Random Disaggregate Appraisal Error in Commercial Property: Evidence from the Russell-NCREIF Database

David M. Geltner (), Richard A. Graff and Michael S. Young ()
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David M. Geltner: Finance Department College of Business Administration University of Cincinnati Cincinnati, Ohio 45221-0195, http://www.cba.uc.edu/dept/fin/
Richard A. Graff: Electrum Partners 400 North Michigan Avenue Suite 1200 Chicago, Illinois 60611, http://www.cbe.wsu.edu/~fire/

Journal of Real Estate Research, 1994, vol. 9, issue 4, pages 403-420

Abstract: This paper examines the magnitude of random disaggregate appraisal valuation error in institutional-grade commercial property. Unlike previous transactions-based studies of appraisal error, we use a much larger database that is not restricted to sold properties, and we employ a methodology that focuses on appraisal error rather than the difference between transaction price and previous appraised value. Our model gives a point estimate of 11.07% for the standard error of appraisals in the Russell-NCREIF database, with a robust range of 6% to 13%.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1994
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