Valuation of Drug Royalties

Drug royalties are the royalties paid primarily by pharmaceutical companies to academic institutions, scientists, and development stage biotechnology companies for the intellectual property (IP) produced by new drug development. It is important to note that multiple royalties can be paid on one drug to originators of the various patents […]

AVMs 101 – What is an AVM and how do we use them?

An automated valuation model or AVM is a computer program that uses statistical models coupled with a database to estimate the market value of a property as of a specific date. The accuracy of an AVM depends on the data used and the skill of the modeler who produced […]

We Won!

We are excited to have won the International Association of Assessing Officers’ (IAAO) Bernard L. Barnard Outstanding Technical Essay Award. I couldn’t have been prouder to accept the award on our behalf at the awards luncheon at the 80th Annual IAAO Conference on August 25. I was lucky to […]

Greenfield Advisors Nominated for Outstanding Essay Award

Three of Greenfield Advisors’ staff are proud to be nominees for the International Association of Assessing Officers’ (IAAO) Bernard L. Barnard Outstanding Technical Essay Award.

This award, named in honor of Dr. Barnard, past Director of Research for the IAAO, is presented to the best article or essay on technical […]

Technological Changes in the Appraisal Industry

These days, it seems technology increasingly affects every aspect of our lives, and the appraisal and mortgage underwriting industry is no different. There is now a dizzying array of software solutions for appraisers, reviewers, and lenders, including mobile apps, property identification solutions, more comprehensive multiple listing services (MLSs), automated […]

Do Survey Results Systematically Differ From Hedonic Regression Results? Evidence From a Residential Property Meta-Analysis

In this paper, we evaluate the effect of environmental contamination situations on residential property values. Using the meta-analysis technique, conclusions are drawn about the effect of location, type of study conducted, empirical technique used, and economic conditions on various outcomes. Using observations extracted from 40 peer-reviewed articles, meta-regression analysis […]

Ask an Expert: The Effects of Fracking on Easements

Welcome to the first edition of our new feature, Ask an Expert. If you have a question about real estate valuation, markets, or economics that you would like us to address, please send it to questions@greenfieldadvisors.com.
Q: Dear Dr. Lipscomb, I am a student at Vermont Law School writing about the effects […]

Advanced Appraisal Methods

 
In August, the Appraisal Institute held its annual meeting in San Diego. This was a great 3-day educational event, with top speakers on cutting-edge valuation topics.
I’m pleased to have been invited to present a tutorial on advanced valuation methods, which complimented a week-long Institute course designed by Dr. Marv Wolverton, […]

Valuation of Brownfield Properties

This chapter examines the valuation considerations for brownfields and other contaminated real estate, including issues such as stigma, appraisal standards and methods, and incorporates the impacts of the 2002 Brownfields Amendments on valuation practice. Additionally, this chapter presents examples of value-added opportunities in brownfield development, with a focus on […]

An Iterative Approach to Minimizing Valuation Errors Using an Automated Comparable Sales Model

This paper describes a method for automating sales comparison valuations by choosing a small sample of comparable sales from a submarket of similar properties and adjusting their prices based on differences between sale and subject property characteristics. This logic is similar to that used in a traditional sales comparison […]

Valuing Brownfields

The appraisal adds significantly to the overall brownfield evaluation and potential adaptive reuse in numerous ways. The appraisal can and should be viewed as a decision-making tool to optimize financial decisions regarding brownfields. This chapter illustrates key elements of the appraisal analysis, thus highlighting important impacts on brownfield redevelopment […]

Certifying the Real Estate Damages Class – An Appraiser’s Perspective

This article reviews the basic underpinnings of real estate valuation and appraisal methods as they are applied in mass tort. It then summarizes the appraisal perspective on six categories of questions addressed in recent, successful class certifications:

Do individual property idiosyncrasies cause mass appraisal methods to violate Daubert?
Can the mass […]

Appraisal of Contaminated Real Estate in the United States

In the United States, contaminated property may be appraised for several reasons other than traditional property tax assessment: litigation (both tort and criminal), brownfield redevelopment, preservation/conservation easements, or financing. The Uniform Standards of Professional Appraisal Practice, adopted for use throughout the United States, outline the minimum standards in a […]

Factors Influencing CBD Land Prices

In rapidly moving but thinly traded real estate markets, attempts at valuation using traditional or ‘first generation’ approaches can be problematic. Fortunately, other valuation models are available. This manuscript demonstrates the use of an economic model, including unemployment rates and vacancy rates, to value downtown land over time.
Authors: Bill […]

The Brownfield Challenge

Most appraisers can agree on four key points about valuing brownfields:

Contamination poses an issue that must be considered in the appraisal process.
Proximate contamination significantly impairs property values.
Multiple impairment mechanisms are at work, including actual cost-to-cure, increased ongoing maintenance costs, and stigma.
The valuation process is complex, often requiring advanced valuation approaches […]

Economic Methods in Historic Preservation

In this presentation, Dr. Kilpatrick discusses various economic studies measuring the economic effects of historic preservation. Collectively, the studies are used to illustrate the variety of methodologies available to measure the impacts of historic preservation. The methods discussed include traditional appraisal approaches and more academic methods of economic valuation, […]