Consulting Services


Bill Mundy and Associates, Inc. is a leader in cutting-edge economic analysis, with a focus on complex real estate related matters. Since 1976, the firm has been advising clients on complex real estate litigation, transactions, and valuations. From our headquarters in Seattle, Washington, BM&A has provided support to clients throughout the western hemisphere, literally from the north slope of Alaska to the tip of Argentina.

The breadth and depth of our expertise is verified by the numerous high-profile cases in our history. These cases include the valuation of the Hearst Ranch at San Simeon, estimation of Exxon Valdez Oil Spill damages for Alaska Native Corporations, advisor and consultant to the Plaintiffs Steering Committee regarding BP’s Gulf Oil Spill, ranch and timberland market and feasibility analysis of 1.7 million acre Trillium Holdings on the island of Terra del Fuego, Argentina and Chile and quantifying the value of Arches, Bryce, Canyonlands, Capital Reef and Zion National Parks as well as Dinosaur National Monument for the State of Utah.

Founded in 1976 by Dr. Bill Mundy the firm provides urban and rural economic analysis, feasibility analysis, market analysis, real property valuations, fiscal impact analysis, and survey and market research to a wide variety of clients. In January 2008 Mundy completed the sale of Mundy Assoc. LLC to Dr. John Kilpatrick and the firm’s name was changed to Greenfield Advisors, LLC. Shortly thereafter he retired from Greenfield and with the concurrence of Dr. Kilpatrick expanded the services of Bill Mundy and Associates, Inc. to include various forms of urban and rural land economic analysis.

Dr. Mundy is also actively engaged in the business of agriculture, having developed two 160 acre diversified farms in the Columbia Basic, owning and operating a diversified farm (timothy hay, orchard, vineyard, organic garden and timberland) and is active in the vineyard and oenology industry (ex-chairman of the Viticulture and Oenology Technical Advisory Committee at South Seattle College, member of the Washington Winegrowers Association, founder of French Creek Cellars Winery). Most recently Mundy has been involved in agricultural “critical mass” and viability studies.


Professional Qualifications

BILL MUNDY, Ph.D., (MAI, CRE retired). Bill Mundy is a rural and urban land economist who has over 45 years of experience in real estate market, economic and valuation research.  Over this time span he has held the following positions:

• Doane Agricultural Service (1965-1967).  Farm Manager and rural appraiser.

• Fenton, Conger & Ballaine (1967-1968).  Real estate appraiser and market analyst

• Weyerhaeuser Real Estate Company (1971-1973). Land economist and housing market analyst.

• Bill Mundy & Associates (1976-2011).  Owner.  Real estate development.

• Mundy, Jarvis & Associates, Inc. dba Mundy & Associates (1976-2005), Chief Executive Officer.  Real estate market, economic and valuation (appraisal) analysts and consultants.

• Greenfield Advisors LLC (2005-January 1, 2008), Director Emeritus and Senior Analyst. Real estate market, economic and valuation (appraisal) analyst and consultant.  Retired on January 1, 2008

• Bill Mundy and Associates, Inc. (Mundy Assoc.)  Owner and Principal Investigator.  Real estate market and economic research.  January 1, 2008 to present.

• Real Estate Counseling Group of America, Inc., past President (1993-94), and Chairman of the Board (1995-1999).  Professional and educational organization of leading real estate experts from throughout the U.S.

• The Counselors of Real Estate. Chairman, Strategic Planning. Member, Executive Committee. (2004-2005), Resigned membership 1/1/06 due to semi-retirement.


Dr. Mundy has been and continues to be heavily involved in the educational community.  He has taught at the University of Washington and for the Appraisal Institute (AI).  He developed a real estate and urban economics curriculum for Seattle University, and was instrumental in developing the real estate department at Washington State University where he was also on the Real Estate Advisory Board. He has assisted in developing the viticulture and oenology program at  Seattle Community College and was Technical Advisory Committee Chairman.

Bill has a broad range of analytical experience, including benefit-cost, economic base, market and survey research, and real estate appraisal throughout the Americas.  Several important areas of concentration include market research, and valuation analysis involving litigation matters about radioactive, hazardous and toxic waste, and conservation/preservation and trophy property.  He has also developed, for his own account, agricultural, residential, office, retail and rehabilitation properties in Washington and Alaska. He owns and operates a farm in central Washington that grows timothy hay, grapes, orchard fruit, tomatoes, and timber.


Bachelor of Science, Agriculture (Business Option), 1965
Washington State University, Pullman, Washington

Master of Arts, Urban Economics, 1971
University of Washington, Seattle, Washington

Doctor of Philosophy, Marketing, Urban Economics and Survey Research, 1977
University of Washington, Seattle, Washington

Fellow, Weimer School of Advanced Studies in Real Estate and Land Economics, 1992.


Beta Gamma Sigma

American Institute of Real Estate Appraisers Scholarship Recipient, 1970-71, 1975-76.

University of Washington representative to doctoral consortium and American Marketing Association Meetings, 1976.

Arthur A. May Memorial Award, 1988, American Institute of Real Estate Appraisers, for developing the seminar “Market Analysis.”


Urban Obsolescence —A Case History of Obsolescence-Renewal, Masters Thesis, University of Washington, 1970.

“Natural Resource Scarcities and the Cost of Housing,” monograph, University of Washington, 1976, Seattle, Washington.

“A Methodology to Optimize Building Rent,” Bill Mundy & Associates, Inc., 1977, Seattle, Washington.

A Partial Test of a Multi-Stage Theory of Homebuyer Behavior:  A Methodological and Substantive Approach Using Judgmental and Behavioral Data, Ph.D. Dissertation, University of Washington, 1977.

The Seattle Metropolitan Area Economic Base with Population and Housing Projections, 1984, Bill Mundy & Associates, Inc., Seattle, Washington.

“The Valuation of High-Amenity Natural Land,” Bill Mundy, MAI and Victoria Adams, The Appraisal Journal, January 1991, 48 – 53.

“Stigma and Value,” Bill Mundy, MAI, The Appraisal Journal, January 1992, 7-13.

“The Impact of Hazardous and Toxic Materials on Property Values,” Bill Mundy, The Appraisal Journal, April 1992.

“Appraising Contaminated Property,” Bill Mundy.  A paper presented at the annual Appraisal Institute Symposium, July 28-29, 1992, Boston, Mass.

“The Scientific Method and the Appraisal Process,” Bill Mundy, The Appraisal Journal, October 1992, 493-499.

“The Impact of Hazardous and Toxic Materials on Property Values:  Revisited,” Bill Mundy, The Appraisal Journal, October 1992, 463-471.

“Attitudes and Policies of Lending Institutions Toward Environmental Impairment,” Victoria Adams and Bill Mundy, Environmental Watch, Volume V, Number 4, Winter 1993.

“Contamination, Fear and Industrial Property Transactions, ” Bill Mundy, Professional Report, A Publication of the Society of Industrial and Office Realtors, Volume 52, Number 3, May/June 1993, 17-19.

“Environmentally Impaired Property and the SIOR,” Bill Mundy, Professional Report, Spring 1995, 17-20.

“Using Non-Appraiser Expert Witnesses in Condemnation Trials,” Larry J. Smith and Bill Mundy, The Practical Real Estate Lawyer, Vol. 11, No. 4, July 1995, 85-94.

“Using The Contingent Value Approach for Natural Resource And Environmental Damage Applications,” Bill Mundy and Dave McLean, The Appraisal Journal, Vol. 56 No. 3, July 1998, 290-297.

“Valuing Contaminated Property,” Bill Mundy, The Journal of Applied Real Property Analysis, Vol. 1 No. 1, 1997.

“Valuing Brownfields,” Bill Mundy, Chapter 6 in Redeveloping Brownfields:  A Comprehensive Guide to Redeveloping Contaminated Property, 2nd Edition, by Todd S. Davis, ed. American Bar Association, 2002. And also in the 3rd Edition, Co-authored with John Kilpatrick, Ph.D., Chapter 10, pages 129-146, 2010.
Contributor:  The Mundy Insider.

“Intermediaries Influence Buyer Behavior:  Environmentally Impaired Property,” Bill Mundy, Brownfield News, Premier Issue, February/March, 1997 Issue 1, 29-30.

“Applying Going-Concern Value to Landfills,” Bill Mundy, The Appraisal Journal, Vol. 56 No. 3, April 1998, 192-197.

“The Addition Of Contingent Valuation And Conjoint Analysis To The Required Body Of Knowledge For The Estimation Of Environmental Damages To Real Property,” Dave McLean and Bill Mundy, Journal of Real Estate Education and Practice, published by the American Real Estate Society, Vol. 1 No. 1, 1998, 1-19.

“The New Noneconomics:  Public Interest Value, Market Value, and Economic Use,” Bill Mundy and William N. Kinnard, The Appraisal Journal, Vol. 56 No. 3, April 1998, 207-214.

“The Appraiser and GIS in a Litigation Context,” Bill Mundy, Chapter 6 in GIS in Real Estate:  Integrating, Analyzing and Presenting Locational Information, published by The Appraisal Institute, November 1998, 124-130.

“The Brownfield Challenge,” Bill Mundy, Dave McLean, John Kilpatrick, Valuation Insights & Perspectives, First Quarter 1999, 14-18,45.

“Summation of Evidentiary Rules for Real Estate Experts Mandated by Daubert v. Merrell Dow Pharmaceuticals, Inc.,” Bill Mundy, Dave McLean, John Kilpatrick, Real Estate Issues, Fall 1999, 24-32.

“Clarification of and Rejoinder to:  “Junk Science, Environmental Stigma, Market Surveys and Proper Appraisal Methodology:  Recent Lessons from the Litigation Trenches,” Bill Mundy, Dave McLean, The Appraisal Journal, April 2000, 222.

“Three Contamination Attributes Which Influence Real Estate Buyer Behavior” Bill Mundy, In review for publication by the Journal of Real Estate Practice and Education, June 2000.

“Factors Influencing CBD Land Prices” Bill Mundy, John A. Kilpatrick, Real Estate Issues, Fall 2000, 39.

“Defining a Trophy Property” Bill Mundy, Ph.D., CRE, MAI, The Appraisal Journal, Vol. LXX, No. 4, October 2002, 377-379.

“Trophy Property Valuation: A Ranch Case Study,” Bill Mundy, Ph.D., CRE, MAI, The Appraisal Journal, Vol. LXXI, No. 1, January 2003, 68.

“Looking Backward and Forward: Economic Restructuring and United States Real Estate Markets,” Bill Mundy, PhD., CRE, MAI, John Kilpatrick PhD, John Carruthers PhD, and Ron Throupe, PhD, Real Estate Issues, Vol28, No. 3, Fall 2003.

“Preserving Agricultural and Forest Land: A TDR Approach,” Bill Mundy, Ph.D. MAI and Theodore Lane, Ph.D. Journal of Property Investment &  Finance, Volume 29, Number 4/5, 2011, 566-574.

“Appraisal of Contaminated Real Estate in the United States”, Bill Mundy, Ph.D., MAI, CRE, and John Kilpatrick, Ph.D. Real Estate Research, October, 2003, published by the Japan Real Estate Institute, Tokyo, Japan.

“Valuation of Impaired Property” Bill Mundy, PhD., CRE, MAI, John Kilpatrick PhD, Will Spiess, MBA, and Ron Throupe, PhD, Chapter 6 in When Bad Things Happen to Good Property, Robert Simon, ed., (Washington, DC:  National Environmental Law Center, forthcoming)


Appraisal Institute (MAI #5439)
•Reviewer and author, The Appraisal of Real Estate, 10th, 11th, and 12th editions

Former Member, Counselors of Real Estate (CRE #1011)
Served on the:
•Education, Membership & Consulting Corp Committees
•Strategic Planning Committee, Chairman
•Executive Committee, Member
•Board of Directors

Real Estate Counseling Group of America, Inc.
•President, 1993-94
•Chairman of the Board, 1995-1999

Fellow, The American Real Estate Society


Chairman, Technical Advisory Committee, South Seattle Community College Viticulture & Enology program


American Institute of Real Estate Appraisers (Five-day courses and seminars)
Memphis State University: Principles and Procedures
University of Houston: Principles and Procedures
University of Portland: Market Analysis
University of San Diego: Market Analysis
University of Colorado: Market Analysis
Arizona State University: Market Analysis
University of Oklahoma: Market Analysis
University of North Carolina: Market Analysis


•AIREA Terminology Handbook, Reviewer
•The Appraisal of Real Estate, 8th Edition, Reviewer
•The Appraisal of Real Estate, 10th Edition, Reviewer and Contributor
•The Appraisal of Real Estate, 11th Edition, Reviewer and Contributor
•The Appraisal of Real Estate, 12th Edition, Reviewer and Contributor
•Real Estate Market Research, forthcoming, Author
•Market Analysis & Highest & Best Use, Developer
•AIREA Market Analysis Seminar, Developer
•AIREA Survey Research Seminar, Developer
•Environmental Valuation: Intraregional and Interregional Perspectives, with John I. Carruthers, Ashgate, 2006


Various courts in: