Real Estate Appraisal Comparison Project

Fin 181, Spring 2018
Dr. Curry; California State University, Fresno
Then and Now
Real Estate Appraisal Comparison Project
We have learned about the basics of real estate appraisal and the three approaches used to
determine an opinion of value.
For the Real Estate Appraisal Comparison Project, you are to become an appraiser to investigate,
analyze, and present a real estate opinion of value. Your investigation shall include a site visit and
internet research.
1. Read the Mark Massie Appraisal you have chosen, while keeping the appraisal concepts you
have learned in mind.
 What was the scope of work?
 What was the highest and best use at that time?
 Did he attempt all three approaches?
 How did he reconcile the approaches?
2. Visit the location in the report.
 Does it still exist?
 Take pictures and include them in your report (try to match up the angles of pictures
Massie took of the same location)
 Map the location and include a map in your report
3. Research all information about the site
 Who owns it
 Is it for sale
 What is its history
 What is the highest and best use now based on market analysis and marketability
4. Attempt the three approaches we have learned
 The Cost Approach
 The Income Approach
 The Sales Comparison Approach
 If one is not applicable – Why?
 How did you reconcile the approaches?
 Did you weight any of the approaches – why?
5. Conclusion:
 Compare your analysis with Mark Massie’s analysis
 What is different and why
 What is the same and why
6. Bring a hard copy of the report to class on the last day of instruction: Wednesday, May 09,
2018
Your report should contain the following sections in the following order:
1. Introduction
 Title Page
 Letter of Transmittal
 Table of Contents
 Executive Summary
2. Identification of the appraisal problem and scope of work
 Who was the client
 Intended use and user
 Subject property and the property rights conveyed
 Effective date of the appraisal
3. Analysis of data
 Market analysis and marketability
 Highest and best you then and now
 Three approaches to value then and now
 Reconciliation and final value opinion
4. Sources