Steps in Highest and Best Use Analysis Determine Use With Highest Present Value: The Appraisal Journal
January 7, 2021 08:30 AM
CHICAGO (Jan. 7, 2021) – “The Appraisal of Real Estate,” is the premier presentation of the Appraisal Institute’s body of knowledge and the newly released 15th edition of this text is the subject of special coverage in the latest issue of The Appraisal Journal. “The Appraisal of Real Estate,” 15th edition, is respected internationally for its comprehensive and in-depth treatment of valuation theory and methodology in real property valuation.
The Appraisal Journal is the quarterly technical and academic publication of the Appraisal Institute, the nation’s largest professional association of real estate appraisers. The materials presented in the publication represent the opinions and views of the authors and not necessarily those of the Appraisal Institute.
“The Appraisal of Real Estate,” long has been recognized as the valuation profession’s most comprehensive authoritative source of information for appraisers and the real estate profession. In this issue of The Appraisal Journal, we offer a reprint of a key chapter of the 15th edition, “The Application of Highest and Best Use Analysis.” This chapter was significantly reworked in the latest edition of “The Appraisal of Real Estate,” and it provides additional clarity on important aspects of highest and best use conclusions as the logical end point of market analysis procedures that measure the economic potential of a property.
The Fall 2020 issue of The Appraisal Journal also features commentary from Michael McKinley, the technical editor/writer of “The Appraisal of Real Estate,” 15th edition. This commentary includes a look at the development of the updated text, offering insights into the development process and the thinking behind updates to the text.
The Appraisal Institute is a global professional association of real estate appraisers, with nearly 17,000 professionals in almost 50 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.