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Back to the basics of appraisals in 2024 - by Pastuszek
July 12, 2024
There are times when the appraisal process needs to be reviewed and one’s understanding of the foundational elements renewed. Given current markets, this is a particularly good time to do so. The essence of appraisal is the benchmarking appraisers engage in by comparing the subject of the appraisal to similar properties.
Industrial markets – 2024 - by William Pastuszek
June 14, 2024
Industrial has been a darling investment class and should continue to be, even with the following discussion which indicates moderation nationally and in Boston. This sector is highly diversified, ranging from the “Amazons” to “Main Street” industrial. The Boston market - as small as it is - has enjoyed a good run with dramatic shifts in supply, construction, pricing and rent increases.
Boston industrial in 2024 - by Bill Pastuszek
May 24, 2024
Commercial real estate (CRE) continues to evolve and change, adjusting to a longer, higher interest rate climate, a looming national election, and widespread global uncertainty. National and local market conditions are not terrible, yet there is a good deal of consumer discomfort
News from Fannie, Freddie and USPAP - by Bill Pastuszek
May 10, 2024
For residential appraisers: the GSEs continue to publish guidance for residential appraisal practice. Here are some recent excerpts. Fannie Mae - Reconsideration of Value Guidance (Selling Guide Issuance, May 1, 2024, effective August 1, 2024).
Changing markets, changing perspectives - by Bill Pastuszek
April 26, 2024
Whether it’s real estate or automotive markets, understanding the various submarkets that make up the composite larger markets and understanding the larger market and its effect on those submarkets is key. Markets don’t work in lockstep.
Residential appraiser modernization and market update - by William Pastuszek
April 12, 2024
Ever since interest rates started their climb in 2022, appraiser volume went the other way. Residential appraisers doing mortgage work depend on two types of mortgage pipelines: purchases and refinances. For a while now, neither source has produced much flow.
Making sense of uncertain markets - by Bill Pastuszek
March 29, 2024
This New England winter has been less than satisfactory. It’s New England, right? What about the noble winters of yesteryear: snowstorms, freezing rain, skiing, epic shoveling, staking out parking spaces in the city, and dead batteries? Instead, the weather never made up its mind. Thus, the
Appraisal regulation: A brief history - by William Pastuszek
March 8, 2024
With the issuance of a new edition of USPAP, after a four-year hiatus, this is a good time to review some aspects of appraisal history and appraisal regulation. According to The Appraisal Foundation website, The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards
Groundhog day? - by Bill Pastuszek Jr.
March 1, 2024
The groundhog did not see his/her shadow recently. That means it might be an early spring. This winter has been a strange season everywhere, both in terms of the weather and real estate. Overall, while many indicators pointed positive, nothing feels certain or quite right. Residential markets experienced weird
What to look for in 2024 - by William Pastuszek
February 9, 2024
Having put 2023 firmly behind in the rear-view mirror, let’s look at 2024. Not a lot of predictions but many things to be on the lookout for in what a less chaotic but extremely important year may be ahead.
The year ahead: What’s 2024 going to look like? - by Bill Pastuszek
January 26, 2024
The recently concluded year of 2023, was not one that would necessarily want to be relived. Nothing felt certain or right. Residential markets experienced weird dynamics and commercial real estate performed unevenly and unsatisfyingly.
Season’s greeting: USPAP 2024 is here! - by William Pastuszek
December 15, 2023
It’s official. The first new edition of The Uniform Standards of Uniform Standards of Professional Appraisal Practice (USPAP) since 2020 is here. Do I sense a Big Yawn? Stay alert, this is some interesting stuff.
Challenges & opportunities: USPAP ‘24 - by William Pastuszek
November 10, 2023
It’s here! The much-delayed and long-awaited new version of the Uniform Standards of Appraisal Practice. (USPAP). Truth be told, for many appraisers and users, this is not the most exciting thing that could happen in their appraisal lives, especially if they need to take the dreaded USPAP update.
Reading the tea leaves - What’s doing now, what may be ahead... - by Bill Pastuszek
October 27, 2023
It’s been an eventful year …some good, some bad, events, and a lot that are hard to figure. Here is assembled information to aid in understanding commercial real estate markets in the context of the broader economy. The yield on the 10-year Treasury
Multi-family trends - Part 2 - by William Pastuszek
October 13, 2023
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.
Multi-family markets in transition – Value implications - by William Pastuszek
September 15, 2023
The commercial real estate (CRE) landscape looks considerably different at the end of this summer than it did a year or so ago. The commercial real estate asset run up has been over for the better part of a year. Some classes are better off than others. Some locations have done better than others. This article will focus on multi-family in Eastern Mass. Investors have become more discriminating and some are taking a break, sitting on the sidelines.
It’s not just interest rates - by Bill Pastuszek
September 1, 2023
August is a time when those on school calendars are getting ready and those who aren’t are on vacation, or wished they were. If at work, the idea is to be there, looking busy, perhaps, but not necessarily present. It’s the shadow weeks of the end of summer. Weird weather summer. In New England, a bucket of rain couldn’t be had last summer.
Competency: 2023 Version - by Bill Pastuszek
August 11, 2023
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.
A summer of some discontent - by Bill Pastuszek
July 28, 2023
As observers of real estate activity, we can get very caught up in the short-term gyrations of markets, all the while knowing that smart investors generally play the long games. The media and related pundits pounce on short-term variations and produce conclusions that may or may not
Fannie Mae, Freddie Mac, and appraisers - by Bill Pastuszek
July 14, 2023
The secondary residential mortgage is a vast enterprise which encompasses many lenders, appraisers, borrowers, and investors. While Fannie Mae (Fannie) and Freddie Mac (Freddy) are not the only secondary market conduits, what they decide to do tend to inform the entire residential mortgage.