It’s still Boston. What a great place! What an economy. If you can afford it, booming Boston is a great place in which to live and work. For most. Demand for skilled workers and affordable housing is unabated, the metro’s population increases, and the quality of life is enviable, if unaffordable to some.
Boston’s industrial market, while small compared to other industrial markets in other parts of the country, is judged to be healthy. While nowhere near as exciting as multi-family, office, and/or retail, its trends and direction, give an important measure of the New England economy. So it flies somewhat beneath the radar of many market participants.
“Are we there yet?” This could be the kids in the back seat or a way of asking if this long, long, long commercial real estate expansion is no longer. This end of days concept has been written about a lot over the past few years.
The GSEs (aka Fannie and Freddie) recently announced that the addendum to the Appraisal Report known as Market Conditions Addendum Form 71, also known as the MC 1004, no longer needs to be included.
The Appraisal Standards Board has issued the first exposure draft of proposed USPAP changes for the 2020-21 Edition of the Uniform Standards of Professional Appraisal Practice (USPAP). Sorry, this is important: don’t stop reading.
Reporting is at the heart of what appraisers do. Whatever was done, good or bad, to reach the conclusion gets communicated mostly through written appraisal reports. Here are some things to know about proposed 2020 USPAP changes currently being exposed.
Since 2009, the residential appraisal profession has experienced significant changes. Many of the changes were thought to be temporary, and many were not really permanent solutions, but to many, these patchwork solutions have acquired the feeling of permanence.
Appraisers are well-trained and well-suited to provide a wide variety of valuation and valuation-related services. Appraisers (and their clients) often underestimate appraisers’ abilities and the additional services they can provide.
Boston. What a great place, in general. Surely not without its faults. Pricey, high barriers to entry, still a bit exclusive/exclusionary. But such an interesting, intriguing, multi-faceted, complex real estate market.
Appraisal is a process which finds rationality in market behaviors that strike the average person as mysterious, not logical, and sometimes irrational. In markets such as we are experiencing today there is a certain inexorable motion where many are striving to see what may be below the surface.
Boston traffic is tough, getting tougher. This long expansion has had long legs, big strides made. Those brake lights we see every morning, noon, and night: are they telling us anything?
With the coming of a even numbered New Year, a new version of USPAP is with us. As of January 2018, the new version of USPAP, good through December 31, 2109, is with us.
The real estate industry is adapting to fundamental changes. It’s a painful, ongoing, adaptation.
Those truths always held to be immutable have melted away. Markets and positions always considered unassailable are not only vulnerable but have fallen to forces that have no appreciation for history or tradition or conventional ways of doing things.
Technology rules the appraisal roost. Everyone is trying to get the appraisal process streamline. Even appraisers are putting away their IBM selectrics and desktops in search of more efficiency and better solutions.