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Market Analysis for Real Estate: Concepts and Applications in Valuation and Highest and Best Use, Stephen F. Fanning, 543 pages, Appraisal Institute, 2005.
Market analysis questions pervade real estate. From a pedagogical perspective, real estate market analysis topics begin with introductory real estate principles courses and advance in their refinement through more focused courses in investment analysis, valuation and development. The literature on real estate market analysis runs a gamut from introductory and often simplified rules of thumb and boilerplate processes to extensive and complex studies incorporating spatial database methodology.
Fanning's book entitled Market Analysis for Real Estate: Concepts and Applications in Valuation and Highest and Best Use and companion CD-ROM presents an opportunity for educators to use a text that enables a straightforward transition from a real estate finance or appraisal course setting to the more advanced and practical dimensions of real estate market analysis. The book provides both an orderly and comprehensive approach to market analysis topics that holds value for practitioners, undergraduate and graduate students. Supplemented by lectures and additional materials, the book provides a valuable resource for instructors teaching this topic.
In the preface of the book, Fanning notes the need for a text to introduce market and marketability analysis techniques in a way that presents the topic in an integrated process. By using real estate valuation as the practical professional application, the author achieves this objective. While many in real estate and allied fields are engaged in market analysis studies, the development of market analysis methodology within an appraisal context provides a clear, focused and practical way to approach the topic. Fanning's contention of the value of the appraisal approach is well supported by the role of market analysis in determining a property's highest and best use.
The book is divided into three parts. The first part, which comprises half the book,...