Dennis Chanski is principal of Speno Chanski Appraisal Associates, LLC, Hebron, Conn.
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The Counselors of Real Estate (CRE) did not disappoint in NYC. Out of the box at the annual meeting of the CRE, NYC is active, if not vibrant. A grand variety of sub market volcanic eruptions. The five Burroughs are caring and sharing. And transactions are occurring and activity ramping.
It’s been only about six months since I wrote an article on why remote work was here to stay, a way of life. The data showed that, at a minimum, working from home would be most of the time, with perhaps only a few visits to the office to catch up, meet up, and see what’s new.
It’s not a generalization to say that appraisers and the appraisal profession are deliberative, and can be hesitant to change without proven reasons to do so. But change is here. Appraisers are now faced with evaluating AI technology and how the technology can-and-will-impact appraisal theory and practice. This technology has evolved in the past couple of years to have capabilities that appraisers can use to their advantage.
Connecticut, often recognized for its picturesque landscapes, quaint towns, and proximity to major metropolitan areas, has been a desirable place for property owners, especially for those investing in apartment buildings. However, recent years have seen a significant rise in apartment tax assessments,
Fall is a time for change. The last summer romp and first frost, at least in the northeast. A good time to take a leap forward. Pardon the shorthand and flagrant redundancy, deliberated to reflect the rhythm that is apparent.
In a former life, I was an urban planner in Los Angeles for a year or so. Planning, you say, Los Angeles? Really? Early on, I learned that planning and building in places like L.A. are ephemeral at best. In fact, I was told an L.A. building life span was about 25 years, after which it was demolished for a newer and better use.
Halfway through the year, dealing with high mortgage rates, thin inventories, and unsatisfying amount of sales data, make understanding residential markets as challenging as ever. Let’s take a mid-summer step back and take a look at the state of markets. Following is a discussion of residential market issues.
Inherent in the fee simple ownership of real estate is something that is commonly referred to as the “Bundle of Rights.” The Bundle of rights is in effect the exclusive right, use and disposition of the property that belong to the property owner.
The news is full of “never before” pronouncements. Never before has there been a pandemic so impactful on real estate. Never before has technology allowed for remote business meetings on such a frequent basis. Never before would people so comfortably work from home as to vacate office buildings, at least on Fridays and Mondays.
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