Appraisal Institute releases Real Estate Damages, 2nd edition.

The Appraisal Institute has released the second edition of its text that covers the valuation of property subject to detrimental conditions. Real Estate Damages: Applied Economics and Detrimental Conditions, by Randall Bell, MAI, Orell C. Anderson, MAI, and Michael V. Sanders, MAI, SRA, provides a framework for studying the vast number of detrimental conditions that can affect properties.

To accurately value real estate, one must be able to monitor and interpret the actions and perceptions of market participants. When the real estate in question is damaged or impaired, this analysis can become quite complex. Although the appraisal of damaged properties brings up unique problems, these situations can be addressed with the application of fundamental economic principles and innovative valuation techniques.

Readers will learn how to identify, categorize and analyze detrimental conditions through reading about the detrimental condition matrix, a detrimental condition model, and a discussion of the three approaches to value as applied to damaged properties. Ten classifications of detrimental conditions are discussed in depth, each in its own chapter. The many case studies provided in the text, which are based on real-life events, suggest straightforward procedures for solving complex, and sometimes catastrophic, valuation problems.

The second edition has added discussion of more recent relevant events such as the September 11 terrorist attacks and Hurricane Katrina as they apply to important property valuation issues. Additionally, the second edition features new case studies on topics such as landslides, infestation, mold and construction defects. It also features an expanded glossary, updated bibliography, and updated listings of relevant associations, periodicals and government agencies as well as a new listing of important online resources.

Author Randall Bell, MAI, specializes in real estate damage economics and strategy. He has traveled extensively in his research of detrimental conditions and the impact they have on real estate values. He has lectured internationally on the topic of property damages and mitigation strategies.

Real Estate Damages: Applied Economics and Detrimental Conditions, second edition, is $55; $45 for members, plus shipping and handling. For more information or to order, visit www.appraislinstitute.org/realestatedamages or call 800-504-7440 (8 a.m.-5 p.m. EST) and reference stock number 0717M.