In Los Angeles it is relatively rare to be able to find comparable sites that have recently old. Not always impossible, but usually so.

I ALWAYS have the calculations used to derive value by extraction in my work file and can give the specifics anytime required. I also identify the specific improved comparables used to develop it.

I make my own estimates of accrued depreciation, which I ALSO cross check with assessors records for the improvements contribution as a percentage of a specific assessed valuation and dollar amount. (Yes, I take Prop 13 into account-in many cases it actually makes it EASIER).

Just because it (extraction) is abused so often does not make it less valid. If THAT were the measurement of an approaches validity, then “paired sales” would have been outlawed years ago.

Perhaps they would prefer the largely hypothetical, assumption based, Land Development Approach / Technique?

Instead of suggesting unspecified alternatives, they’d be better off reminding appraisers that LYING in an appraisal report is a license violation.

With any luck, no one in decision making positions affecting us will take their article and conclusion too seriously.