Real Estate Valuation Theory
Real Estate Valuation Theory is organized around five categories of intellectual contribution to the whole-appraiser decision making and valuation accuracy, application of nontraditional appraisal techniques such as regression and the minimum-variance gri
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RESEARCH ISSUES IN REAL ESTATE Sponsored by the AMERICAN REAL ESTATE SOCIETY Volume I APPRAISAL, MARKET ANALYSIS, AND PUBLIC POLICY IN REAL ESTATE edited by James R. DeLisle and J. Sa-Aadu Volume II ALTERNATIVE IDEAS IN REAL ESTATE INVESTMENT edited by Arthur L. Schwartz, Jr. and Stephen D. Kapplin Volume III MEGATRENDS IN RETAIL REAL ESTATE edited by John D. Benjamin Volume IV SENIORS HOUSING edited by Michael A. Anikeef and Glenn R. Mueller Volume V ETHICS IN REAL ESTATE edited by Stephen E. Roulac Volume VI ESSAYS IN HONOR OF JAMES A. GRAASKAMP: TEN YEARS AFTER edited by James R. DeLisle and Elaine M. Worzala Volume VII REAL ESTATE EDUCATION THROUGHOUT THE WORLD: PAST, PRESENT AND FUTURE edited by Karl-Werner Schulte
REAL ESTATE VALUATION THEORY
edited by
KoWang California State University, Fullerton U.S.A.
Marvin L. Wolverton University of Nevada Las Vegas U.S.A.
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SPRINGER SCIENCE+BUSINESS MEDIA, LLC
Library of Congress Cataloging-in-Publication Data Real estate valuation theory I edited by Ko Wang and Marvin L. Wolverton. p.cm. - (Research issues in real estate ; v. 8) Includes bibliographical references. ISBN 978-1-4613-5299-0 ISBN 978-1-4615-0909-7 (eBook) DOI 10.1007/978-1-4615-0909-7 1. Real property - Valuation. 1. Wang, Ko, 1955-11. Wolverton, Marvin L. III.Series. HD 1387 .R394 2002 333.33 '2-dc21
2002022580
Copyright © 2002
bySpringer Science+Business Media New York OriginaIly published by Kluwer Academic Publishers in 2002 Softcover reprint ofthe hardcover Ist edition 2002
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2001 American Real Estate Society President's Council AIG Global Real Estate Investment*
Legg Mason
Appraisal Institute
Lend Lease Real Estate Investments
Fannie Mae Foundation
PricewaterhouseCoopers
Fidelity National Title Insurance Company
Prudential Real Estate Investors
John Hancock Real Estate Investment Group
The Roulac Group
Institutional Real Estate, Inc,
RREEF
LaSalle Investment Management
Regents Cornerstone Real Estate Advisers Inc.
MIG Realty Advisors
CoStar Group
National Association of Real Estate Investment Trusts (NAREIT)
Ferguson Partners International Council of Shopping Centers (ICSC)
Sponsors AEW Capital Management
Mortgage Banker's Association (MBA)
Association of Foreign Investors in U.S. Real Estate (AFIRE)
National Association of Industrial and Office Properties (NAIOP)
Ballard, Biehl & Kaiser
National Association of REALTORS® (NAR)
BDO Seidman
National Inve