“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.
Unless you’ve been living in a cave the past few years, it’s impossible not to notice the tremendous amount of apartment supply hitting Boston, though we are not unique in this regard, as many metropolitan areas around the country are in a similar situation.
Technology continues to advance relentlessly, and modern real estate appraisers need to keep up or be left behind.
Since 2005, there have been dramatic changes in real estate valuation starting with Government Sponsored Entities (GSE) introducing a new report form in 2005. In the wake of the “Great Recession” starting in 2007 the “Home Valuation Code of Conduct”
The term “affordable housing” has a number of meanings. One is generic and simply means reasonably priced apartments or homes. In high-priced places like Boston, it essentially refers to any housing that is not high-end, luxury, or built for the very wealthy.
Just recently, the federal regulatory agencies, Office of the Comptroller of the Currency, Treasury (OCC); board of governors of the Federal Reserve System (Board); and Federal Deposit Insurance Corporation (FDIC), agreed to raise the appraisal threshold level from $250,000 to $500,000 for commercial real estate appraisals.
Commercial real estate is a residual and derivative of economic activity. At The Counselors 2018 annual meeting in Charleston, S.C. October 20-24, attendees experienced an extraordinary telling of the dramatic impact of jobs, quantum
Boston is in one of the biggest building booms in its history. The great recession is now about 10 years in the rear view mirror, and although building started slowly, it has now reached historically high peaks.
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.
Many articles have been written on the aging of the real estate appraisers and the potential lack of residential and commercial appraisers in the near future. Within the past 18 months, both the Appraisal Institute (AI) and the National Association of Realtors (NAR) prepared research papers