I’ve reviewed a lot of appraisal reports over my nearly four decades in practice. What I’m increasingly aware of over the years is that the appraisal report has taken over the valuation process – the cart before the horse, so to speak. The Uniform Standards of Professional Appraisal Practice (USPAP) has two standards that govern … Continue reading Has The Appraisal Been Hijacked By The Report?
Last week PricewaterhouseCoopers published a special update to their quarterly Real Estate Investor Survey, looking at the impact of the COVID-19 pandemic on commercial real estate, specifically the retail, office, industrial and apartment sectors of the market. The results reflect considerable uncertainty in the market, but not surprisingly vary by property sector. With much of … Continue reading Commercial Real Estate in the Age of Coronavirus: Investor Sentiment Update by PwC
Are Recycled Shipping Containers the Answer to Affordable Housing? I recently reposted an article from the Long Beach Business Journal about CRATE Modular, a company that repurposes shipping containers for habitable use. A specific project mentioned was Potters Lane, a 16-unit apartment development for homeless veterans in Orange County, constructed entirely from recycled shipping containers. … Continue reading Container Housing
Residential price trends are often reported for large geographical areas, like MSA’s and counties; a popular index tracks the six-county Southern California market, an area of more than 20 million people. But while macro-economic factors have a broad market impact, submarkets are strongly influenced by local issues. These issues often have minimal impact on local … Continue reading Inglewood: A Case Study of Home Prices
What on earth does the decidedly ordinary-looking home in the photo have to do with the future of transportation, you might ask. In 2016, Elon Musk, founder and CEO of Tesla and SpaceX, was stuck in traffic and decided to start digging – tunnels – to offer yet another transportation alternative. The Boring Company thus … Continue reading The Future of Transportation?
Manhattan Beach has an ordinance banning short-term rentals for less than 30 days in residential zones. The photo above is a property whose owner apparently didn’t get the memo, generating complaints from the neighbors, and a $4,000 fine by the city. The subsequent paint job in a nice shade of Pepto-Bismol pink, complete with huge … Continue reading Home Sharing: A Tale of Conflicting Interests
Appraisers have been in the crosshairs of the lending industry and regulators for decades – licensing, de minimis thresholds, HVCC and Appraisal Management Companies (AMC’s), Automated Valuation Models (AVM’s), Collateral Underwriter, evaluations, appraisal waivers and hybrid appraisals. Now a working paper titled “Appraising Home Purchase Appraisals” published by the Federal Reserve Bank of Philadelphia in … Continue reading Appraisals Under Assault (again)
Most of us remember where we were when life-changing world events happened. I’m old enough to remember being on an elementary school playground when a voice over the loudspeaker announced the assassination of President Kennedy in 1963. And I’m certain most of us remember where we were and what we were doing when news broke … Continue reading Remembering 9/11
Late last year I had the opportunity to tour this amazing property with Laguna Friends of Architecture, a non-profit group dedicated to the appreciation and understanding of fine architecture and design. We often take our local architectural landmarks for granted, since we see them all the time, and this 34-acre campus encompassing some 320,000 square … Continue reading Christ Cathedral fka Crystal Cathedral
I normally write about stuff related to real estate, however remote the connection might be. I suppose this is about real property in a sense – the 160-foot wide area inside the 13-yard line at the Superdome in New Orleans (about 6,200 square feet). But more specifically, it’s about sports, and the integrity of our … Continue reading Let’s Preserve the Integrity of Sports
The recent sale of the Brady Bunch house in Studio City is an interesting study in the disconnect that sometimes happens between price and value (at least value as it relates to the market). As stated so eloquently by Warren Buffet, “price is what you pay, value is what you get.” For those old enough … Continue reading Brady Bunch House Sells for $3.5 Million
The term adaptive reuse is defined as “the process of reusing an old site or building for a purpose other than which it was built or designed for” [Wikipedia]. Basically, it is the idea of repurposing an older building for a new or different use, as an alternative to demolition and redevelopment, or perhaps more … Continue reading Adaptive Reuse: A Green Alternative