Is real property appraisal evolving, or have all of the "big
ideas" already been conceived? This question has been circulating
among the leaders of the Appraisal Institute during the past
several annual meetings, usually encountering little in the way of
satisfying answers. This is not too surprising, because grand ideas
and new knowledge do not typically evolve from off-hand
conversation. They are the product of focused intellectual activity
and hours of difficult work.
This unquenched thirst for new knowledge is the primary reason
for assembling this collection of new manuscripts dealing with
valuation theory, which was financially underwritten by the
Appraisal Institute. Their generosity and willingness to partner
with the American Real Estate Society made this collection of
thoughtful and thought provoking essays possible. They are the
result of a global response to a worldwide call for papers, and
demonstrate that real estate valuation is indeed an international
discipline. The United States, Australia and New Zealand, Southeast
Asia, the Pacific Rim, and Europe are all represented by this
impressive collection of authors. Together, the eighteen essays
that make up this volume demonstrate that there are a sufficient
number of "big ideas" to challenge and improve the appraisal
profession for years to come.
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 grid method,
appraising contaminated property, ad valorem tax assessment, and
new perspectives on traditional appraisal methods. One common
thread is that all of the papers are exceptionally well written and
thought provoking.
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