I spent the better part of a day this week working with attorneys on estate planning. I am clearly not an attorney, but I have learned much over the years while consulting on real estate, its potential, its future during the life of clients, as well as, shall we say, later.
The turbulence in the economy, in spite of extraordinary resilience, has dominated the media. Commercial property is an economic derivative, and, accordingly, is impacted by the macro trends. Performance is also property by property, and the bottom line is dependent upon micro trends. Like the weather, climate change, and innovation. All subject to change, and the stewards of the built environment must be nimble, must be quick.
Having been a commercial real estate appraiser for over 40 years, I’ve experienced numerous market corrections and the impacts of various governmental agencies’ changing fiscal and economic policies. For many years, I focused on the valuation of retail real estate, and I can recall delivering a speech to about 400 attendees of a UConn conference explaining the potential impact of the burgeoning online retail market on the existing supply of retail real estate.
The official Counselor of Real Estate report on “10 trends to watch for in 2024” will be out shortly, written by economic experts and practitioners. In the meantime, I have my own projections, based upon research, as well as persistent reviews over many years in real estate.
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.
Having had the experience of working in public accounting and studying tax law in graduate school, combined with working in the appraisal profession for nearly 40 years, I have come across a great many instances where the appraiser becomes an important person in the lineage
Many authors, including myself, have been writing about the need for more, and more affordable housing. The amount needed varies significantly by different reports. Fannie May says 4.5mm; Realtor.com figures 6.5mm; National Low Income Housing Coalition reports
The commercial property markets are gradually adjusting to the virtual workplace and collateral impact on existing and prospective inventory. The overlay of climate ready built environment is already appearing in building codes and capital grants and incentives.
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.
In 2022, the Connecticut General Statutes were changed with the addition of 12-117a(2) that required for any assessment appeal application made on or after July 1, 2022 that “the applicant shall file with the court, not later than one hundred twenty days after making such application, an appraisal of the real property that is the subject
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