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Valuation of the Effects of Asbestos on Commercial Real Estate

This study develops a valuation procedure and a model for estimating the impact of the presence of asbestos-containing materials (ACMs) on real estate income property. A key aspect of the valuation procedure is that the value of a property with asbestos, and hence the value adjustment for the presence of asbestos, depends on the optimal strategy for dealing with the asbestos. Value-maximizing conditions are derived from the model for determining if and when removal should occur. Information obtained from a survey of real estate appraisers provides data for parameterizing the model for the purpose of simulating the effects of ACMs on the value of different categories of property.

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File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol07n03/v07p331.pdf
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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 7 (1992)
Issue (Month): 3 ()
Pages: 331-350

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Handle: RePEc:jre:issued:v:7:n:3:1992:p:331-350
Contact details of provider: Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
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Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Web: http://pages.jh.edu/jrer/about/get.htm Email:


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  1. Patric H. Hendershott & David C. Ling, 1984. "Trading and the Tax Shelter Value of Depreciable Real Estate," NBER Working Papers 1267, National Bureau of Economic Research, Inc.
  2. Mark G. Dotzour & Terry V. Grissom & Crocker H. Liu & Thomas Pearson, 1990. "Highest and Best Use: The Evolving Paradigm," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 17-32.
  3. Koehn, Michael F & Macavoy, Paul W & de Silva, Harindra, 1990. "Market Responses to Asbestos in Buildings," The Journal of Real Estate Finance and Economics, Springer, vol. 3(3), pages 213-32, September.
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