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Book review of Historic Properties : Preservation and the Valuation Process by Judith Reynolds Paperback 2nd edition (January 1997) Appraisal Institute. Amazon.com Price: $25.00. Click here to order from Amazon.com. |
Published in the June, 1997 issue of Appraisal Today. Reviewed by Ann O'Rourke. Copyrighted. For reprint permission Contact Us.
Many appraisers want to diversify into appraising new types of properties.
Historic Properties: Preservation and the Valuation Process can help. Residential appraisers occasionally appraise historic homes, or at least homes that are much older than all the other nearby homes (often referred to as the "nightmare appraisal").
The 158-page Historic Properties: Preservation and the Valuation Process, is an update of the first edition, written in 1982, written by Judith Reynolds, MAI.
Since that date, substantial changes have occurred in the historic preservation movement, including the tax issues.
The book covers both commercial and residential properties. Residential appraisers may be put off by discussions of commercial property issues, but many historic homes are in older parts of cities, where there is a possibility of conversion to commercial uses.
From a highest and best use point of view, residential appraisers need to understand the issues. For example, using the home as a bed and breakfast facility.
What is an historic property?
In the United States, it is broadly defined. Reynolds divides them into three
categories:
- Associated with events or persons important in the past development of the country.
- Demonstrative of styles of architecture, building construction, or engineering.
- Expressive of a particular culture or of a particular period or place.
The book includes information on using all three approaches to value, dealing with such issues as a lack of comparable sales, highest and best use, taxes, politics, and preservation easements. Yes, the book does mention the White House, which would definitely be a challenging appraisal assignment!
Should you buy this book?
Looking from the appraisal side, if you already appraise
historic properties, buy the book. The next time there's a fight in your city about an historic property, you'll know the issues and the background. Looking from the business side,
historic properties provide excellent opportunities for specialization. If you're in an area with many historic properties, the specialization could be particularly profitable.
When doing your first appraisal in this specialty areas, the books can give you an excellent background to start from, and tell you where to get more information.
It has a glossary, bibliography, and excellent resource lists. No
Internet links or index.