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The Appraisal Journal | Spring 2020 | Volume LXXXVIII, Number 2

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The Appraisal Journal | Spring 2020 | Volume LXXXVIII, Number 2 The Appraisal SPRING 2020 Journal Volume LXXXVIII, Number 2 F Golf Course Communities as Multisided Markets: Ownership Implications by Bruce K. Cole, PhD, and David Hueber, PhD PAGE 85 Is the Eiffel Tower Worth More Than the Statue of Liberty? Techniques for Determining the Value of Iconic National Landmarks—Part I by Richard J. Roddewig, JD, MAI, Anne S. Baxendale, and J. Andrew Stables PAGE 103 They Paved Paradise: Appraising a Parking Lot by Barry A. Diskin, PhD, MAI, AI-GRS, and David C. Lennhoff, MAI, SRA, AI-GRS PAGE 126 Contents The Appraisal Journal | Spring 2020 | Volume LXXXVIII, Number 2 ii Mission Statement iv A Message from the Editor-in-Chief v Appraisal Journal Awards COLUMNS & DEPARTMENTS 71 Cases in Brief Recent Court Decisions on Real Estate and Valuation by Benjamin A. Blair, JD 140 Resource Center Black Swans: When the Impossible Occurs by Dan L. Swango, PhD, MAI, SRA PEER-REVIEWED ARTICLES 85 Golf Course Communities as Multisided Markets: Ownership Implications by Bruce K. Cole, PhD, and David Hueber, PhD 103 Is the Eiffel Tower Worth More Than the Statue of Liberty? Techniques for Determining the Value of Iconic National Landmarks—Part I by Richard J. Roddewig, JD, MAI, Anne S. Baxendale, and J. Andrew Stables 126 They Paved Paradise: Appraising a Parking Lot by Barry A. Diskin, PhD, MAI, AI-GRS, and David C. Lennhoff, MAI, SRA, AI-GRS ANNOUNCEMENTS 149 New Appraisal Institute Publications 150 Article Topics in Need of Authors 151 Manuscript Guide 152 Appraisal Journal Order Form COVER PHOTO: Harbour Town Golf Links at The Sea Pines Resort, Hilton Head Island, South Carolina www.appraisalinstitute.org Spring 2020 • The Appraisal Journal i The Appraisal Journal Published by the Appraisal Institute Jefferson L. Sherman, MAI, AI-GRS, President Rodman Schley, MAI, SRA, President-Elect Pledger M. “Jody” Bishop III, MAI, SRA, AI-GRS, Vice President Stephen S. Wagner, MAI, SRA, AI-GRS, Immediate Past President Jim Amorin, CAE, MAI, SRA, AI-GRS, Chief Executive Officer Stephen T. Crosson, MAI, SRA, Editor-in-Chief Nancy K. Bannon, Managing Editor Justin Richards, Senior Communications Coordinator The Appraisal Journal (ISSN 0003-7087) is published quarterly (Winter, Spring, Summer, and Fall). © 2020 by the Appraisal Institute, an Illinois Not-for-Profit Corporation at 200 W. Madison, Suite 1500, Chicago, Illinois 60606. www.appraisalinstitute.org. All rights reserved. No part of this publication may be reproduced, modified, rewritten, or distributed, electronically or by any other means, without the expressed written permission of the Appraisal Institute. Periodical postage paid at Chicago, Illinois, and at additional mailing offices. Annual Subscription Rates: Domestic—$60 standard rate, $120 library rate, $38 AI rate, $30 student rate, $35 single copy. International—$120 standard rate, $175 library rate, $75 student rate. Telephone orders: 888-756-4624. Online Store: http://www.appraisalinstitute.org. Postmaster: Send address changes to Order Fulfillment Department, The Appraisal Journal, 200 W. Madison, Suite 1500, Chicago, Illinois 60606. Allow six weeks for changes. To opt out of print copy delivery, email [email protected]. Design and production services provided by Grayton Integrated Publishing: www.graytonpub.com. Mission Statement: The Appraisal Journal is published to provide a peer-reviewed forum for information and ideas on the practice and theory of valuation and analyses of real estate and related interests. The Appraisal Journal presents ideas, concepts, and possible appraisal and analytical techniques to be considered; some articles are for the development and expansion of appraisal theory while others are useful in the evolution of practice. Disclaimer: The materials presented in this publication represent the opinions and views of the authors. Although these materials may have been reviewed by members of the Appraisal Institute, the views and opinions expressed herein are not endorsed or approved by the Appraisal Institute as policy unless adopted by the Board of Directors pursuant to the Bylaws of the Appraisal Institute. While substantial care has been taken to provide accurate and current data and information, the Appraisal Institute does not warrant the accuracy or timeliness of the data and information contained herein. Further, any principles and conclusions presented in this publication are subject to court decisions and to local, state, and federal laws and regulations and any revisions of such laws and regulations. This publication is for educational and informational purposes only with the understanding that the Appraisal Institute is not engaged in rendering legal, accounting, or other professional advice or services. Nothing in these materials is to be construed as the offering of such advice or services. If expert advice or services are required, readers are responsible for obtaining such advice or services from appropriate professionals. Nondiscrimination Policy: Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state, and local laws. The Appraisal Institute advances professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. ii The Appraisal Journal • Spring 2020 www.appraisalinstitute.org The Appraisal Journal Editorial Board Stephen T. Crosson, MAI, SRA,* Chair, Dallas, Texas Larry T. Wright, MAI, SRA, AI-GRS, Vice Chair, Houston, Texas Julie Friess, SRA, AI-RRS, Sedona, Arizona Walter E. Gardiner, SRA, AI-RRS, Hammond, Louisiana Kerry M. Jorgensen, MAI, Sandy, Utah David C. Lennhoff, MAI, SRA, AI-GRS, Darnestown, Maryland Mark R. Linné, MAI, SRA, AI-GRS, Lakewood, Colorado James H. Martin, MAI, Mt. Pleasant, South Carolina Stephen D. Roach, MAI, SRA, AI-GRS, San Diego, California The Appraisal Journal Review Panel Barry A. Diskin, PhD, MAI, AI-GRS, Florida State University Gregory J. Accetta, MAI, AI-GRS, Providence, Rhode Island Donald R. Epley, PhD, MAI, SRA, University of South Alabama Anthony C. Barna, MAI, SRA, Pittsburgh, Pennsylvania Jeffrey D. Fisher, PhD, Indiana University C. Kevin Bokoske, MAI, AI-GRS, AI-RRS, Ft. Lauderdale, Florida Terry V. Grissom, PhD,* University of Missouri–Kansas City George Dell, MAI, SRA,* San Diego, California Thomas W. Hamilton, PhD, MAI,* Roosevelt University Stephen F. Fanning, MAI, AI-GRS,* Denton, Texas William G. Hardin III, PhD, Florida International University Kenneth G. Foltz, MAI, SRA, Wilmington, North Carolina Lonnie W. Hendry Jr., Texas Tech University Jack P. Friedman, PhD, MAI, SRA, Chicago, Illinois Mark Lee Levine, PhD, JD, MAI, University of Denver Brian L. Goodheim, MAI, SRA, Boulder, Colorado Kenneth M. Lusht, PhD, MAI, SRA,* Florida Gulf Coast University, Robert M. Greene, PhD, MAI, SRA, AI-GRS, Olympia, Washington Penn State University John A. Kilpatrick, PhD, MAI, Seattle, Washington Mark E. Moore, PhD, Texas Tech University S. Warren Klutz III, MAI, SRA, AI-GRS, Bristol, Tennessee Barrett A. Slade, PhD, MAI, Brigham Young University Douglas M. Laney, MAI, Tucson, Arizona Brent C Smith, PhD, Virginia Commonwealth University Mark E. Mitchell, MAI, AI-GRS, Louisville, Kentucky Mark A. Sunderman, PhD, University of Memphis Dan P. Mueller, MAI, St. Paul, Minnesota Grant I. Thrall, PhD, University of Florida Nathan Pomerantz, MAI, Rehovot, Israel Alan Tidwell, PhD, University of Alabama Rudy R. Robinson III, MAI, Austin, Texas H. Shelton Weeks, PhD, Florida Gulf Coast University David J. Sangree, MAI, Cleveland, Ohio John E. Williams, PhD, Morehouse College John A. Schwartz, MAI, Denver, Colorado Elaine M. Worzala, PhD, College of Charleston Melanie Sieger, MAI, AI-GRS, Chevy Chase, Maryland Dan L. Swango, PhD, MAI, SRA, Tucson, Arizona James D. Vernor, PhD, MAI, Atlanta, Georgia The Appraisal Journal Academic Review Panel Tim Allen, PhD, Florida Gulf Coast University Anjelita Cadena, PhD, University of North Texas Peter F. Colwell, PhD, University of Illinois François Des Rosiers, PhD, Laval University *Statistics Work Group member www.appraisalinstitute.org Spring 2020 • The Appraisal Journal iii From the Editor-in-Chief Stephen T. Crosson, MAI, SRA Thought Leadership Dear Readers: Each year, the Spring issue of The Appraisal Jour- to whether historically or culturally significant nal recognizes exceptional work within this structures and land areas have a special type of forum for ideas on real estate valuation, and on value that is higher than their market value. It the following pages you will see the announce- presents a case study of the iconic Statue of Lib- ment of our 2019 article awards. It is important erty and Eiffel Tower to explore alternative cost that we pause and acknowledge these noteworthy and income analyses that can be used to estimate articles and their authors. In addition, we recog- the value of historic landmarks. The third article, nize the outstanding service of Stephen D. Roach, “They Paved Paradise: Appraising a Parking Lot,” MAI, SRA, AI-GRS, who during the past year discusses valuation of parking lots and the ele- has contributed valuable volunteer hours to the ments of a parking lot operation that are the Journal as a member of The Appraisal Journal subject of the real property appraisal; the article Editorial Board. offers a streamlined case study to highlight the com ponents of parking lot analysis. In this issue, We also have three peer-reviewed feature
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