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The first part of Appraising the Tough Ones: Creative Ways to Value Complex Residential Properties identifies factors that can make a residential property complex and introduces new ways to look at complexities and highest and best use issues.
Part II presents nine specific techniques that can be used to address problems such as the scarcity of comparable sales, the analysis of cost data, the possibility of rezoning and alternative uses, and the need to consider specially defined markets and values.
In Part III the techniques are applied, separately and in combination, to value diverse properties, including farms, homes in transitional neighborhoods, nonconforming uses, properties subject to takings and easements, and mansions.
Part IV is concerned with assignments that are complex due to special or unusual circumstances. The first three chapters in this section focus on complexities of ownership, demonstrating techniques for valuing a condominium, a life estate, and various partial interests in residential property. The three chapters that follow address nonmarket value assignments, stigmatized property, and the valuation of historic homes. The final section of the text provides information on how appraisers can apply creative methodology and still derive supportable value conclusions that conform to USPAP.
About the Author
Frank E. Harrison, MAI, SRA, is president of Harrison & Associates, a firm specializing in the appraisal of rural and complex residential properties, litigation support, and development counseling in Woodstock, Illinois. Mr. Harrison has received awards as an author, instructor, and speaker on a variety of valuation-related topics.