This report reviews the literature related to Right-of-Way (ROW) acquisition, and highlights the findings of expert interviews. Hedonic price models were proposed using recent acquisition data from several Texas corridors and separate databases of full-parcel commercial sales transactions for Texas' largest regions. For the latter, the method of feasible generalized least squares (FGLS) was employed to correct the standard error terms for heteroskedasticity. The models presented here add considerably to the literature and research in this area and should prove valuable to ROW professionals, transportation planners, developers, appraisers, and others involved in ROW cost estimation and commercial property valuation.

This reference book defines hundreds of terms related to buildings, properties, markets, regulations, and appraisal. Specialized sections cover property types, business valuation, international valuation, real estate organizations and professional designations, legal and regulatory aspects, uniform standards, information technology, measures and conversions, and architecture and construction. The architecture and construction section is heavily illustrated with black-and-white photographs and diagrams. Annotation copyrighted by Book News, Inc., Portland, OR.

This report addresses the question of whether there are financial benefits to acquiring transportation right of way far in advance of when the improvement will be done. The first part of the analysis is very general, comparing rates of price increase for different types of properties to the opportunity costs of holding land, over a long historical period. The second part of the analysis focuses on Minnesota and examines property price increases by county over shorter, more recent, time periods. While it is almost certainly worthwhile to acquire land that is in danger of becoming developed, this analysis did not find much apparent financial value in early purchase of land that is already developed, or is not likely to become developed. While there could be localized exceptions, prices of these types of land do not in general rise fast enough to offset the opportunity cost of the money that is used to purchase them. However, there could be other, non-financial benefits associated with early purchase that could compensate for some of the costs involved.

Offers the most comprehensive overview of real estate principles available. Includes all areas taught in undergraduate level courses, plus such additional subjects as secondary mortgage markets, real estate and portfolio theory, and institutional real estate investment. With 125 boxed articles on an array of intriguing topics, from hyperinflation to the disappearance of our great cities, it provides an eclectic view of the many issues that give real estate its distinctive flavor. Updated throughout to reflect changes in the field, this Fourth Edition includes a new chapter on asset management and is flexible enough to be used in both beginning and advanced courses.

Highway right-of-way costs have accelerated in recent years, especially in suburban and urban areas of Texas. Thus, further efforts are being made by Texas Department of Transportation (TxDOT) officials to find ways to reduce or hold down such costs. One of the efforts helped to enact a new law determining the compensation paid property owners for partial takings of right-of-way for highways. This law, subsequently declared unconstitutional by the Texas Supreme Court, allowed consideration of special or direct benefits arising from the highway improvement in awarding compensation for the taking or assessing damages to the remainder, and it did help to reduce right-of-way costs. The purchase of partial takings can cause some remainders to suffer considerable severance and/or proximity damages. The state only ga ns title to the partial taking, and the property owner keeps title to the remainder. Although enhancements can offset some of these damages, purchasing agencies are still paying many property owners more than the taking value. Often, small and irregularly shaped remainders are created and damaged to 100% of value (the whole property's value). This study seeks to determine which remainder characteristics significantly affect right-of-way costs. The more specific objectives of the study are to determine (1) the significant remainder property, access, and location characteristics that affect right-of-way costs and (V the effects of the 1984-87 right-of-way evaluation law on right-of-way costs. A thorough study of the literature; a mail survey of selected right-of-way fee appraisers, TxDOT appraisers and attorneys on the state attorney general's staff; the preparation and analysis of a sample of old remainder case histories developed by the Texas Transportation Institute and TxDOT during the 1960s; and the collection and analysis of a new sample of remainders created before, during, and after the new law was in effect are all being accomplished under the research plan. The new sample data cover three time periods: 1) January 1, 1974 to October 1, 1984, 2) October 1, 1984 to August 17, 1987, and 3) August 17, 1987 to December 31, 1991. The literature survey helped identify several important remainder characteristics to be tested. A total of 70 out of 91 persons surveyed responded and gave importance scores to a list of remainder characteristics. The top 10 or 12 characteristics were used in the regression models of the two data samples. The analysis of the sample of old remainder case histories identified several important characteristics related to the remainder, i.e., size, value, and use of whole property; remainder shape; value total damages paid; and proportion of taking. The analysis of the new database confirmed some of these findings and yield other characteristics, such as, method of acquisition, highway grade level, rural/urban location, type of highway access, split remainders and development limitations that significantly affect right-of-way cost. Also, analysis of the new database shows no significant difference in right-of-way costs due to a change in 1984 87 right-of-way evaluation law. Finally, an analysis of remainder sale data reveals that most remainders are not damaged. TxDOT can use the results of the study to help control and reduce right-of-way costs by 1) being able to closely monitor the appraisals of remainders of partial takings and 2) working closely with the TxDOT planning and design officials to avoid creating remainder properties that contribute significantly to right-of-way costs.