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The Appraisal Journal Editorial Board Award for Outstanding Residential Article.

Joy Hearn, SRA, is the recipient of The Appraisal Journal Editorial Board Award for Outstanding Residential Article. She is the author of the winning article, "How to Analyze Land Values in the Luxury Market," which was published in the July 1999 issue. The award is presented to appraisal practitioners who have written an exceptional residential article that is practical in nature. The winner was selected by Dan Swango, MAI, SRA, PhD, and the Appraisal Journal Editorial Board.

In her article Ms. Hearn describes the proper technique in appraising waterfront properties, which is the development of the closest unit of comparison. She also explores how zoning impacts this market and discusses the impact of point lot locations on value.

In 1986 after approximately ten years as a staff appraiser for lenders in the South Florida area, Ms. Hearn joined the firm of Hewitt, Olson & Associates in Fort Lauderdale, Florida, where she managed the residential department and served as a senior market analyst. In this role, she performed numerous marketing studies on residential projects for both lenders and developers in the Southeast Florida area. She also did a marketing/highest and best use study on a vacant 1700-acre plantation located on Hilton Head Island, South Carolina. It is her opinion that the most difficult appraisal assignment is that of a vacant lot.

In 1990 the Palm Beach County Property Appraiser's Office employed her as a senior appraiser responsible for all single-family assessments on the Barrier Island. One of her first assignments was to appraise Donald Trump's home Mar-a-Lago.

In 1990 Ms. Hearn was elected president of the Palm Beach County Chapter of the Appraisal Institute. She has given seminars to the South Florida Chapter of the Appraisal Institute, the Florida Association of Property Appraisers, The Association of Professional Mortgage Women, and members of the Palm Beach Board of Realtors. In 1997 the Appraisal Institute chose her "white" paper entitled "It's the Dirt that Counts" for presentation at their annual summer conference in Washington D.C. In 1999 she was chosen to present her seminar of the same title at the IAAO Annual Convention in Las Vegas, Nevada. This seminar explored how to determine when land values are significantly increasing in high-demand neighborhoods when there are few or no land sales available. This year she has been chosen to present another seminar entitled "What Do You Do With the Dirt?" at the IAAO Annual Conference in Edmonton, Canada.

Ms. Hearn has a BA from the University of Akron in Akron, Ohio. She received her SRA designation in 1986. She has taught course 101 for the Society of Real Estate Appraisers. She is well known in the South Florida area for her expertise on waterfront properties and is frequently called upon for her input on how to value vacant oceanfront properties.
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Publication:Appraisal Journal
Article Type:Brief Article
Geographic Code:1USA
Date:Apr 1, 2000
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