a federal program that encouraged the building of housing for low-income families, according to the Court of Appeals of North...

Township leasehold not entitled to tax exemption. (Cases in Brief).(Dundee Township v. Department of Revenue)(Brief Article)
October 1, 2002... Property acquired pursuant to a township's open space program but leased for commercial farming purposes was not entitled to a property tax exemption for the leasehold, according to the Appellate Court of Illinois. In 1996, Dundee...

Expert testimony upheld in condemnation case. (Cases in Brief).(Robert J. Creason v. Unified Government of Wyandotte)(Brief Article)
October 1, 2002... In an eminent domain action seeking to take land for a speedway project, expert testimony regarding the value of a gas well was admissible to show how the value of the property as a whole was enhanced by the gas well, according to a decision of...

Real estate and the capital markets: the queuing up stage. (Financial Views).
October 1, 2002... Commentary Earlier this year our nation was in a transitional economy where consumers, businesses, and investors were adjusting to the recession. Real estate market fundamentals continued to weaken, but there were prospects of a moderate...

Kazakh appraisers learn our system. (International Appraising).(real estate appraisers from Kazakhstan learn American standards)
October 1, 2002... A group of appraisers from Kazakhstan recently visited Arizona to learn about buying, selling, and valuing property here. They hope to use the information to improve their country's evolving system of property rights and real estate appraising....

No Further Action letter's status can change. (Environment and the Appraiser).
October 1, 2002... Many appraisers feel that after a No Further Action letter is issued by a state environmental agency the responsible party and future property owners are absolved of financial responsibility for remediating the previous environmental...

Valuation Committee meeting notes. (News From NCREIF).(National Council of Real Estate Investment Fiduciaries)
October 1, 2002... Two NCREIF conferences have come and gone since the last Valuation Committee report to The Appraisal journal. The Winter Conference was held in late February following the Winter Olympics at the Snowbird Conference Center near Salt Lake City....

Defining a trophy property. (Features).
October 1, 2002... abstract This article discusses and provides a definition for "trophy property." It suggests that an appropriate definition is one that consists of quantifiable attributes such that a researcher can compare the relative quality of property...

Preparing for expert testimony. (Features).
October 1, 2002... abstract This article is based on the author's twenty-plus years of experience as an expert appraisal witness and advice gleaned from the books and articles listed in the bibliography. The five-step process presented in this article...

Estimating proximate property damage from PCB contamination in a rural market: a multiple techniques approach. (Features).
October 1, 2002... abstract Ideally, when there is an environmental condition that affects property values, there is sufficient sales data to estimate a regression model to determine losses to the real estate. In some cases, however, data on sales is not...

Considerations for appraisers in regard to dummy auction bids. (Features).(residential real estate auctions)
October 1, 2002... abstract The popularity of an auction as a means of selling residential real estate has increased markedly in recent years. The effectiveness of an auction program is heavily promoted by most real estate agents who claim that it is the...

A statistical definition of value. (Features).
October 1, 2002... abstract Property prices are random variables, which means that before a sale occurs, there is a distribution of possible prices. An appraisal can therefore be defined as an estimate of the possible price distribution for the subject...

Inferring individual asset values from aggregate transaction data. (Features).
October 1, 2002... abstract Valuing power generation assets by the sales comparison methodology is complicated by the fact that these assets are generally sold in heterogeneous portfolios. Obtaining a comparable sales value for an individual asset involves...

Valuing Superfund site cleanup: evidence of recovering stigmatized property values. (Features).(hazardous waste sites)
October 1, 2002... abstract This article addresses the economic consequences that attach to Superfund hazardous waste sites and the extent that these economic effects are recoverable with efforts that address both real and perceived hazards. The analysis...

Compliance with Daubert. (Notes and Issues).(Brownfield valuation model)
October 1, 2002... The article "A Beginning Best Practice Brownfield Valuation Model" (1) stated that a problem noted in the literature review was that suggested methods for arriving at a value estimate are not in compliance with the requirements of the Daubert...

Commercial and residential water damage: the mold connection. (Notes and Issues).
October 1, 2002... Nationwide remediation expert PDG Environmental discusses what owners, managers, and insurers need to know about the leading cause of mold infestation and how to handle the dreaded mold fallout. For shell-shocked property owners, managers,...

A meaningful new reference: introducing the fourth edition of The Dictionary of Real Estate Appraisal. (Notes and Issues).(Review)
October 1, 2002... The new edition of The Dictionary of Real Estate Appraisal is the first major update of the reference work in nine years. New and revised definitions are greatly anticipated because much has changed in the valuation profession since the third...

Business Geography and New Real Estate Market Analysis. (Book Review).(Review)
October 1, 2002... by Grant Ian Thrall, Published by Oxford University Press, New York, New York, 2002, 263 pages. $72.00 This book recognizes the need to meld the skills of the geographer and the business analyst into a discipline the author refers to...