The Appraisal Journal 2011: Vol 79 Index

2011·1.8 MB·English

INDEX TO VOLUME LXXIX
Subjects
Accounting standards ommercial property in local compre discounted cash flow anal
role of accountin tandards in rensive plans, 224 P26 vind farm, 95-41
tipre ed On Ile n hNoOWn 172 commercial real estate in Hon hong discountedc ash flaw analvysi
Agri:c ultural land i> 164 busine enterprise value
yricultural farmland as co on effects energy-efficient feature income capitalization approach and
element in comprehensive pl m commercial property value discounted cash flow analysis in
impact of ction 1051 tax-deterred valuing economic lo from regula
hanger { ! ‘ ul|t ural lanTrd on one revision mad econmom tory takin 1-54
tu ‘ 7-9 3s for commercial propert 4-59 vield capitalization and discounted
]t henv ole rl| and‘ as agric1 ult!u ral] marke} t ; fundam| einn ctomamelrcsia l ish flow analysis, 68-69
propert i real estate valuation, 145-1594 Documentation
Appraisal regulation rent assumptions in valuation of com documentatofi ooffner s. Jtt
provision ftederal inter mercial real estate. 195-160 review documentation requirement
ippraisal guideline in interagency guidelines, 299
Comprehensive plan
viel ‘ ’ nttirryso ler‘ } 1 " ‘ ‘) mplian ’ importance of comprehensive plan Energy-efficient buildings
viitt} h y ‘ ul|a tio” n ? t , text in appraisal ) i) ! effeocf tene rgy coson tmosnth ly rent
lnation standards in tlon ‘ purpose of a government comprehen 123-124
! 65161 6 fit ive plan > 4-224 linkages for ener efficiency char
Appraisal reports tandard elements of a government acterist ind direct capitalization
inplementin m internal quatit comprehensive plan 4 116-11
trol review proce 41-24 vaine ellects of enerey-efficiencs
Cost approach
itil lion reppoo rt equrieqnuei remen‘ ts in cost approach as an analytic ommercial buildin 115-1
ty lift
tapproachi n going concern Environmental Protection Agency (EPA)
Awards tion, 236-23 EPA policies related to wetland
Appraisal Journal Outstandin
mproach in timbertand lua
\w mcsprin
Externalities
\ppraisal Journal Spon using focu roup market research to
ipproacihn valuing econ
determine ellects of externaliti in
from regulatory takin
local market VO1T-31D
Court cases
: related to rent reset provi Feasibility
developin ' sibility model fora
in long-term ground lease
wind farm. 35-38
Bert J. Harris Act feasibility i iflecting rent re
recent state court decision
hlorida Pri O5- 100) INT IRG long-term mind lease 7
(Harr
Flood zones
Department of Energy
PEMA flood map changes
Department of Energy report
tory taking of property
enereyv production, 32-34
valuation of economic lo from re
me ' lew Discount rate latory takin elatot fleood dma p
deriving the discount rate in wetland 14-5
Capitalization rates
ipitalizat m market Focus groups
using focu roup mm irket research to
determine local market condition
Ti) oe
Geographic information system (GIS)
mpact of projected rent (yl ha ed comparable ile analyse
discount rate 195-190
of tike-kind exchange and non-like
Discounted cash flow kind exchange transactions, 60-64
mparison discounted ¢
General plan (see comprehensive plan)
direct capitalization, 69
Ground leases
liscounted cash flow analy issue iflecting rent reset of lone-term
Commercial property ona fundamental foreca round l1 ease
ty erp ‘ ‘ ’ ‘ail ’ }
liscounted cash flaw
timberland, 213-216
INDEX TO VOLUME LXXIX
Subjects
Accounting standards ommercial property in local compre discounted cash flow anal
role of accountin tandards in rensive plans, 224 P26 vind farm, 95-41
tipre ed On Ile n hNoOWn 172 commercial real estate in Hon hong discountedc ash flaw analvysi
Agri:c ultural land i> 164 busine enterprise value
yricultural farmland as co on effects energy-efficient feature income capitalization approach and
element in comprehensive pl m commercial property value discounted cash flow analysis in
impact of ction 1051 tax-deterred valuing economic lo from regula
hanger { ! ‘ ul|t ural lanTrd on one revision mad econmom tory takin 1-54
tu ‘ 7-9 3s for commercial propert 4-59 vield capitalization and discounted
]t henv ole rl| and‘ as agric1 ult!u ral] marke} t ; fundam| einn ctomamelrcsia l ish flow analysis, 68-69
propert i real estate valuation, 145-1594 Documentation
Appraisal regulation rent assumptions in valuation of com documentatofi ooffner s. Jtt
provision ftederal inter mercial real estate. 195-160 review documentation requirement
ippraisal guideline in interagency guidelines, 299
Comprehensive plan
viel ‘ ’ nttirryso ler‘ } 1 " ‘ ‘) mplian ’ importance of comprehensive plan Energy-efficient buildings
viitt} h y ‘ ul|a tio” n ? t , text in appraisal ) i) ! effeocf tene rgy coson tmosnth ly rent
lnation standards in tlon ‘ purpose of a government comprehen 123-124
! 65161 6 fit ive plan > 4-224 linkages for ener efficiency char
Appraisal reports tandard elements of a government acterist ind direct capitalization
inplementin m internal quatit comprehensive plan 4 116-11
trol review proce 41-24 vaine ellects of enerey-efficiencs
Cost approach
itil lion reppoo rt equrieqnuei remen‘ ts in cost approach as an analytic ommercial buildin 115-1
ty lift
tapproachi n going concern Environmental Protection Agency (EPA)
Awards tion, 236-23 EPA policies related to wetland
Appraisal Journal Outstandin
mproach in timbertand lua
\w mcsprin
Externalities
\ppraisal Journal Spon using focu roup market research to
ipproacihn valuing econ
determine ellects of externaliti in
from regulatory takin
local market VO1T-31D
Court cases
: related to rent reset provi Feasibility
developin ' sibility model fora
in long-term ground lease
wind farm. 35-38
Bert J. Harris Act feasibility i iflecting rent re
recent state court decision
hlorida Pri O5- 100) INT IRG long-term mind lease 7
(Harr
Flood zones
Department of Energy
PEMA flood map changes
Department of Energy report
tory taking of property
enereyv production, 32-34
valuation of economic lo from re
me ' lew Discount rate latory takin elatot fleood dma p
deriving the discount rate in wetland 14-5
Capitalization rates
ipitalizat m market Focus groups
using focu roup mm irket research to
determine local market condition
Ti) oe
Geographic information system (GIS)
mpact of projected rent (yl ha ed comparable ile analyse
discount rate 195-190
of tike-kind exchange and non-like
Discounted cash flow kind exchange transactions, 60-64
mparison discounted ¢
General plan (see comprehensive plan)
direct capitalization, 69
Ground leases
liscounted cash flow analy issue iflecting rent reset of lone-term
Commercial property ona fundamental foreca round l1 ease
ty erp ‘ ‘ ’ ‘ail ’ }
liscounted cash flaw
timberland, 213-216
Hedonic modeling internal Revenue Code (IRC) data in projecting commercial rents,
using hedonic pricing model to ltural land and tax-deferred. 135-160
explrenat iof noff ice buildir IRC Sectic 1031 like-kind
116-125 data required to apply income capi
talization approach in analysis of
Highest and best us Interim use wetlands. 129-135
considering local cor
market data on energy-efficient com
in developing higl
mercial buildings, 120-124
opinion, 225-227
international appraising market t data needed to analyze tim
determining hi tand best ust irket d rland value 271 6-21) 9
through tu
»>compute asset
ol going concerns, 2
lighest a
potential i
or de velop
highest and bes
mn concern
Japan
Just compensation
Hong Kong
narket tre
compen
161
19-53
, Land use regulation
Housing markets 6 - estate ¢ ompo
rn
Market value
cin
Europe,
Income capitalization approach Leases
compariso
mental data
FLSPAP
iisal and
ympared
Licensure
Like-kind exchanges (IRC Section 1031)
intangible assets
ntangible assets National Council of Real Estate
Appralis il investment Fiduciaries (NCREIF)
NCRAETLE V4 aluation Cor tlee meet
Market analysis
Obsolescence
ntangidie
\ppratisal
Gude j Office property
Market data
effects energy-efficient features Rural land Taxes
on commercial property values, impact of Section 1031 tax-deferred comparison of sale prices of land sold
115-125 exchanges on agricultural land to in-state and out-of-state buyers in
values, 57-65 like-kind exchanges, 62-64
market fundamentals in commercial
real estate valuation, 1435-154 Sale price going concern valuation and earnings
rent assumptions in valuation of com collecting data on sale prices of prop before interest, taxes, depreciation
mercial real estate, 155-160 erties, 206-207 and amortization, 234
potential sale price not market value impact of tax-deferred exchanges
Profit under Interagency Appraisal and on sale prices of agricultural land
measuring profitability in going con Evaluation Guidelines, 254 57-65
cern valuation, 237-239
sale prices of going concerns and Timberland
potential profit in timberland valua
tion, 212-22> 2 asset value, 233-239 alternative qualitative approaches
to valuation of land with timber,
wetland mitigation bank profit, transaction prices versus market >] » »»)
fundamentals, 143-154
128-152
approaches to valuing timber,
using sales comparison approach in
wind farm developer profit, 35-38 valuation of economic loss from 216-217
Regression analysis regulatory taking related to flood timber-related terminology and defi
regression analysis in determining maps, 44-55 nitions, 214-216
value effects of energy-efficient wetland mitigation transaction sale Uniform Standards of Professional
features, 116-124 prices, {28-139 Appraisal Practice (USPAP)
regression analysis to estimate wet USPAP and Interagency Appraisal and
Sales comparison
land mitigation process, 154-135 Evaluation Guidelines compared
alternatives to comparable sales data
250-256
Regulatory taking in housing markets with low sales
FEMA flood map changes as regula volume, 205-211 LSPAP provisions related to permissi
tory takingo f property, 44-46 analysis of comparable sales of ble approaches to arrive at credible
appraisal, 206, 209-211
Renewable energy farmland based on transaction type,
states’ mandated renewable portfo 57-65 SPAP required elements for
lio standards ensure demand for sales comparison of mitigation bank appraisal reports, 246-247
renewable energy development, transaction, 132-139 value allocation requirements under
31-33 USPAP, 230-232
sales comparison versus underlying
Residential property market fundamentals, 143-154 United States Army Corps of Engineers
ilternatives to comparable sales data using the sales comparison approach LS Army Corpso f Engineers wetlands
in housing markets with low sales in valuing economic loss from policies and data, 126-134
volume, 205-211 regulatory taking related to flood
Value in use
effect of comprehensive plan on hous maps, 46-48 Interagency Appraisal and Evaluation
ng market potential, 223-227 using the sales comparison approach Guidelines on value in use, 2 93
residential markets in in valuing timberland, 215-217
Verification
Europe, 199-204
Scholarships appraisal review and quality control,
Reversion announcement of winners of 241-248
market rent growth and reversions, 158 Appraisal Institute Education Trust verification of timber maturity as part
scholarships, 350-351
reversion calculation for wind farm of valuation of land with timber, 219
43-39 South Korea verification requirements in and
reversion as fundamental element of market trends in South Korea, 23-24 Interagency Appraisal and
an investment necessary for deter Surveys Evaluation Guidelines, 251-253
mining capitalization rate, 66-75 determining applicable capitalization Water
reversionary cash flow and remain rate from surveys, 236-238 flood waters and flood risk map effects
der value in calculation of takings survey data on mitigation ban prices on value, 44-56
compensation, 48-50 and costs, 131
Weighted average cost of capital
Risk survey research and the debate on (WACC)
adjusting vield rates for risk, 157-159 its use in valuation assignments, weighted average cost of capital
capitalization rate must match 5302-303 applied to mitigation bank cash
market's expectations for upside timber survey as comprehensive flow, 131, 135
potential and risk with forecasted quantitative assessment of timber, Wetlands
performance, 72 12 »?1
like-kind exchanges and wetlands,
eacess earnings in going concern Takings 59-60
valuation adjusted for risk, 234-236 flood zone revisions and economic valuing properties with wetland
risk adjustments in wetland mitiga loss for commercial property, 44-535 potential, 126-142
tion banks, 131 Florida Private Property Protection Act wetlands and regulatory takings, 45
risk considerations in valuing timber (Harris Act) compensation for prop
land, 215-216 erty owners experiencing economic Wind Farms
loss from regulatory taking, 45, 53 capital costs and tax credits for wind
risk in property vield rate, 47-48 farms, 29-31
using the sales comparison approach
risk in wind farm development, 37-38 in valuing economic loss from renewable energy standards affecting
mitigating risk in appraisal report regulatory taking related to flood wind farm development, 31-33
preparation, 246-247 maps, 46-48 wind farm valuation, 34-41
Titles
Appraisals under Fire—Again The Impact of Section 1031 Tax-Deferred Exchanges on
Lloyd D. Hanford, Jr., MAI, 74-78 Agricultural Land Sale
Steven Shultz, PhD, and Roger P. Sindt, PhD, 57-65
Could Sherlock Holmes Find Clues to Market Value in This
Market? implementing a Quality Control Review Process: The Need
Mark R. Rattermann, MAI, SRA, 205-211 for Quality Control Review
Scott M. Schafer, MAI, 241-249
The Crossroads of Commoditization: Back to Fundamentals
James R. DeLisle, PhD, 9-22 News from NCREIF: Valuation Committee Meeting Notes
Del H. Kendall, MAL, and Tyler Brown, MAIL, 344-346
Direct Capitalization: It Might Be Simple But It Isn't
That Easy Price versus Fundamentals—From Bubbles to Distressed
David C. Lennhoff, MAIL, SRA, 66-73 Markets
Stephen F. Fanning, MAI, John A. Blazejack, MAI, and
Energising Property Valuation: Putting a Value on George R. Mann, MAI, 143-154
Energy-Efficient Buildings
Gerrit Leopoldsberger PhD. Sven Bienert, PhD. Project Delay Economics
Wolfgang Brunauer, PhD, Kerstin Bobsin, and Chrisitan Randall Bell, MAI, 292-300
Schiitzenhofer, 115-125
Projected Rent Spikes: Can You Have the Good without the
The Fall of Our Discontent Bad?
James R. DeLisle, PhD, 279-291 Michael R. Pecorino. MAL. 155-160
Federal Agencies Offer Guidance on Appraisals and Real Estate Valuation in Hong Kong
Evaluations Raymond Lo, 161-173
George R. Mann, MAI, SRA, and Larry R. Woodall
250-256 Revisiting the Valuation of Timberland—Terminology,
Methods, and Case Studies
Flood Zone Revisions and Economic Loss: An Example Kim M. Kobriger, PhD, MAI, Cameron Boone, James
from Florida Weiss, and Andrew Chambers, 212-222
William Cole, Bruce Stephan, MAI, Nathan Chouinard, J
Howard Finch, PhD, and H. Shelton Weeks, PhD, 44-56 Social Trends Affecting Real Estate Markets in Asia
Howard C. Gelbtuch, MAI, 23-27
The Future is Not Now (or At Least We Hope Not)
James R. DeLisle, PhD, 187-198 The Use of Focus Groups for Property Valuation Research
Ron Throupe, PhD, 301-315
The Future is Now (or Not?)
James R. DeLisle, PhD, 101-114 Use of the Local Comprehensive Plan in the Appraisal
Process
Ground Leases: Rent Reset Valuation Issues Wayne Rasmussen, 223-228
Tony Sevelka, MAI, 314-326
Using TEEM-Work to Extend Your Reach on the Real Estate/
Housing Market Developments in Europe Business Value Continuum
Michael Ball, 199-204 Franz H. Ross and Adam A. Alessi, MAI, 229-240
The Impact of Age on the Value of Historic Homes in a Valuing Properties with Wetiand Potential
Nationally Recognized Historic District Michael Cragg, PhD, Christine Polek, PhD, and Stephen
Kimberly Winson-Geideman, Dawn Jourdan, and Polasky, PhD, 126-142
Shan Gao, 327-345
Wind Farms—A Valuation Primer
P. Barton DeLacy, MAI, 28-45
Authors
Alessi, Adam A., 229-240 Lennhoff, David C., 66
Ball, Michael, 199-204 Leopoldsberger, Gerrit
Bell, Randall, 292-300 Lo, Raymond, 161-173
Bienert, Sven, 115-125 Viann,. George R..
Blazejack, John A 5-15 Pecorino, Michael, 155-160
Bobsin, Kerstin, 115 Polasky, Stephen, 126-142
Boone, Cameron, 212 ) Polek, Christine, 126-142
Brunauer, Wolfgang Rasmussen, Wayne, 223-228
Chambers. Andrew, 2 Rattermann, Mark R.. 205-211
Chouinard, Nathar ; Ross. Fr inz H., 229-240
Cole, William, 44 Schafer, ScoVtI.,t 241-249
u ! IZ Z Schiitzenhofer, Christian, 115-125
DeLacy, P. Barton, 2 j Sevelka
DeLisle, James R Shultz, Steven
Stephan, Bruce, 44-36
ThrouRpone, , 301-313
Weeks, H. Shelton, 44-56
Weinberger, Alan M.. 1-8, 93-100. 181-186. 273-278
James, 212-222
Geideman, Kimberly,
Cases in Brief
iduct determines statute of limitations in profes
sale proce | ional negligence cauofs acetions, 273-276
loes not lose his homestead by using a portion otit
, ‘ me
ili mem ri ness purposes y YA
ost to complete construction from the subject
value of property is a proper method to val
*>home. 5—f
g purchaser's risk and expense is limited to the
esulting ff rom his default. 185-186
restoration reduction credits can be considered in determin
98-100 value, 273
vhen ) SUI » for amount deemed adequat
- inferred in inverse condemnation case if the
ordinary consequence of government action
main wouldb e bstantial interference with property rights, 183
demnatior ! terloping purchaser is not entitled to entrepreneurial
residual profits, 95-96
vensation determined by what owner has lost. not
lemnor has gained, 9