In which scenario would a reviewer find an appraisal to be questionable?

A retrospective appraisal of a shopping center from 19 years ago would likely raise questions for a reviewer because the data and market conditions pertaining to that time period could be significantly outdated. Real estate markets can fluctuate widely over long periods, influenced by various factors such as economic changes, shifts in demand and supply, and alterations in zoning laws or development regulations. Consequently, applying methodologies or market data from nearly two decades ago may not accurately reflect current values or trends.

In contrast, recent appraisals, such as those for newly constructed buildings or well-maintained facilities, typically rely on current market data that reflects present-day conditions, making them more reliable for valuation purposes. Similarly, analyses of proposed developments, while they can involve predictions, are grounded in the most current economic and market forecasts, which are seen as valid even though they are forward-looking.