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.
Volume (Year): 7 (1992)
Issue (Month): 3 ()
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References listed on IDEAS
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- 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.
- 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.
- 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.
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