Abstract
Executive Summary. The purpose of this study is to describe a beginning best practice technique for the valuation of brownfields that incorporates business cycle as well as market analysis. The literature suggests that a developmental model that uses Monte Carlo methods to estimate land value as a residual, in light of all risks, is likely to be the most appropriate methodology. This study examines approaches to market analysis and illustrates how technology can provide more accurate results. It suggests a reference scope of work for market analysis. It is badly needed in order to communicate the level of market analysis that has been used in an appraisal for international valuation standards.
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