Whether it's a Civil War battlefield or an ornate movie palace from the 1930s, Americans have rediscovered their roots and fallen in love with historical architecture. The resurrection of older neighborhoods and the popularity of historic house tours attest to the fact that preservation of our cultural past, like environmental conservation, is a value shared by many Americans. For this and other reasons, this updated guide to the preservation and valuation of historic properties will provide both fascinating and instructive reading for real estate appraisers.

The second edition of Historic Properties: Preservation and the Valuation Process familiarizes appraisers, other real estate professionals, owners, and buyers of historic properties with changes in federal and state policies affecting historic preservation since the publication of the first edition 15 years ago. The specific topics considered include:

• the preservation movement's growing interest in the total built environment and its effect on the highest and best use of individual properties
• federal-state partnerships, which provide incentives for the rehabilitation of properties
• state policies toward land-use decisions and growth management
• preservation easements—their donation and the various restrictions imposed on their use
• sales comparison approach techniques, from finding and inspecting comparables to assembling and analyzing data
• the limitations and advantages of the cost approach, specifically estimating cost new and depreciation
• estimating property income and expenses and applying appropriate rates or DCF analysis to convert income into value. The text is not only a comprehensive record of the historical preservation movement, but also a valuable sourcebook for practitioners. It includes a glossary of terms and current listings of
• federal preservation officers and agency liaisons
• state historic preservation officers
• National Trust for Historic Preservation officers

Any appraiser interested in the history and valuation of architecturally significant properties will want to order a copy of Historic Properties: Preservation and the Valuation Process.

About the Author
Judith Reynolds, formerly a Washington, D.C. appraiser specializing in historic properties, is a free-lance writer living in Kansas. Her recent work includes "Appraising Historic Properties," published by the National Trust for Historic Properties in 2001; articles on housing and on towns, published in Beacham's Encyclopedia of Social Change, 2001; and a history of Rush County, Kansas. Ms. Reynolds also wrote articles about the real estate industry, the United States Capitol, and housing that will be published in 2003 in the third edition of the Dictionary of American History.