Real Estate Valuation Theory

ISBN-13: 9780792376637 / Angielski / Twarda / 2002 / 430 str.

Marvin L. Wolverton; Ko Wang; Wang Ko Wang

Opis

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.

Spis treści

Foreword. About the Editors. Introduction. Section I: Appraiser Decision Making and Valuation Accuracy. 1. Behavioral Research into the Real Estate Valuation Process: Progress Toward a Descriptive Model; J. Diaz III, J.A. Hansz. 2. Are Appraisers Statisticians? R.K. Pace, et al. 3. The Components of Appraisal Accuracy; P. Gallimore. Section II: Regression, Minimum-Variance Grid Method, and Other Valuation Modeling Techniques. 4. An Investigation of Property Price Studies; K. Björklund, et al. 5. Comparison of the Accuracy of the Minimum-Variance Grid Method and the Least Squares Method - a Non-Linear Extension; K.W. Chau, et al. 6. Error Tradeoffs in Regression Appraisal Methods; M. Kummerow, H. Galfalvy. 7. Automated Valuation Models; R.K. Pace, et al. 8. A note on the Hedonic Model Specification for Income Properties; B. Söderberg. 9. Neural Network vs. Hedonic Price Model: Appraisal of High-Density Condominiums; K.C. Wong, et al. Section III: Appraising Contaminated Property. 10. Comparative Studies of United States, United Kingdom and New Zealand Appraisal Practice: Valuing Contaminated Commercial Real Estate; W.N. Kinnard, et al. 11. Hedonic Modeling in Real Estate Appraisal: The Case of Environment Damages Assessment; A.K. Reichert. 12. Do Market Perceptions Affect Market Prices? A Case Study of a Remediated Contaminated Site; S. Bond. Section IV: Property Tax Assessment. 13. Valuation of Land Using Regression Analysis; M.A. Sunderman, J.W. Birch.14. Grid-Adjustment Approach &endash; Modern Appraisal Technique; S.-H. Huang. Section V: New Perspectives on Traditional Appraisal Methods. 15. The Unit-Comparison-cost Approach in Residential Appraisal; P.F. Colwell, D.W. Marshall. 16. The Long-Run Equilibrium Relationship among Equity Capitalizaton Rates for Retail, Apartment, Office, and Industrial Real Estate; M. Devaney. 17. A Fuzzy Discounted Cash Flow Analysis for Real Estate Investment; T.F. Sing, et al. 18. Real Options and Real Estate: A Review and Valuation Illustration; S.H. Ott. Index.