Real estate appraisal in the 1990s

Article Abstract:

From the 1970s to the 1990s, the size of appraisal reports on commercial real estate has grown from a 5-by-7-inch card to a 50- to 60-page narrative. This increase in volume has not meant an increase in objective quality. Basic inconsistencies in appraisals are often buried in the sheer size of the report. A meaningful report standard is needed to explicitly define a self-contained report with all relevant analyses supported by data.

Standards

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Some perspectives on highest and best use

Article Abstract:

The 'highest and best use' of a property can differ, depending on an individual's perspective. The real estate appraiser's opinion of highest and best use should not simply mirror that of the client. In practical terms, however, the client's perspective can be very influential. The various components of a textbook definition of highest and best use are discussed.

Practice

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Predicting the price of office buildings using regression models

Article Abstract:

A regression model was developed to predict the prices of office buildings in California's San Francisco Bay Area. Developing the model involved compiling a database of area office-building sales that had occurred over the previous five years. The model eventually yielded a 99.07% correlation coefficient, but it also exhibited a $1.3 million standard error.

Models, Prices and rates, Real estate industry, Office buildings

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