Appraisal Thoughts from a Non-Appraiser

Spring/Summer 1992, Vol 17, No 1 Abstract: The tasks of the appraiser, as described in this article, demonstrate that the real estate appraisal is art as well as science. Appraisers should be paid properly for their services – and not considered ‘for sale’ at any price.

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Macro-Determinants of Time on the Market

Spring/Summer 1992, Vol 17, No 1 Abstract: Time on the Market (TOM) is a function of supply and demand in real estate markets and a measure of real estate market activity. A data set of 337 urban, suburban and rural residential sales was used to examine the effect of macro-economic variables on TOM. The study controlled… Read more

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How Long is a Long Term Lease?

Spring/Summer 1992, Vol 17, No 1 Abstract: Ground leases of 50 or 60 years are too short from a developer’s or an investor’s point of view. The leases should be much longer if an important development is going to be constructed on the land.

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Improving Real Estate Market Research

Spring/Summer 1992, Vol 17, No 1 features Abstract: At the present time, there are compelling reasons to bridge the gap between academic research and its application to industry. A new research tool, geographic information systems (GIS), may facilitate the exchange of information between academia and industry.

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Valuation of a Property Management Company for Acquisition

Spring/Summer 1992, Vol 17, No 1 Abstract: Valuing an acquiring a property management company require the use of analytical approaches, modified by experience-based intuitive judgement. Retention of clients and professionals is a major factor to be recognized. The author describes how the multiplier applied to net income to determine value has declined.

Validation of Basic Valuation Models: A Multi-Family Housing Example

Spring/Summer 1992, Vol 17, No 1 Abstract: The authors present a thorough study of 30 apartment complex transactions in the vicinity of Atlanta, Georgia, for the years 1984 through 1988 was undertaken. Statistical techniques were used to test the validity of the simple, direct proportionality models of valuation and expense estimation. The dataset was of unusually good quality and was based on audited income statements. Read More

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