Iowa Chapter of the Appraisal Institute

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SEMINAR DESCRIPTION

FEASIBILITY ANALYSIS, MARKET VALUE & INVESTMENT TIMING: INTRODUCING THE IMPACT OF OPTION VALUE

The past decade has seen a revolution in the way investors approach investment decision-making, with option value at the center of the revolution. “Delaying investment today” to keep open an option for future investment based on what is learned about market conditions as time passes can have a significant impact on property value, especially the value of vacant land.

 In this hands-on seminar, participants will broaden their expertise as they are introduced to the application of option value to estimating property values.

 At the end of the seminar, participants will be able to establish the link between highest and best use and investment decisions, and apply traditional highest and best use analysis to vacant land and improved property in their value estimates.

 Participants will discover common-sense methods to quantify option value and learn how to make it an integral part of investment analysis and appraisal.

 An HP-19BII, HP-17BII, HP-12C, or equivalent calculator is helpful during the seminar.

 ABOUT THE INSTRUCTOR

Kenneth M. Lusht, Ph.D., MAI, is Professor of Business Administration and Zimmerman Endowed University Fellow in the Smeal College of Business at Penn State University. Dr. Lusht serves as Chairman of the Department of Insurance and Real Estate, and Academic Program Director for the Continuing Education Program in Real Estate. He has also served as Associate Dean for Real Estate Studies. He is a Fellow of the Horner Hoyt Institute, has served as a Faculty Associate of the Lincoln Institute of Land Policy, and as a trustee of the Appraisal Foundation. He is on the Board of Trustees of the Center for Economic Studies and has been a visiting scholar at universities in Australia, New Zealand, Hong Kong, Singapore, Turkey, and Finland. He serves on the Education Advisory committee to the Pennsylvania Real Estate Commission. Dr. Lusht is a past-president of the American Real Estate and Urban Economics Association, had has served two terms on that Association’s Board of Directors. He serves on the Editorial Boards of three journals and has served on four others, and is on the education committees of several industry associations. Dr. Lusht has received three Excellence in Teaching Awards from the M.B.A. Student Association, and has been the College of Business nominee for two teaching awards at the university level. He is widely published in both academic and professional journals and is the author of two courses for professional appraisal associations. His current research is focused on pricing mechanisms in property markets and on the development incentives of a land-value based property tax. He consults with private and public sector organizations on a range of real estate valuation issues, including property tax assessments and appeals, and externalities associated with public improvements. Most recently, he has been involved in measuring the property value impact of proximity to overhead electric power lines.

SCHEDULE

Call, fax, or email the Iowa Chapter office, if you have any questions.

(Phone/Fax                           641-439-2349)

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