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Overview Valuing subdivisions offers general appraisers unique challenges. This new seminar provides a complete look at subdivision valuation methodology as it relates to valuing improved subdivisions. Appraisers who provide opinions of value for proposed subdivisions or a group of existing lots of units will find this seminar a valuable source of reference and ideas. Students will come away with advanced techniques appraisers need to value a group of lots or units that must be marketed over a period of time. Comprehensive examples are provided to explain how line item profit and discount rate selection are handled in conjunction with discounted cash flow analysis. Ample coverage is given to typical problems encountered by appraisers in specific valuation scenarios. Advanced examples using the income approach are provided explaining how line item profit and discount rate selection are handled in conjunction with discounted cash flow analysis. This sets the stage for more detailed coverage of income, sales comparison and cost approach applications in subdivision valuation. Seminar Coverage This seminar provides an introduction to valuation methodology applicable to "improved" subdivisions" or groups of lots or units. It excludes mega projects and large mixed use planned developments. This seminar provides coverage and examples for: • Group of existing lots • Existing and proposed projects • Phased projects and remaining land for future phases • Valuation of typical suburban subdivisions • Seminar examples use vacant lots for simplicity • Explanation and examples for all three approaches to value • Marketability analysis using the six step process • Inferred method of market analysis (Market study levels A & B) Syllabus Module 1: Characteristics and Analysis of Subdivisions Module 2: Time Line Concepts and USPAP Considerations Module 3: Time Line Concepts and Value Reference Points Module 4: Basic Valuation Concepts -- Income Approach Module 5: Basic Valuation Concepts -- Cost Approach Module 6: Applying the Income Approach, Part 1 Module 7: Applying the Income Approach, Part 2 Module 8: Applying the Cost Approach, Part 1 Module 9: Applying the Cost Approach, Part 2 Module 10: Applying the Sales Comparison Approach Learning Objectives Upon completion of the seminar, participants will be better able to: • Employ the correct terminology unique to subdivision analysis. • Understand the significance of USPAP provisions applicable to subdivision analysis and how to perform competently. • Recognize the elements of a subdivision and when to apply subdivision analysis to reflect a bulk sale value. • Differentiate between a bulk sale for a group of lots and applying subdivision analysis to reflect vacant land value. • Apply subdivision valuation methodology to solve for a wide variety of valuation scenarios at different points along the time line. • Recognize the strengths and weaknesses of the three approaches to value as they relate to subdivision analysis. • Explain how the selection of line item profit influences the selection of the discount rate. AI CE Credit for Designated members and Practicing Affiliates • Attend Only = 75 points • Attend and Pass Exam = 75 points
AI CE Credit for Designated members and Practicing Affiliates • Attend Only = 75 points • Attend and Pass Exam = 75 points
PrerequisitesGeneral Income Approach, Part II (or equivalent knowledge/experience)
AudienceThis seminar is intended for general appraisers who have taken General Income Approach, Part II or have equivalent knowledge/experience.
Required Technology None Specified.
Recommended Text None Specified.
Instructor Don M. Emerson, MAI, SRA
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