The Appraisal of Real Estate
About & Thoughts
The Appraisal of Real Estate, 15th edition, is a book that fits these chaotic times, when a global pandemic and social justice concerns call into question our economy and many other aspects of our lives. Although we know that our work today is not “business as usual,” the Appraisal Institute is proud to present this text as confirmation of its faith in, and continuing commitment to, the valuation community and the sound application of recognized valuation methodology.
In addition to updated information on changes in real estate markets and valuation standards, longtime readers of The Appraisal of Real Estate will notice these significant changes in this edition:
New chapters focused on applications of market analysis and highest and best use analysis
Additional emphasis on identifying the property rights to be appraised in an appraisal assignment
Deeper discussion of accepted techniques for allocating value among real estate, personal property, and non-realty items
History confirms that the applicability and importance of different valuation techniques rise and fall as real estate markets and society evolve, but the basic principles of valuation that are at the core of this book, and fundamental to the appraiser’s skill set, remain unchanged.
This has been and continues to be a helpful text to refer to when incurring issues and critical decisions in the appraisal process. I enjoyed the 14th edition and continue to consume information in this 15th edition regularly.
Subdivision Valuation
About & Thoughts
The new edition of Subdivision Valuation provides a comprehensive overview of the methodology used in valuing existing and proposed single-unit residential subdivisions. Market and neighborhood analysis, highest and best use, profit and timeline concepts, land value, yield, line-item profit, and discounting procedures are described in detail and new case studies are presented to illustrate lot presales, mortgage financing, bulk sale forecasts, and the time-zero profit dilemma. Developer risk reduction strategies, lot sales to potential homeowners, proposed construction performance bonds, and super pad sites are also discussed. Finally, areas of weakness in subdivision appraisal reports are examined to provide guidance on how to avoid common valuation errors.
I really enjoyed learning more in this text, and reference it anytime this property type comes across my desk.
Guide to Appraising Restaurants
About & Thoughts
The restaurant business is risky. Owners and operators of restaurants know this, and real estate professionals must know it as well. Appraisers who value restaurant properties should fully understand the opportunities and risks inherent in restaurant operations and how these factors affect real property value.
A Guide to Appraising Restaurants is aimed at commercial appraisers, brokers, lenders, and reviewers who wish to explore the complex issues related to valuing restaurant properties. This guide will also help professionals involved in designing, developing, financing, and investing in restaurants understand marketability and valuation issues relating to restaurant properties and what to expect from restaurant property appraisals.
The book examines important trends in the restaurant industry and demonstrates market, location, and property analyses and the three approaches to value. Case studies and examples of different valuation scenarios are included to provide real-world insights.
I have used this text numerous times when appraising this property type. It has been a great help.
Market Analysis for Real Estate
About & Thoughts
Market analysis is essential to real estate appraisal, and only an experienced, trained valuation professional can provide the type of in-depth study required to identify the supply and demand for a class of property in a specific market and assess the marketability of a unique property in that market.
This second edition of the classic reference is a three-part text that presents the principles and techniques of market and marketability analysis, illustrates these concepts with case study applications, and explains how the information developed in the appraiser’s market analysis contributes to the highest and best use conclusion and the application of the three approaches to value. The case study properties examined in the text include an existing shopping center, office building, industrial property, and apartment complex as well as vacant land and a vacant shopping center.
Market Analysis for Real Estate presents market analysis as an integrated process and demonstrates how market and marketability techniques are applied to actual situations that appraisers encounter in performing valuations and complex, stand-alone market studies.
I have used this text many times for a variety of assignments and property types. It is a great source of information on application of the fundamental demand analysis.
Real Property Valuation in Condemnation
About & Thoughts
In 1995 the Appraisal Institute published the landmark text, Real Estate Valuation in Litigation. Now, more than 20 years later, we are pleased to announce Real Property Valuation in Condemnation, a new text focused specifically on the contentious subject of condemnation.
What do appraisers need to know to value properties subject to eminent domain? Appraisers who value condemned properties are likely to find themselves in court, explaining and defending their analysis and opinions. In these high-pressure situations, they can rely on the experience and guidance of their valuation peers, which has been gathered, distilled, and illustrated in this new book.
Although the legal parameters and circumstances of condemnation appraisal assignments may be unique, appraisers are hired to provide opinions of value. The information provided in Real Property Valuation in Condemnation will help them do just that and ensure that they perform these complex assignments with competence, professionalism, and a commitment to ethical conduct.
This text was extremely helpful in related assignments. It will continue to be a resource I use anytime this appraisal problem comes up.
The Selection of Retail Locations
About & Thoughts
This book is the first major exposition of comprehensive scientific procedures for locating retail facilities. It is not only a compilation of existing techniques but also sets forth new techniques for research, market analysis, and statistical consideration of locational problems.
Valuation of Office Properties
About & Thoughts
Get The Valuation of Office Properties: A Contemporary Perspective and learn the terminology, concepts, principles, and analytical techniques needed to value complex, multitenant office buildings. The Valuation of Office Properties includes essential information on:
The history of the office building
Characteristic attributes of different types of office buildings
Site and improvement inspection and analysis
Industry measurement criteria
Through an in-depth case study and real-world examples, the author demonstrates the application of the income capitalization approach and thoroughly examines:
Office leases
The forecasting of cash flows
The estimation of rents, vacancies, and operating expenses
The sales comparison approach, the cost approach, and final reconciliation are also demonstrated. An extensive glossary and bibliography are included for further reference.
This is a great text for reference anytime clarification is required on office valuation.
Valuing Small Businesses and Professional Practices
About & Thoughts
The classic bestseller on estimating the value of small businesses and professional practices is fully updated and enhanced. While continuing to take readers step-by-step through the valuation process, it now features timely new or significantly revised chapters on valuation for estate plans, employee stock ownership plans, and corporate partnership dissolutions/buyouts. Along with case studies, it also offers greatly expanded coverage of data sources and their availability to small businesses.
Hotel Market Analysis and Valuation
About & Thoughts
This update of the popular 2001 work, Hotels and Motels: Valuations and Market Studies, expands the discussion to encompass the global hotel market and current issues in the lodging industry. Included with the purchase of this book is Hotel Valuation Software, a valuable tool that appraisers can use to analyze hotel properties in any market.
Major topics covered in this text include:
The development of the hotel industry in Europe, South America, India, China, and the United States
Supply and demand issues
Hotel market studies
Forecasting revenues and expenses
The valuation process, and
The current state of the lodging industry.
A realistic case study is also included to illustrate the concepts discussed and demonstrate the valuation software.
Hotel Market Analysis and Valuation: International Issues and Software Applications is unique in that it provides an in-depth, up-to-date, and technologically advanced discussion of the market analysis and valuation of hotels around the world. It contains a wealth of current information that will prove useful to appraisers as well as hotel developers, investors, and lenders.
This is a great resource for valuing hotels/motels and I use it anytime I need clarification on specific techniques or a detail of a particular issue when valuing this property type.
Applications in Litigation Valuation
About & Thoughts
Litigation valuation is a fascinating discipline that offers a wide range of opportunities to qualified real property appraisers. Whether you are new to litigation valuation or have experience but want to expand your practice, Applications in Litigation Valuation: A Pragmatist’s Guide is for you. The text presents basic instruction on tackling tough valuation assignments and real-world examples of appraisers in action. The book provides an overview of the fundamentals of litigation appraisal beginning with a discussion of the appraiser’s engagement, execution of the assignment and expert testimony.
I have used this resource among others when litigation is expected to a occur as part of the assignment. It is a great guide for this type of valuation.
Land Valuation
About & Thoughts
Land Valuation: Adjustment Procedures and Assignments is a basic guidebook to help appraisers successfully complete new or difficult land valuation assignments. It provides benchmarks for property analysis and illustrates how various land valuation assignments can be performed, using both traditional techniques and appropriate alternative methods. It also offers readers a wide array of valuation-related data sources, formats, procedures, and references.
Land Valuation addresses the appraisal of sites in mature neighborhoods and prospective subdivisions as well as residential waterfront property, industrial and commercial land, farmland and timberland, historic and scenic land, resort lots, wetlands, contaminated sites, and rights of way. It demonstrates how to locate properties in the field, conduct site analysis, and determine highest and best use. A variety of adjustment techniques are explained, including adjusting for size differences, changing market conditions, accessibility, public utilities, and location. Also covered are ways to use property listings, improved property sales, and paired sales analysis to estimate land value and the selection of appropriate units of comparison.
This text can be used as a desk reference by all appraisers involved in the valuation of land, regardless of their level of experience. Illustrations and computations reinforce the discussion of various valuation methods and assignments. Numerous graphics, photographs, and charts are incorporated into the book to facilitate the reader’s understanding of the material presented.
This has always been a good text to review on occasion as it provides a great guide to valuing land.
Convenience Stores and Retail Fuel Properties
About & Thoughts
The convenience industry is a complex and fascinating retail channel that has responded to recent economic challenges by embracing new ideas. The second edition of Convenience Stores and Retail Fuel Properties: Essential Appraisal Issues will help appraisers of convenience stores keep up with these changes and understand how to value convenience properties. This second edition demonstrates market analysis using statistical data and information on important recent developments in the convenience industry, such as:
Reduced fuel profits
Competition from hypermarkets
Increased focus on food service
Newly added chapters discuss:
Fundamentals of economic theory as applied to convenience retail real estate
Eminent domain issues
Highest and best use essentials for convenience store sites
As an added bonus, the book presents a prototype of a working commercial property automated valuation model. Links to helpful online digital content, including interviews with experts and practical field examples, are also provided to illustrate the concepts discussed.
Appraisal of Nursing Facilities
About
In this comprehensive text, healthcare property valuation expert, James K. Tellatin, MAI, explores long-term care facilities from both physical and economic perspectives. The discussion focuses on skilled nursing facilities, covering topics such as the intricacies of Medicare and Medicaid funding as well as the complex factors impacting the operations of for-profit and non-profit facilities.
In addition to demographic and operational data, this text provides a wealth of practical instruction. Readers will learn how to:
Use Medicare and Medicaid cost reports, market surveys, interviews, and sales to gather and analyze data
Calculate federal and state cost reimbursements
Forecast occupancy, census, payor mix, income, and expenses
Apply specialized techniques to different valuation scenarios
Allocate business assets and address other appraisal challenges
An Introduction to Statistics for Appraisers
About
With increasing pressure on appraisers to support their opinions of value and new educational criteria requiring demonstrated proficiency in basic statistics, it's imperative that appraisers learn more about statistics and modeling. Inside An Introduction to Statistics for Appraisers, author Marvin L. Wolverton, PhD, MAI, discusses ways to perform statistical analyses that will impress the most demanding clients.
This text, written specifically for appraisers, includes:
A review of essential mathematical skills
Advice on illustrating data graphically
Instruction on the concept of probability and its application in statistical analysis
Sophisticated tools for testing research and assessing the validity and reliability of data samples
Information on statistical model building using simple and multiple linear regression
Sample townhouse case study data set
Capitalization Theory and Techniques Study Guide
About
While markets, methodologies, and technology may change, the need to understand the mathematics of finance does not. Capitalization Theory and Techniques Study Guide, third edition, provides practitioners and students of the income capitalization approach to value with an essential reference tool for their appraisal offices and classrooms.
This appraisal workbook offers:
In-depth coverage of the income capitalization approach, including a historical perspective and practical instructions for applying capitalization techniques
Key terms, symbols, formulas, financial tables, and calculator keystrokes as well as references to important appraisal resources
Fifteen lessons with hands-on exercises, more than 50 practice problems, and two case studies