Real Estate Valuation Theory

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Springer Science & Business Media, Sep 30, 2002 - Business & Economics - 430 pages
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Is real property appraisal evolving, or have all of the "big ideas" already been conceived? This question has been circulating among the leaders of the Appraisal Institute during the past several annual meetings, usually encountering little in the way of satisfying answers. This is not too surprising, because grand ideas and new knowledge do not typically evolve from off-hand conversation. They are the product of focused intellectual activity and hours of difficult work.

This unquenched thirst for new knowledge is the primary reason for assembling this collection of new manuscripts dealing with valuation theory, which was financially underwritten by the Appraisal Institute. Their generosity and willingness to partner with the American Real Estate Society made this collection of thoughtful and thought provoking essays possible. They are the result of a global response to a worldwide call for papers, and demonstrate that real estate valuation is indeed an international discipline. The United States, Australia and New Zealand, Southeast Asia, the Pacific Rim, and Europe are all represented by this impressive collection of authors. Together, the eighteen essays that make up this volume demonstrate that there are a sufficient number of "big ideas" to challenge and improve the appraisal profession for years to come.

Real Estate Valuation Theory is organized around five categories of intellectual contribution to the whole-appraiser decision making and valuation accuracy, application of nontraditional appraisal techniques such as regression and the minimum-variance grid method, appraising contaminated property, ad valorem tax assessment, and new perspectives on traditional appraisal methods. One common thread is that all of the papers are exceptionally well written and thought provoking.

 

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Contents

Behavioral Research into the Real Estate Valuation Process Progress Toward a Descriptive Model
3
Are Appraisers Statisticians?
31
The Components of Appraisal Accuracy
45
REGRESSION MINIMUMVARIANCE GRID METHOD AND OTHER VALUATION MODELING TECHNIQUES
61
An Investigation of Property Price Studies
63
Comparison of the Accuracy of the MinimumVariance Grid Method and the Least Squares Method a Nonlinear Extension
95
Error Tradeoffs in Regression Appraisal Methods
105
Automated Valuation Models
133
Hedonic Modeling in Real Estate Appraisal The Case of Environmental Damages Assessment
227
Do Market Perceptions Affect Market Prices? A Case Study of a Remediated Contaminated Site
285
PROPERTY TAX ASSESSMENT
323
Valuation of Land Using Regression Analysis
325
GridAdjustment Approach Modern Appraisal Technique
341
NEW PERSPECTIVES ON TRADITIONAL APPRAISAL METHODS
355
The Unitcomparison Cost Approach in Residential Appraisal
357
The Longrun Equilibrium Relationship among Equity Capitalization Rates For Retail Apartment Office and Industrial Real Estate
373

A Note on the Hedonic Model Specification for Income Properties
157
Neural Network vs Hedonic Price Model Appraisal of HighDensity Condominiums
181
APPRAISING CONTAMINATED PROPERTY
199
Comparative Studies of United States United Kingdom and New Zealand Appraisal Practice Valuing Contaminated Commercial Real Estate
201
A Fuzzy Discounted Cash Flow Analysis for Real Estate Investment
389
Real Options and Real Estate A Review and Valuation Illustration
411
Index
425
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