Real Estate Market Valuation and Analysis	5
	Contents	7
	Preface—A Practical Approach	9
	Chapter 1: The Essence of Analysis	13
	BASIC MARKET ANALYSIS CONCEPT—AN OVERVIEW	14
	MARKET STUDY AND FEASIBILITY STUDY: THE DISTINCTIONS	19
	WHAT SHOULD A MARKET AND FEASIBILITY STUDY CONTAIN?	22
	THE FIRST STEP IN THE MARKET STUDY: MARKET AREA	24
	CASE STUDY: BELLIS FAIR, WASHINGTON STATE	25
	CASE STUDY: BELLIS FAIR, WASHINGTON STATE	26
	THE SECOND STEP IN MARKET ANALYSIS: SITE EVALUATION	27
	THE THIRD STEP IN MARKET ANALYSIS: DEMAND FACTORS	29
	THE FOURTH STEP IN MARKET ANALYSIS: EXISTING SUPPLY FACTORS	30
	THE VALUE OF THE FEASIBILITY STUDY	33
	WHO USES MARKET ANALYSIS?	36
	THE GOOD AND THE BAD ON STUDIES	38
	Chapter 2: Using Analysis Effectively	41
	FACTORS AFFECTING MARKET ANALYSIS—BEYOND THE NUMBERS	41
	THE ANALYTICAL PROCESS	44
	MARKET ANALYSIS AND BUSINESS PLANNING	47
	THE KEYS TO MARKET ANALYSIS: SUPPLY AND DEMAND	49
	THE NATURE OF ECONOMIC CONDITIONS	56
	Chapter 3: Valuation of Real Estate	59
	PRINCIPLES OF REAL ESTATE VALUATION	60
	MEASUREMENTS OF VALUATION	62
	Chapter 4: Single-Family Home and Condo Analysis	85
	HOME OR CONDO?	87
	VALUATION FACTORS UNIQUE TO RESIDENTIAL PROPERTY	89
	TRADE AREA ANALYSIS	96
	MARKET CHARACTERISTICS OF RESIDENTIAL PROPERTY	97
	CASH FLOW ANALYSIS OF RESIDENTIAL PROPERTIES	103
	LOCAL OPPOSITION AS A MARKET FACTOR	107
	Chapter 5: Multi-Unit Rental Property Analysis	111
	THE LOW INCOME HOUSING MARKET	113
	FACTORS AFFECTING MULTI-UNIT MARKET ANALYSIS	115
	THE OCCUPANCY ISSUE IN MULTI-UNIT CASH FLOW ANALYSIS	125
	Chapter 6: Retail Real Estate Analysis	131
	AN OVERVIEW OF RETAIL MARKET ANALYSIS	132
	FURTHER ANALYSIS FOR RETAIL SPACE	134
	FEATURES OF THE RETAIL AND SERVICE MARKET	136
	ANALYSIS OF RETAIL SUPPLY AND DEMAND	140
	IDENTIFYING THE REAL MARKET	143
	HIGHEST AND BEST USE AS A DISTINGUISHING ANALYTICAL POINT	148
	TRENDS IN RETAIL MALL DESIGN	150
	Chapter 7: Office and Industrial Real Estate Analysis	157
	INDUSTRIAL AND SERVICE-ORIENTED REAL ESTATE ATTRIBUTES	162
	HEAVY INDUSTRIAL PROJECTS	169
	Chapter 8: Lodging and Tourism Industry Real Estate	173
	AN OVERVIEW OF THE INDUSTRY	175
	PRIORITIES IN HOTEL MARKET ANALYSIS	182
	Chapter 9: Mixed-Use Real Estate Analysis	189
	IMPORTANT GUIDELINES FOR MIXED-USE PROJECT ANALYSIS	190
	MODERN PLANNING TRENDS	191
	KEYS TO ANALYSIS FOR MIXED USE	194
	ZONING SOLUTIONS FOR MIXED USE	196
	LOCAL PLANNING AND ITS EFFECT ON MARKET ANALYSIS	201
	CONCLUSION	203
	Internet Sources for Further Study	207
	Bibliography	219
	Glossary	223
	Using a GIS Tool in Real Estate Market Analysis	237
	WHAT IS A GIS?	237
	ADVANCED SPATIAL ANALYSIS	239
	GEOGRAPHIC DATA	240
	LOCATION ANALYSIS IN THE MARKET ANALYSIS PROCESS	242
	SITE SELECTION	242
	GIS ON-SITE	243
	VALUATION	244
	SUMMARY	245
	Notes	247
	Index	253