La muerte encefálica como producto o consecuencia

This is a technique used where there is difficulty in identifying sales of similar properties in a similar environmental condition and in the same market condition as the subject property. It entails analysing comparable impaired properties from outside the subject property’s market area but with similar environmental condition as the subject property. Some of the characteristics which may be considered are listed in the Appraisal Standard’s Board Advisory Opinion AO-9 as follows:

1. whether the contamination discharge was accidental or permitted; 2. the status of the property with reference to regulatory requirements;

3. the remediation lifecycle stage (before, during, or after clean-up) of the property as of the date of value;

4. the contamination constituent (petroleum hydrocarbons, chlorinated solvents, etc.);

5. the contamination conveyance (air, groundwater, soil, etc.)

6. whether the property is a source, non-source, adjacent, or proximate site; 7. the cost and timing of any site remediation plans;

8. the liabilities and potential liabilities for site clean-up;

9. the potential limitations on the use of the property due to the contamination and its remediation; and

10.the potential or off-site impacts due to contaminant migration (for source sites). On assembling this information, the selected case study properties are then compared with similar but uncontaminated comparables in their market area to determine any effects attributable to the environmental condition of the case study properties. This enables the appraiser to derive contamination-related impacts for each case study with which he compares to the subject property. Efforts must be made to note differences in general market conditions, property type, and date of sale, to ensure comparability of case study properties with the subject property.

3.13.4.1. Paired Sales Analysis;

This is an appraisal technique used to find the value of a particular feature within a property such as a two-car garage or other difference. The appraiser finds two recently

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sold properties that are virtually identical except that one has say a two-car garage and the other does not. The two properties are the paired sales. Where the difference in feature is only the two-car garage, then the difference in value can be attributed to the garage. Any other feature can be assigned a value in this way. In valuing contaminated properties, sales of properties in the impacted area are paired with sales of otherwise similar properties located outside the impacted area in other to determine the effects, of any contamination on properties within the impacted area. When using the comparable sales method, the valuer can assign values to various features by comparing the subject property with the sold one in this way but the procedure is dependent on identifying impaired sales with the same environmental condition as the subject, as well as identifying unimpaired comparables that are similar to the impaired sales except for the environmental condition at the time of sale. The Appraisal Institute (2001) cautions that while the paired sales analysis is a theoretically sound method and as helpful and persuasive even when limited data are available, care must be taken in using quantitative adjustments in comparison so as not to exceed the available data. Other techniques are:

 Market Interviews;

These are not methods or techniques for valuation, but are useful for collecting and understanding the data and relevant information necessary to apply the other methods and techniques. In conducting market interviews, care must be taken to avoid bias by paying attention to:

- the selection of market participants to be interviewed;

- development of unbiased information about the subject property and its environmental condition;

- construction of a structured questionnaire and interview protocol that can be replicated.

 Multiple Regression Analysis;

This is a statistical technique that can be used to analyse the impact of environmental contamination on the sale prices of properties in an impacted area. It is the process of calculating a regression coefficient of multiple determination and regression equation using two or more independent variables and one dependent variable that impact the value of a property. In using this technique, Jackson (2003) suggested that we must consider three questions: (1) whether or not the contamination had a measurable effect on price and value; (2) if there was an effect, was it temporary, or did it persist subsequent to remediation of the site or withdrawal of the disamenities; and (3) the existence of any

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observed intervening conditions, such as a strong or weak market, that may have influenced the effects of the contamination on property prices and values.

Income Capitalisation;

This may be in the form of direct capitalisation or a discounted cash flow analysis. When direct capitalisation is done, the method entails discounting the reduced rent occasioned by the contamination with a discount rate adjusted for the risk of contamination. The problem here is the quantification of the adjustment factor to reflect the market perception of the risk of the contamination referred to as stigma suffered by the property. In the discounted cash flow analysis, the net present value of the income stream reflecting the affected property’s various costs and fluctuating revenues. It is also possible to adjust the discount rate where there is a market evidence supporting such adjustment.