REE-4103 Lecture Notes - Lecture 13: Market Research, Economic Equilibrium
2 Feb 2018
School
Course
Professor
Document Summary
Planning the building inspection: to prepare for the building inspection, the appraiser should assemble the necessary tools, and plan what data to collect, equipment and tools needed. Property inspection: appraiser observes the components and characteristics of the subject property that will influence value in the marketplace. Building description: elements of a building description, use, codes & regulations, size, plan, and construction, details of exterior, interior, equipment, and mechanical systems. Building size: gla- gross living area, gba- gross building area, gla- gross leasable area. Good design: functions well, looks good, feels good, balance, affordable. Functional utility & obsolescence: functional utility- when design and engineering meet the needs of the current market, functional obsolescence- change in the market/technology have rendered the building improvements, designs, or amenities obsolete. Items in need of immediate repair (deferred maintenance: short-lived items, long-lived items. Market analysis: first step in highest and best use analysis, two general levels of market analysis within appraisal, 1.
