New Build

[CGinMN]

I would have given you a like until that statement. You are a Dilmore adherent?

I don’t know who that is.

 

[Terrel L. Shields]

I don’t know who that is.

Gene Dilmore (MAI I believe) wrote a book in the 70s arguing that the sales approach was the only approach, and cost and income should be discarded. It had mixed reviews among appraisers.

 

[jay trotta]

Link/Page Citation

August 27, 1925--March 3, 2003

The Appraisal Journal Editorial Board was deeply saddened by the death of board member Gene Dilmore, MAI, SRA, SREA, ASA. For over forty years, he has been a leader in advancing valuation theory and practice through numerous articles, papers, and books. A designated member of the Appraisal Institute since 1959, Gene served the organization on many committees, including The Appraisal Journal Review Panel and The Appraisal Journal Editorial Board during the last four years. Gene was a gifted, dedicated man with an insightful sense of humor who will be sorely missed.

Gene was owner of The Dilmore Group, a commercial real estate appraisal and business valuation company. He also was a principal in The Real Estate Counseling Group of America, Inc., a national firm specializing in real estate counseling problems. His current practice included marketability studies, highest and best use analyses, business valuations, real estate appraisals, and consultations on forensic statistical analyses for environmental damage cases. He also was qualified as an expert witness in probate, circuit, and federal courts in Alabama and testified on appraisal methodology in federal courts in Florida, Kentucky and Arizona.

Gene attended Wheeler Business College and earned a Bachelor of Accounts. He spent his early career in the Jefferson County Tax Assessor's Office, Jefferson County Engineering Department and the Jefferson County Board of Equalization. In 1959 he started his own company.

A prolific writer, he wrote books on real estate appraisal methodology including The New Approach To Real Estate Appraising (1971); Quantitative Techniques In Real Estate Counseling (1981) and Marketability & Market Analysis (1984). He contributed to many other books and publications, including an edition of the Appraisal Institute's textbook, The Appraisal of Real Estate. He also authored numerous articles for professional journals throughout the world in various disciplines, on topics such as market data adjustments, multiple regression analysis as an approach to value, and internal rate of return and the reinvestment concept.

In the earliest days of office and home computers, Gene learned about computer hardware and software. He developed a number of computer programs, including programs for size adjustment in real estate appraisal, business valuation, and a number of programs involving statistical tools including multiple regression analysis. He was a pioneer in the application of computers to real estate valuation and market analysis.

Gene's contributions to the appraisal profession included participation and leadership in numerous organizations including:

* The Society of Real Estate Appraisers (Past president, Birmingham Chapter)

* American Institute of Real Estate Appraisers (Past President, Alabama Chapter)

* American Society of Appraisers (Past President, Birmingham Area Chapter)

* Gene also had been a member of the Urban Land Institute, Institute of Business Appraisers, Lambda Alpha International Honorary Land Economics Society, American Statistical Association, and Mathematical Association of America.

Gene had a reading knowledge of Greek, Latin, Spanish, and French. Above all, he loved the English language and worried about the loss of the language's nuances and shades of meaning and the poverty of modern expression. His interest and concern for language and learning drew him to positions of leadership on the review boards of scholarly and professional publications, including most recently:

* Editorial Board of The Appraisal Journal

* Chairman of the Review Board of The Real Estate Appraiser

* Member of the Publication Review Subcommittee of the Appraisal Institute

* Member of the Editorial Board, Book Review Section of the Journal of Real Estate Literature

Gene left all who knew him or read his work better for the experience.

He was a renaissance man and an inspiration

And all with a friendly twinkle in his eye, love in his heart, and brilliance in his mind.

Members of The Appraisal Journal Editorial Board and Review Panels

COPYRIGHT 2003 The Appraisal Institute
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003 Gale, Cengage Learning. All rights reserved.

 

[alebrewer]

Isn't that the OPs problem? And why would you not develop a CA on new construction? It should support the SA and make the report more reliable.

Is that rhetorical or are you asking me specifically? If me specifically: because I consider the CA to not be a valid approach to estimating market value for residential property.

 

[CGinMN]

thems fightin words!

 

[Mark K]

Was quickly called out by a CG that worked for the state of Texas who asked - how do you propose valuing a state park via the SCA

By the same token, how do you know the market value of a state park if there are no sales? You can easily determine what it costs until the cows come home but how do you know the market value? IMO, MV by the CA only is a contradiction in terms and useful only when someone like the state needs a number to put into a spreadsheet.

 

[alebrewer]

By the same token, how do you know the market value of a state park is there are no sales? You can easily determine what it costs until the cows come home but how do you know the market value? IMO, MV by the CA only is a contradiction in terms and useful only when someone like the state needs a number to put into a spreadsheet.

In my opinion: you don't. MV by CA only is just a bunch of numbers that most likely have some kind of cost guide support (site value aside) and some made up BS on TEL, EA, etc.

 

[Artemis Fowl]

Gene Dilmore (MAI I believe) wrote a book in the 70s arguing that the sales approach was the only approach, and cost and income should be discarded. It had mixed reviews among appraisers.

I have that book. Lucky find. Hard to come by nowadays. Was a Santora recommendation during a thread about regression.

EDIT: LOL there's one on Amazon now actually.

 

[Artemis Fowl]

In my opinion: you don't. MV by CA only is just a bunch of numbers that most likely have some kind of cost guide support (site value aside) and some made up BS on TEL, EA, etc.

I use CA every day with mass appraisal. It works as well as the quality of the data you plug into it. Working an appeal right now where, after inspection, we corrected the CA information we had and whaddya-know...super tight to the SC approach. It's nice to have multiple tools to apply to a problem. But hey...you wanna drive a screw with a hammer...you do you.

 

[Surf Cat]

I have a custom new build that is in an area of no new home sales. Would need to go 50+ miles for new builds but would tract homes not custom builds.

If there are no new builds of regular tract homes, a "custom" new build would seem like an over improvement to me...