This article was published in Appraisal Journal in 2019.
Abstract:
This article addresses some of the misunderstanding and mischaracterization around fundamental appraisal terms and methodology, such as fee simple, market value, and highest and best use. In the context of big-box assignments, the discussion explains the label "dark store theory," and unravels its many fallacies and misrepresentations. Using proper and long-standing appraisal interpretations of fundamental terms, the article explains how standard methodology, properly applied, correctly answers the appraisal questions in big-box assignments. The intention is not to disparage ideas or methods, but to unveil the reasons for some of the differences abundant in the current-day appraisal arena.