In 2022, the Connecticut General Statutes were changed with the addition of 12-117a(2) that required for any assessment appeal application made on or after July 1, 2022 that “the applicant shall file with the court, not later than one hundred twenty days after making such application, an appraisal of the real property that is the subject
October 27, President Biden announced funding to convert empty U.S. offices into housing. As Ashram Khalil, Associated Press, highlighted the initiative in
Federal Times, October 27,2023, the Federal initiative involves the Departments of Housing and Urban Development (HUD) and Transportation, General Services Administration (GSA)
Let’s assume that everybody in America, despite their politics, are for affordable housing. That’s because everybody agrees that housing costs a lot. But, like everything else, it depends on your financial ability, where you want to live, how and whether you can “afford” it. It’s at all levels.
Debt and Real Estate Lending: The cost and availability of debt makes a big difference, but maybe not as big a difference as we think. Why? Markets are adaptable and multi-family markets are getting used to the high interest rate environment. To be sure, lenders are acting with greater discipline in the current environment.
Real estate appraisers, particularly those involved with commercial real estate remain busy despite rising interest rates and an overall slowdown in market activity. During these busy times, appraisers must remember to stay consistent with the fundamentals of appraising.
Everybody agrees: Housing is expensive, or worse, not affordable, at almost every level of society. Cities have been working on the problem forever, housing advocacy groups likewise. I wrote about it a few monthly articles ago, and this is a needed update. Simply put, the problem is still that there is more demand than supply, some suggesting that hundreds of thousands of housing units must be built to make a dent.
Housing is on the top of the mind for everyone lately, or at least that’s how it seems. Between students, legislators, developers, and bankers, it’s all I’m hearing about, and that’s a good thing. The reality of the current economy and the outlook for many people has made the housing conversation dinner table discussion material for most families in this country.
Let’s have a look at the concept of competency. No, no, keep reading, even though many of you are saying, “he’s going to start talk about USPAP and all those Appraisal Standards and all that boring, obtuse, useless stuff.” It won’t be boring or useless.
In central Connecticut, the apartment market has been fickle during questionable economic times. Last month’s article by Josephine Aberle, MAI, indicated a slowdown in investment activity with a significantly reduced number of commercial sales transactions in 2022, following escalations in mortgage interest rates.
Stewardship of commercial property is basic - fix it, keep it clean, manage and market professionally. With the new normal, some tweaks are more expensive, more creative and more dramatic. Mobility, Wi-Fi and adaptive reuse! As a derivative of the local economy, commercial real estate currently benefits from the demand
