Table Of ContentINDEX TO VOLUME LXXxX
Subjects
Accessory dwelling units Contingent vaiuation Feasibility
valuing properties with accessory history of contingent valuation, how to perform a waterpark feasibil-
dwelling units, 297—309 206—208 ity study, 149-155
Agricultural land using contingent valuation to Foreclosure sales
measuring effects of high-voltage measure effects of environmental distinctions among comparables in
transmission lines on agricultural contamination, 205—209 distressed markets, 140—147
property, 30—45
Convenience stores Fannie Mae recommended use of fore-
Apartments valuation of convenience stores with closures as comparables 145—146
stigma effects of death in Hong Kong a retail fuel component, 61—76
Gas stations
apartments, 330—335
Court cases valuation of convenience stores with
Appraisal Institute (Al) recent state court decisions, 1—7, a retail fuel component, 61—76
frequently asked questions on Al 91—97, 181—186, 267—272
Gover it-sp ed enterprise
candidate for designation program,
Distressed markets (GSE)
158—161
Appraisal Institute Guide Note 12: Fannie Mae recommended use
Guide Note 12: Analyzing Market {nalyzing Market Trends, 248—253 of foreclosures as comparables
Trends, 248—253 145-146
distinctions among comparables in
new candidate for designation distressed markets, 140—147 focus on buyer pool in Market
program as path to designated Conditions Addendum of Fannie
market conditions adjustments for
membership, 157—158 Mae Form 1004MC, 123
residential development land in a
Appraisal reports declining market, 54—60 problematic GSE guidelines on REO
appraisal reports prepared for litiga- appraisals and selection of compa-
tion, 210—216, 217—222, 283—296 Energy-efficient buildings rables, 145—147
valuation of green homes using
Awards Fannie Mae Form 1004MC and Green property
Appraisal Journal Outstanding the Residential Green and Energy- valuation of residential green proper-
Service Award, iii (Spring) Efficient Addendum, 21—29 ties, 21—29
Armstrong/Kahn Award, v (Spring) Environmental contamination High-voltage transmission lines
measuring effects of environmental measuring effects of high-voltage
Ratcliff Award, viii—ix (Spring)
contamination, 205—209 transmission lines on mixed-use
Swango Award, vi—vii (Spring) property, 30—45
Externalities
Basements measuring effects of high-voltage Hong Kong
approaches to valuing basements and transmission lines on mixed-use stigma effects in Hong Kong apart-
below-grade areas, 198—204 property, 30—45 ments, 330—335
Best practices Expert testimony Hotels
best practices when preparing expert elements and considerations in feasibility study and market
testimony, 217—222 litigation appraisal assignments, analysis of indoor waterpark
210—216 resorts, 149—155
Candidate for designation
Appraisal Institute new candidate for practical guide to providing expert measuring revenue enhancement
designation as path to designated testimony, 217—234 value of a hotel brand, 223—234
membership, 157—161
Fannie Mae Housing markets
Commercial property Fannie Mae recommended use of fore- cascading residential markets exist
feasibility study and market analysis closures as comparables 145—146 where submarket price ranges
of indoor waterpark resorts, 149—155 focus on buyer pool in Market overlap, 125—128
measuring revenue enhancement Conditions Addendum of Fannie consistent mathematical representa-
value of a hotel brand, 223—234 Mae Form 1004MC, 123 tion of home sales as indicative
of subject property’s submarket,
problematic Fannie Mae guidelines
Comparable sales 125—128
delineating subject property’s on REO appraisals and selection of
submarket to ensure appropriate comparables, 145—147 neighborhoods not always an indica-
tion of submarket for selection of
comparable selection, 122—129 valuation of green homes using
comparable sales, 123—126
distinctions among comparables in Fannie Mae Form 1004MC and
distressed markets, 140—147 the Residential Green and Energy- potential purchasers of property as
Efficient Addendum, 21—29 component of overall housing mar-
Fannie Mae guidelines on REO ket, 124—128
appraisals and selection of compa-
rables, 145—147
properties must reasonably fit the purchasers’ price ranges create sub- measuring effects of high-voltage
same market model to be in the markets, 125—128 transmission lines on rural residen-
same overall market, 125—126 tial tracts and subdivisions, 30—45
Market modeling
purchasers’ price ranges create hous- properties must reasonably fit the measuring effects of seasonality on
ing submarkets, 125—128 same market model to be in the home prices, 46—53
income capitalization approach same overall market, 125—126 valuing residential properties with
economic value of waterpark cal- Market value accessory dwelling units, 297—309
culated through discounted cash daily valuation of real estate in com- Richard Ratcliff
flow from income capitalization mingled investment funds, 130—138 Richard Ratcliff and weighted attri-
approach, 153—154
daily valuation methodologies butes in comparable sales analysis,
using the income capitalization including accrual basis and cash 305—306
approach in valuation of accessory basis methodologies, 132—134 Richard Ratcliff as proponent of most
dwelling units, 297—309
definition of market value and selec- probable selling price as appraisal
In-law apartments tion of comparables in distressed value, 100, 165
valuing properties with accessory markets, 140—147
Rural land
dwelling units, 297—309
Mineral rights measuring effects of high-voltage
Intangible assets measuring the effects of mineral transmission lines on agricultural
measuring revenue enhancement interests on land appraisal in shale and rural residential property,
value of a hotel brand, 223—234 gas regions, 318—329 30—45
International appraising National Council of Real Estate Scholarships
housing market developments in Investment Fiduciaries (NCREIF) announcement of winners of
Europe, 114—121 NCREIF Valuation Committee meet- Appraisal Institute Education Trust
ing notes, 340—342 scholarships, 343
stigma effects in Hong hong apart
ments, 330—335 NCREIF and Real Estate Information Shale
Standards, 130—131 measuring the effects of mineral
Land interests on land appraisal in shale
market conditions adjustments for NCREIF Property Index Trends in gas regions, 318—329
residential development land in a amplitude and duration of real
declining market, 54—60 estate cycles, 136 Stigma
stigma effects of death in Hong Kong
valuation of vacant land, 310—317 Neighborhoods
apartments, 330—335
neighborhood analysis in waterpark
Lfiatcitgoartsi oann appraiser needs to con- feasibility studies, 150 Surveys
sider before accepting a litigation neighborhoods not always an indica- USPAP Advisory Opinion 9 and
assignment, 210—216 tion of submarket for selection of contingent valuation in measuring
comparable sales, 123—126 environmental risk, 205—209
practical guide to litigation valuation
and expert testimony, 217—222 Net asset value (NAV) Transit corridors
anticipated capital expenditures history and valuation of transit cor-
vaclausaetsi,o n 28i3n —m2a9t6r imonial dissolution require adjustments to avoid double ridors, 235—247
counting in NAV calculation, 133
Uniform Standards of Professional
Mark-to-market discrepancies in NAV ift rue up only Appraisal Practice (USPAP)
daily valuation of real estate in com made on quarterly basis, 135 USPAP Advisory Opinion 9 and
mingled investment funds, 130—138
contingent valuation in measuring
real estate fund unit prices established
Market analysis based on net asset values determined environmental risk, 205—209
Appraisal Institute Guide Note 12: through appraisal process, 131 SPAP rules related to analyzing
fnalyzing Market Trends, 248—253 market trends, 249
Real Estate Information Standards (REIS)
cascading markets exist where REIS requirements for valuation of SPAP scope of work and daily valu-
submarket price ranges overlap, commingled funds, 130—131 ation of real estate in commingled
125—128 investment funds, 137
consistent mathematical representa Real Estate Investment Trusts (REITS) SPAP scope of work and valuation
new REIT types with commingled
tion of sales as indicative of subject of mineral interests, 322
assets require daily valuation of
property’s submarket, 125—128
real estate assets, 130—138 SPAP standards related to litigation
market analysis of hospitality and assignments, 210—216
waterpark market in waterpark Regression analysis
feasibility study, 151—152 using price-quality regression to ana Vacant land
lyze comparable sales, 310—317 market conditions adjustments for
neighborhoods not always an indica
residential development land in a
tion of submarket for selection of Residential property declining market, 34—60
comparable sales, 123—126 approaches to valuing basements and
potential purchasers of property below-grade areas, 198—204 valuation of vacant land, 310—317
as component of overall market, housing market developments in
124—128 Europe, 114-121
properties must reasonably fit the market conditions adjustments for
same market model to be in the residential development land in a
same overall market, 125—126 declining market, 54—60
Titles
An Alternative Sales Analysis Approach for Vacant Land Market Conditions Adjustments for Residential Development
Valuation Land in a Declining Market
D. Richard Wincoit, MAI, 310—317 Robert M. Greene, PhD, MAI, SRA, 54—60
Correcting for the Effects of Seasonality on Home Prices Market Delineation
Norm Miller, PhD, Vivek Sah, PhD, Michael Sklarz, PhD, David A. Braun, MAI, SRA, 122—129
and Stefan Pampulov, 46—53
New Option in Hotel Appraisals: Quantifying the Revenue
Daily Pricing: An Appraiser’s Dream? Enhancement Value of Hotel Brands
D. Richard Wincott, MAI, 130—139 A. Scruggs Love, MAI, SRA, Bruce H. Walker, and
Douglas W. Sutton, 223—234
The Effects of Mineral Interests on Land Appraisals in Shale
Gas Regions Perform Market Analysis with a Feasibility Study for Indoor
Joseph B. Lipscomb, PhD, MAI, and J. R. Kimball, MAI, Waterpark Resorts and Outdoor Waterparks
318—329 David J. Sangree, MAI, 149—156
Haunted Flats: Quantifying the Value of Stigmatization in an Price, Value, and Comparable Distinctions in Distressed
Apartment Market Markets
K. F. Man and Vincent Wong, 330—336 William G. Steinke, SRA, 140—148
High-Voltage Transmission Lines and Rural, Western Real Site Essentials of Convenience Stores and Retail Fuel
Estate Values Properties
James A. Chalmers, PhD, 30—45 Robert E. Bainbridge, MAI, SRA, 61—76
Litigation Appraisal Assignments Transit Corridor Valuation: Issues and Methods
Stephen J. Matonis, MAI, with Jeffrey A. Johnson, MAI, Wayne L. Hunsperger, MAI, SRA, Amy McGuire, JD, and
210—216 Ron Throupe PhD, 235—247
Litigation Lessons: A Practical Guide to Expert Testimony Understanding and Appraising Properties with Accessory
David C. Lennhoff, MAI, SRA, and James P. Downey, JD, Dwelling Units
217—222 Martin John Brown and Taylor Watkins, 297—309
Authors
Adomatis, Sandra K., 21—29 Lipscomb, Joseph B., 318—329
Andrus, Sherryl, 198—204 Love, A. Scruggs, 223—234
Austin, Christina, 248—253 Man, K. F., 330—336
Bainbridge, Robert E., 61—76 Matonis, Stephen J., 210—216
Ball, Michael, 114—121 Marling, Jay, 340—342
Bannon, Nancy, 337—339 McGuire, Amy, 235—247
Braun, David A., 122—129 Miller, Norm, 46—53
Brown, Martin John, 297—309 Norwood, Stephanie, 205—209
Brown, Tyler R., 340—342 Pitts, Jennifer, 205—209
Chalmers, James A., 30—45 Sah, Vivek, 46—53
Crosson, Stephen T., 337—339 Sangree, David J., 149—156
DeLisle, James R., 9—22, 101—114, 184—197, 273—282 Sklarz, Michael, 46—53
Downey, James P. 217—222 Steinke, William G., 140—148
Giles, Douglas, J., 1—7, 91—97, 177—183 Stephens, Sara W., 157—161
Graziano, Anthony, 283—296 Sutton, Douglas W., 223—234
Greene, Robert M., 54—60 Throupe, Ron, 235—247
Hunsperger, Wayne L., 235—247 Walker, Bruce H., 223—234
Jackson, Thomas O., 205—209 Watkins, Taylor, 297—309
Johnson, Jeffrey A., 210—216 Weinberger, Alan M., 1—7, 91—97, 177—183, 267—272
Kimball, J. R., 318—329 Wincott, D. Richard, 130—139, 310—317
Lennhoff, David C., 217—222 Wong, Vincent, 330—336
Cases in Brief
Airport property may properly be designated as open space, Government-owned land leased to private parties may be
6—7 assessed for ad valorem taxes, 177
All factors contributing to diminution of market value of Judgment on prior eminent domain action does not pre-
remainder property are relevant in measuring damages clude landowner’s inverse condemnation claim, 4—5
in partial takings case, 94
if there is significant time lapse between valuation date
Appraisal of real property must meet all substantial and actual date of taking, the court-determined valuation
requirements to allow for charitable contribution deduc- may no longer constitute just compensation, 180—181
tion, 267—268
Income evidence generally not admissible for establishing
Appraisal process required by insurance policy is condi property values in condemnation cases involving com-
tion precedent to insured’s ability to file suit against mercial enterprises, 181—182
insurer, 270—271
In ordering confirmation of foreclosure sale, it is a trial
Appraiser’s determination of value must be based on court's discretion to weigh credibility of expert apprais
actual assessment, not on experience alone, 1—2 er’s opinion, 268—269
Appraiser’s expert opinion supported court’s conclusion that Landowner who fails to provide evidence of fair market
foreclosure sale brought true market value of property, 5—6 value at trial not entitled to reconsideration of just com
pensation award, 91—92
Appraiser’s use of listing price in appraisal did not chill
homeowner's right to free speech, 93—94 Motel owner not entitled to economic damages for loss of
access after state lengthened access route, 92—93
\n appraiser's reservations about assumptions for highest
and best use of undeveloped land will not render the Native American tribe’s sovereign immunity not impli-
appraiser's valuation testimony irrelevant, 270 cated in eminent domain action against land acquired on
open market, 91
ertified appraisals submitted by taxpayer for values of
real property are adopted by default when board of tax Only value of special benefit, but not general benefit, may
assessors failed to meet statutory deadline to accept or offset award for damage to remainder, 180
reject appraisals, 178
The phrase “amount of loss,” as it relates to an appraiser's
losing highway interchange constitutes compensable tak authority, unambiguously permits the appraiser to deter-
ing if right of access had been used to mitigate damages mine the cause of loss, 267
in prior condemnation, 4
Property sales that occurred after town-wide reappraisal
Compensation for obstruction of access to public highway could not be used to establish valuation, 272
occurs only when access to existing roadway is denied or
Property value is determined in light of purpose of valua
limited by governmental taking, 95—96
tion and proposed disposition or use, 94—95
Compound interest on damages is required to fairly and
\ recent, voluntary arm’s-length transaction, while not
justly compensate landowner in lengthy eminent domain
conclusive, is persuasive of market value, 962—97
proc eeding, 6
Ripened prescriptive easement appurtenant is not extin
The court will not permit reformation of marital agree
guished by tax saie of servient estate, 3—4
ment unless it finds mutual mistake, 271—272
lax court required to explain reasoning for rejecting
Diminution in value damages may be allowed for flooded
expert appraisal testimony in favor of party’s proposed
property but amount of damages must withstand suf
valuation, 179—180
ficiency challenge, 182—18)3
When court orders distribution of award from eminent
District court does not have authority to modify require
domain proceeding, it may only award funds to parties in
ment that notice of appeal of appraisers’ award must be
interest from that eminent domain proceeding, 178—179
filed within 30 days of filing appraisers’ report, 269
Fair market value of condemned property is at highest
and best use on date of taking, even if owner did not use
property to full potential, 2—3
Columns and Departments
Announcement of Scholarship Awards International Appraising
Appraisal Institute Education Trust Announcement of Housing Market Developments in Europe
Scholarship Awards, 343 Michael Ball, 114—121
Appraisal Journal Award Announcements Law & the Appraiser
Announcement of Armstrong/Kahn Award, v (Spring) Valuation in Matrimonial Dissolution Cases
Anthony Graziano, 283—296
Announcement of Swango Award, vi-vii (Spring)
Announcement of Richard U. Ratcliff Academic Article Letters to the Editor
Award, viii—ix (Spring) Comments on “Price versus Fundamentals—From Bubbles
to Distressed Markets” (Spring 2011), 77—80, 164—165,
Announcement of Appraisal Journal Outstanding Service 254—256
Award, iv (Spring)
Comments on “Project Delay Economics” (Fall 2011),
Directory of 2011 New Designees 162—163
Appraisal Institute Members Earning Their Designations
during 2011, 81—84 Notes & Issues
Appraisal Institute Releases Guide Note 12: 4nalyzing
Environment and the Appraiser Varket Trends
Advisory Opinion 9 and Contingent Valuation Christina Austin, 248—253
Thomas O. Jackson, PhD, MAI, Jennifer Pitts, and
Appraisal Journal Panel Offers Insights into Authorship at
Stephanie Norwood, 205—209
Al Connect Meeting
Financial Views Stephen T. Crosson, MAI, SRA, and Nancy K. Bannon,
It’s All About Timing: Spring Forward, Fall Back? 337—339
James R. DeLisle, PhD, 8—20 Opportunities to Join the New Candidate for Designation
Lessons (To Be) Learned Program
James R. DeLisle, PhD, 98—113 Sara W. Stephens, MAI, 157—161
The 4E-Clouds: Europe, Election, Employment, & News from NCREIF: Valuation Committee Meeting Notes
Expectations Tyler R. Brown, MAI, and Jay Marling, MAI, 340—342
James R. DeLisle, PhD, 184—197
Residential Appraising
Changing of the Guard, Guarding of the Change Describing the Green House Made Easy
James R. DeLisle, PhD, 273—282 Sandra K. Adomatis, SRA, 21—29
In Memoriam What Is the Value of a Basement?
Donald H. Bleich, PhD, and Charles F. Seymour, MAL, iii Sherry! Andrus, SRA, 198—204
(Summer)
