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Outdoor advertising signs are a common part of the American landscape, but their valuation can present uncommon problems for real estate appraisers. The Valuation of Billboards
provides essential information appraisers need to describe the physical characteristics of these unique assets and to understand the outdoor advertising industry and its operation. Because billboards are often valued for eminent domain purposes, the regulatory and legal issues that surround the outdoor advertising industry are explored and the myriad state and federal regulations and legal precedents that affect the valuation of billboards are examined. A case study is used to demonstrate the application of the approaches to value and to help readers decipher the challenges and choices that complicate the valuation of billboards. This meticulously researched book will provide a basis for a sophisticated analysis of outdoor advertising signs and participation in the ongoing debate that characterizes this controversial appraisal specialty.
About the Authors
Dwain R. Stoops, MAI, SRA, is president of MetroSouth Realty Services, Inc., a real estate valuation, research, and consulting firm in Ozark, Missouri. He specializes in the valuation of outdoor advertising assets and has been a guest expert and panelists on billboard valuation for the International Right of Way Association (IRWA), the American Society of Appraisers (ASA), and the American Association of State Highway and Transportation Officials (AASHTO). Mr. Stoops has also developed a one-day training workshop on valuing outdoor advertising assets which his firm offers.
Marvin L. Wolverton, PhD, MAI, is a practicing real property valuation theorist and consultant who resides in Las Vegas, Nevada. He is a professor emeritus and former distinguished professor of Real Estate at Washington State University who has authored dozens of articles for academic and professional journals and real estate practitioner publications. Dr. Wolverton recently completed a five-year term as senior editor of the Journal of Real Estate Practice and Education and has served on the editorial boards of the Journal of Real Estate Research and The Appraisal Journal. He also teaches a limited number of pre-licensing and continuing education courses for the Appraisal Institute