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Comprehensive Guide to Income Approach in Real Property Evaluation

Learn the importance of Income Approach before appeals in real estate appraisal. Explore its benefits, property types it suits, with case studies like Grove Park Inn and Biltmore Estate. Understand why it's crucial for consistent valuation.

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Comprehensive Guide to Income Approach in Real Property Evaluation

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  1. 2012 Advanced Real Property Seminar Income Approach: Before Appeals Linda Brown RES CAE Real Estate/Land Records Manager Buncombe County

  2. Why Use the Income Approach During Reappraisal • Consistency • Relationships • Information • Confidence • Limit informal appeals • Saves time • Value income producing property when limited sales data is available

  3. What Type of Properties? • Retail • Apartments • Office Buildings • Golf Courses • Hotels • Manufactured Housing Rental Parks

  4. Problem One • 228,000 Square foot Resort Hotel built in 1912 • Donald Ross Golf Course • 150 acres • Last sold 1955 • $40 million dollar Spa added in 2001 cost exceeded value added to property

  5. Grove Park Inn Using the income approach Assessed in 2006 for $115,000,000 Sold May 2010 for $103,528,000

  6. Problem Two • 175,000 square foot residence with 250 rooms, indoor pool, elevators, bowling alley, stables • Original construction completed 1895 • Main building estimated reproduction cost $200 million • Winery, multiple restaurants and retail shops • Hotel • 2,400 acres • Property has never sold

  7. Biltmore Estate

  8. Why it Works for Us. • Consistency • Ability to value income producing property when limited sales data is available • Information developed by staff • Relationships with property owners • Staff confidence • Most appeals are settled locally

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