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.
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.
The performance of auto dealers can have a direct impact on the appraisal of its real estate, i.e. automobile dealerships. Currently the automobile dealership industry faces its challenges and the industry remains uncertain at the close of the second quarter of 2024.
Being late to the cutting date has started to color commentary on data and apparent conditions. Without much impact on the markets. Go figure. Innovation, including Artificial Intelligence and automaton, personal and business services, construction, among other sectors, are continuing to add jobs while trimming, in different directions.
