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Course CANCELLED: Residential Site Valuation and Cost Approach

June 17 @ 8:00 am - June 18 @ 5:00 pm

Due to low enrollment; this offering has been cancelled.

Instructor:  Mark Smeltzer, MAI, SRA, AI-GRS, AI-RRS

This course focuses on the valuation of vacant land parcels and the development of the cost approach. Create a current cost estimate using market extraction, discover effective interview techniques, and explore information provided by professional cost data sources. An in-depth case study takes you from the origin of the appraisal assignment to a final value estimate using various cost approach applications.


  • Examine all steps in completing a cost approach. The step-by-step process of estimating current construction cost is the focus.
  • Recognize how to use data sources and the comparative-unit method of cost calculation.
  • Apply the age-life and market extraction methods of estimating depreciation.
  • Understand elements of cost approach summation, including reconciliation of depreciation estimates.
  • Identify residential site valuation principles and how they relate to the concept of market analysis and the development of a highest and best use conclusion.
  • Explore the elements of comparison and the units of comparison as they are applied in the sales comparison approach for estimating site value.
  • Recognize steps in the extraction and allocation methods of site valuation.
  • Reconcile multiple site value indications to a final opinion of site value.
  • Apply the breakdown method of estimating depreciation, including physical deterioration, functional obsolescence, and external obsolescence.


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June 17 @ 8:00 am
June 18 @ 5:00 pm
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Treat Towers
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