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Armstrong/Kahn Award.

Gene Rhodes, MAI, is the winner of the 2014 Armstrong/ Rahn Award and a $3000 honorarium for his article, "Qualitative Analyses in the Sales Comparison Approach Revisited," published in the Fall 2014 issue of The Appraisal Journal.

The Armstrong/Kahn Award is presented by The Appraisal JournaPs Editorial Board for the most outstanding original article published in The Appraisal Journal during the previous year. Articles are judged on the basis of pertinence to the appraisal practice; contribution to the valuation literature; provocative thought; thought-provoking presentation of concepts and practical problems; and logical analysis, perceptive reasoning, and clarity of presentation.

In "Qualitative Analyses in the Sales Comparison Approach Revisited," Rhodes demonstrates how an analysis of the relative quality of property attributes of comparable sales can be used to arrive at an opinion of the market value of the property being appraised. Comparable sales guide the analyst in forming an opinion of value of the property being appraised. By looking at the sale prices of comparables and their respective characteristics, it is possible to arrive at the market value of the property considering its characteristics. The author advocates qualitative analyses of comparable sales through an objective ranking and weighting system of attributes--such as location, view, access, size and topography-just as buyers do when they evaluate properties. The author emphasizes that the weighting of the importance of the attributes cannot be selected by the appraiser; instead it is assigned by the market. Appraisers can refine and test various weightings, but should select the attribute weights that result in a predicted price with the lowest standard deviation from the actual sale price as these are the attribute weights that exist in the market.

Gene Rhodes, MAI, received his designation from the American Institute of Real Estate Appraisers in 1975 and served as president of North Texas Chapter 17 in 1987. Rhodes is head of Gene Rhodes & Associates, a commercial real estate appraisal firm based in Addison (Dallas), Texas. Having previously served as an officer with the Henry S. Miller Appraisal Corporation and the Appraisal & Consulting Services Group of Grubb & Ellis Co., Rhodes has appraised a wide range of major commercial, industrial, and multifamily properties throughout Texas. He is a previous contributor to The Appraisal Journal. Rhodes is a state certified general real estate appraiser in Texas, and he received a BBA degree from Texas State University.

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Article Details
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Title Annotation:Gene Rhodes
Publication:Appraisal Journal
Geographic Code:1U7TX
Date:Mar 22, 2015
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