Industry News

Week of January 7 - 13, 2020

  

Appraisal Creep – An Interview with John Wake

Appraisal Buzz

The study looked at houses where two appraisals were done, one after they were foreclosed on and Fannie took ownership, and a second appraisal when they were under contract. Both appraisals were done within 6 months of each other and no repairs were made to the houses in the meantime…


Appraisal veterans join forces to create Moody Williams Appraisal  Group

Jax Daily Record (Jacksonville, Fla.)

Five years after starting Moody Appraisal Group, Ron Moody [MAI, SRA] and Mark Williams have created a “one-stop shop” for real estate appraisals. As of Jan. 1, Moody Appraisal Group became Moody Williams Appraisal Group. The purpose is to provide the full spectrum of real estate appraisal services…


Redevelopment agency moves on Depot Center

The Morgan Hill (Calif.) Times 

City staff said the total price is supported by an appraisal completed in May 2009 by a Member of the Appraisal Institute. The MAI website says its appraisers are recognized by courts, government agencies and financial  institutions for their high qualifications, and Heindel added that most  residential appraisers are not normally MAI-certified…

 

HVS Report - 2020 United States Hotel Industry Outlook

Hotel News Resource, Hospitality Trends, Hotel Resource 

Rod Clough, MAI, President - Americas, oversees strategy  execution throughout 40 Americas locations. He recently brought together  all US Valuation Consulting offices under common ownership, and has  revolutionized the way the company is led and  managed. This group of offices represents over 120 hotel industry  professionals and executes over 4,000 assignments a year. Rod has been  working in the hospitality industry for 30 years and is a graduate of  Cornell's School of Hotel Administration. He is a  Designated Member of the Appraisal Institute (MAI) and a state-certified general appraiser…

 

FHA announces training session

Valuation Review 

The Federal Housing Administration (FHA) will conduct a free appraisal  training session in Denver on Feb. 12 inside the Department of Housing  and Urban Development’s Dakota Room, 1670 Broadway (23rd floor) from  8:30 a.m. to 4:30 p.m. MT. This session is targeted  primarily to appraisers; however, other industry professionals may also benefit from attending, the FHA announced…


Newmark : Knight Frank  Continues its Expansion of NKF Valuation & Advisory in the Midwest, adding 10 Professionals in St. Charles, Illinois

Market Screener 

(This article also mentions Peter Helland, MAI, AI-GRS and Keith Stewart, MAI.)

Edward V. Kling, MAI, MRICS joins NKF V&A as a senior vice president. He brings 30 years of appraisal experience and specializes in commercial real estate appraisals and appraisal reviews for property tax assessment appeals and  other forms of litigation. He is highly experienced in complex appeals  requiring expert witness testimony…


Week of  December 31, 2019 - January 6, 2020

 

Real Estate Briefs

The Post and Courier (Charleston, S.C.)

Jody Bishop, MAI, SRA, AI-GRS, of Mount Pleasant, will begin his one-year term as vice president of the Appraisal Institute on Jan. 1. The Appraisal Institute is the nation’s largest professional association of real estate appraisers with nearly 18,000 professionals in almost 50 countries…


Ready for Tax Reform Package 3?

Inquirer.net 

There are as many definitions as there are numerous international  associations determining the standards for property valuation. The Appraisal Institute, the Royal Institute of Chartered Surveyors  and the European Group of Valuers’ Association only implicitly define  market value as the estimated amount of money for which a property is to  be sold or purchased as of appraisal date, and that most reflects the highest and best use of the real estate property…


Opportunities Abound for Appraisers in 2020

Appraisal Buzz

Appraisal experts generally foresee a strong 2020 for the appraisal industry. The profession continues to evolve, and so does demand for different types of appraisal. Demand in general remains high, and an appraiser who anticipates trends—and gets out in front of them—can expect to prosper in the long run…


National Statistics and Trends Can Augment Local Multifamily Appraisals: The Appraisal Journal

Real Estate Rama, PressReleasePoint 

Opinions of value can recognize both local and national indicators when appraisers value multifamily rental properties, according to an article published this week in The Appraisal Journal…


Top 10 Long Island business stories of the decade

Newsday (Long Island, N.Y.)

“The interest rates going down have helped tremendously,” said Paul Dyckes [MAI, SRA], a Huntington-based real estate appraiser. “Affordability has increased in that respect.”…


Week of December 24-30, 2019

 

The Ghosts of Mortgages Past

Appraisal Buzz

Just to torture myself, I recently rewatched a few documentaries on the  Mortgage Crisis. When the Treasury Secretary says, “we really didn’t see  this coming,” you are left scratching your head. Ask any “boots on the  ground appraiser” during that timeframe and they surely knew. Which leads me to today. Any appraisal modernization effort must first begin with asking the appraiser the right set of questions…

 

Missing the Green can Leave Everyone Seeing Red

Appraisal Buzz

(This article was written by Woody Fincham, SRA, AI-RRS.)

The Lender shall choose an Appraiser educated and knowledgeable in this type of valuation of these specialized Homes, preferably an appraiser who holds a professional appraisal designation that requires advanced education on such issues as the valuation of sustainable buildings (e.g. MAI or SRA designations from the Appraisal Institute)…


Mount Pleasant’s Jody Bishop to serve  as Appraisal Institute vice president

Moultrie (S.C.) News 

Pledger M. (Jody) Bishop III, MAI, SRA, AI-GRS, of Mount Pleasant will begin his one-year term as vice president of the Appraisal Institute on Jan. 1. The Appraisal Institute is the nation’s largest professional association of real estate appraisers with nearly 18,000 professionals in almost 50 countries…


Week of December 17 - 23, 2019

 

Mount Pleasant’s Jody Bishop to serve  as Appraisal Institute vice president

Moultrie News (Charleston, S.C.)

Pledger M. (Jody) Bishop III, MAI, SRA, AI-GRS, of Mount Pleasant will begin his one-year term as vice president of the Appraisal Institute on Jan. 1…


Get the Facts: Valuation 20/20

Appraisal Buzz

Rural Area Appraisals: Freddie Mac Guidelines and Property Eligibility Requirements presented by the Appraisal Institute…


Commercial Appraiser in Lafayette, LA Publishes Recent Customer Testimonials

Digital Journal, Benzinga, Press- Enterprise, Daily Herald (Arlington Heights, Ill.), WLNE- TV (New Bedford, Mass.)

(This article was included in an additional 33 outlets)

(This article also mentions John Glass, MAI.)

The published testimonial by Kathy Edmundson, MAI, VP-Senior Commercial  Review Appraiser at Hancock Bank, stated, “John Glass has done appraisal work for Hancock Bank/Whitney Bank for over a year. He has consistently provided high-quality appraisal work. His  reports are detailed and thorough, his analysis is logical, and the  value opinions always well supported. He has worked on a wide variety of  property types for us, both simple and multi-million dollar projects.”…

Jefferson Sherman to Become Appraisal Institute President

National Mortgage Professional Magazine, Press Release Point, Real Estate Rama

The Appraisal Institute has announced Jefferson L. Sherman [MAI, AI-GRS] will begin a one-year term as president beginning on New Year’s Day. The Appraisal Institute has announced  Jefferson L. Sherman will begin a one-year term as president beginning  on New Year’s DaySherman is principal of Sherman Valuation & Review  LLC, in Willoughby Hills, Ohio…


FMLS  Reaches Exclusive Agreement to Provide DataMaster as a Free Member Benefit to Georgia Appraisers and Reduces Appraiser Membership Fees

PR Newswire, Markets Insider, Arizona Republic, Pittsburgh Post-Gazette, The Buffalo (N.Y.) News

(This article appeared in an additional 60 outlets.)

"DataMaster is excited to partner with FMLS, one of the industry's  largest and most innovative MLSs in the nation. Our new DataMaster  platform is the most sophisticated and powerful data management tool  ever created for appraisers," says Rick Lifferth [MAI, SRA] President/CEO of Market Data Services, the creators of DataMaster. "DataMaster will save Georgia appraisers hours on each appraisal report. The new CompTracker feature allows appraisers to reuse their own data and share data with trusted peers in a USPAP-compliant way."…


George K. Cox, Sr.

The News Journal (Whitley County, Ky.) 

George K. Cox, Sr., 81, of Owensboro, Kentucky, died Monday, December 16, 2019… He held an MAI designation from the Appraisal Institute and was a member of the task force that established the Kentucky Real Estate Appraisers Board…

 

BBG Posts Robust Growth In 2019

PR Newswire, Markets Insider, Pittsburgh Post-Gazette,  TickerTech.com, Yahoo! Finance

(This article was included in an additional 61 outlets.) 

BBG CEO Chris Roach [MAI] commented on the firm's stellar  growth: "Our aggressive growth strategy produced highly successful  outcomes that allowed BBG to retain its leadership role in 2019. The  firm's growth also was buoyed by favorable market  conditions including a robust U.S. economy, low interest rates, and  continued strong investor demand for commercial real estate properties.  In the year ahead, we plan to continue offering the high-value services  that our clients seek for their complex and  diverse needs."…


Solar  Energy Systems Can Increase Home Values: The Appraisal Journal

The Green Living Guy 

The Appraisal Journal is the quarterly technical and academic publication of the Appraisal Institute. It’s the nation’s largest professional association of real estate appraisers…


Judge hears continued disputes over Holmes Beach rental regs

The Islander (Holmes Beach, Fla.)

Additionally, Daigneault said plaintiffs’ appraisals for the properties, performed by property appraiser Richard Bass [MAI] of Bass Fletcher &  Associates Inc. of Sarasota, were not completed to industry standards  and the best-use analysis was incorrectly conducted…


Week of December 10 - 16, 2019

 

Just Sold: Investor pays $9.2 million for Rochester retail center

Finance & Commerce (Minneapolis)

After decades investing in industrial and retail real estate around the state, Bloomington-based appraiser Robert Lunieski [MAI] has made his first acquisition in Rochester…


Fewer Appraisals Mandated, But They’re Still a Good Idea

Uexpress (Kansas City, Mo.)

After all, if the appraisal comes in below the agreed-upon price, you can back out of the deal or ask the seller to lower the price. But without an appraisal, you’ll never know whether you paid too much -- or, on the other hand, whether you nailed the deal of a lifetime…


Craziest things that kill your home's value

MSN News 

Landscaping has the potential to increase home value, according to the Appraisal Institute. But if you’ve let your home’s lawn go, now is the time to roll up your sleeves and bring out the gardening tools…


WHO’S NEWS: HelmsleySpear, LLC, has announced  the appointment Afa J. Zada as Real Estate Agent and Licensed Salesperson

Real Estate Weekly 

Integra Realty Resources (IRR), a commercial real estate valuation and  consulting firm, has announced John Gillooly, MRICS, SCGREA, CTA has  rejoined the company as Director of its IRR… Active in his professional  industry and local community, Gillooly currently…   is an active member and former board member at the Metro New Jersey  Chapter of the Appraisal Institute…

SALT markup time

Politico

Opponents of the bill argue it would retroactively tax investors and instead believe mandating appraisal standards would help settle the matter. The Appraisal Institute, the American Society of Appraisers and the American Society of Farm Managers and Rural Appraisers are among the groups on the letter…


Harris Collins and Theresa Gaffney join hospital board

Milton (Mass.) Times

Harris Collins [MAI] is an executive vice president in valuation  and advisory at CBRE… Collins is a Massachusetts, New Hampshire, Rhode  Island and Maine certified appraiser and a member of the Appraisal Institute and the Counselors of Real Estate…


Week of December 3 - 9, 2019


 Appraisers differ on Hodges  property value

Watauga Democrat (Boone, N.C.)

John Henning of Campbell Shatley PLLC, the firm representing the school board, requested a review of the same appraisal be conducted by Scott Robinson [MAI, SRA, AI-GRS]. Robinson, who served as president of the Appraisal Institute in 2016, conducted his review on Oct. 8…


San Diego State's stadium effort gets $15-million donation

ABC 10 (San Diego)

The land was appraised at $68.2 million by David Davis [MAI], a certified appraiser hired jointly by the city and SDSU. The university  original offered the city $68.2 million, but revised its offer after  taking into consideration comments by the City Council…


Stan Sidor is 5th CRE Designee at Kidder Mathews  Valuation Advisory Group

BLAU Journal

Stan Sidor [MAI, AI-GRS], a senior vice president and manager for  Kidder Mathews Valuation Advisory Services and a shareholder in the  firm, has been awarded the prestigious CRE designation by The Counselors  of Real Estate… Sidor has 27 years of experience  as a professional commercial real estate appraiser. In addition to the CRE designation, he has earned the MAI designation and the AI-GRS designation from the Appraisal Institute. He is also the 2020 president of the Appraisal Institute…


HVS Report - Equity Yield Rates on the Decline - By Katy Black and Rodney G. Clough

Hospitality Trends, Hotel Resource, Hotel News Resource 

(This article was written by Rod Cough, MAI.) 

HVS continually tracks the rates of return on the assets on which we  consult. In our most recent review, we found that equity yield rates, on  average, have shown a continued trend of decline in the full-service  and luxury hotels sector, as well as the lower-tier  limited-service sector, with the select-service and upscale  limited-service sector showing stability...


Leading Economist and Developer of Time-Prices, Dr.  Gale Pooley Appointed as a Fellow of Discovery Institute

Investorpoint, Arizona Republic (Phoenix), Buffalo (N.Y.) News  Online, Chronicle-Journal (Louisville, Ky.), Pittsburgh Post-Gazette

(This article was included in an additional 69 outlets.)

Dr. Gale Pooley is an associate professor of business management  at Brigham Young University-Hawaii. He also has taught at Alfaisal  University in Riyadh, Saudi Arabia and Boise State University. Dr. Pooley holds professional designation from the Appraisal Institute, the Royal Institute of Chartered Surveyors and the CCIM Institute…


What You Should Know About Home Appraisals

The Entrepreneur Fund 

Because the appraisal primarily protects the lender’s pursuits, the lender will normally order the appraisal. According to the Appraisal Institute, an affiliation actual property appraisers, a certified appraiser needs to be licensed or licensed—as required in all 50 states—and be aware of the native space…


NKF Enhances its Regional  Service Offering with the Expansion of Prominent Valuation & Advisory Team in Minnesota and Wisconsin

CityBIzList 

Newmark Knight Frank (NKF) has announced its continued expansion  throughout the Minnesota and Wisconsin markets with the addition of six  talented Valuation & Advisory (V&A) professionals. Recent  additions to the Minneapolis, Minnesota office include Senior  Vice Presidents Sean Butts, MAI, John Kubes, MAI, AI-GRS; Senior Appraiser Sierra Hamilton [AI-GRS] and Senior Analyst Ryan Palmer. In the  Milwaukee, Wisconsin office, Colleen Krueger joins as first vice  president and Matthew Andersen joins as an analyst…


Former Longtime New Rochelle Realtor, Gloria  Claudet, 95, With Family In Fairfield County

Westport (Conn.) Weston, White Plains (N.Y.) Daily Voice, 

Gloria Claudet, 95, known to her friends as "Glo," died on Nov.  24 at her home in Southbury, surrounded by her family. She was the  beloved wife of the late Henri Claudet… In 1974, she earned MAI status as a real estate appraiser, the highest standing available to an appraiser…


Supreme Court says interest was miscalculated in DOH case

West Virginia Record (Hurricane, W.Va.)

An expert appraiser, Russell Rice [Candidate for Designation], testified at the trial that the Pifers suffered $35,000 in damages each year based on reasonable market rental values…


In the Trenches… Appraiser Stories

Appraisal Buzz

Several years ago, I was contacted by a woman that was going through a divorce and needed an appraisal for separation of marital property. I set the appointment to inspect the house and when I arrived to do my inspection for the appraisal, everyone was home – the kids and even the soon to be ex-husband…


Scott Hamilton Obituary

Ipswich Local News (Ipswich, Mass.)

He [Scott David Hamilton]  had several careers; first as a meteorologist, then as a residential and commercial real estate appraiser as president of Hamilton Appraisal Services. He held the MAI designation from The Appraisal Institute…


A Perspective on AVMs

Appraisal Buzz

(This article was written by Paul Chandler, MAI, Candidate for Designation.)

It certainly feels like the wheels are falling off the institutional mortgage market push to use AVMs to replace appraisers for originating loans. Rumors continue to circulate  that the Federal Housing Finance Agency (FHFA) has instructed Fannie and  Freddie to roll back their pilots, pending further review of  information…


Week of November 26 - December 2, 2019

 

IRS Cracking Down on Conservation Easements

Wealth Management.com

(This article was written by Robert E. Dietrich, MAI.)

(T)he Appraisal Institute offers a certification in conservation  easement valuation and it publishes a searchable database of valuation  specialists who have training in conservation properties…


Commercial Appraisal in Lafayette, LA Releases Updated Website

Digital journal

The company is known for its high level of commercial appraisal in Lafayette, LA, for lenders, property owners, and investors. John Glass is an MAI designated member of the Appraisal Institute, who is an approved appraiser with most local, regional, and national lenders, as well as nearly all state and federal jurisdictions…


The Home Where Robin Williams Took His Life Goes Up for Sale

Active Rain

“Typically, a suicide does not have an effect on property values in  California, because unfortunately, they’re relatively common,” says real  estate appraiser Randall Bell [MAI] of Landmark Research based in Dana Point, CA…


Gloria Claudet

Republic American (Waterbury, Conn.)

For more than three decades, Gloria Claudet  sold real estate at  Emile Rellstab Real Estate in New Rochelle, gaining a reputation for  professionalism and integrity that led to generations of families  entrusting their purchases and sales to her. In 1974,  she earned MAI status as a real estate appraiser, the highest standing available to an appraiser…


What are You Thankful For?

Appraisal Buzz

It’s that time of the year where we sit back and enjoy the company of  our family and friends while reflecting on the year that has passed. We  asked the appraisal community what they were thankful for, whether it was related to the profession or not. Here were some of our favorites:…


Gillooly returns to Integra Realty Resources’ Northern New Jersey office

NJ Biz (Somerset, N.J.)

Active in his [John Gillooly, Candidate for Designation]  professional industry and local community, Gillooly currently serves as  director of the New Jersey International Right of Way Association (IRWA)  Chapter 15 and is an active member and former  board member at the Metro New Jersey Chapter of the Appraisal Institute… 

 

Voice of the Appraiser survey winners announced

Valuation Review

(This article also mentions Amy Frink, Candidate for Designation and Russell Wakefield, Practicing Affiliate.)

Congratulations to our six-month digital subscription winners! Bradley Beaman [Practicing Affiliate], Eagle One Appraisal…


TAF announces 2020 board appointments

Valuation Review 

The Appraisal Foundation (TAF) revealed its 2020 appointments to the organization’s two independent boards, the Appraisal Standards Board (ASB) and Appraiser  Qualifications Board (AQB), according to a TAF press release. Appointees  include individuals from the real estate and personal property appraising professions…


Week of November 19 - 25, 2019

 

Homeowner perceptions about 0.5 percent lower than appraisals

The Day (New London, Conn.)

The average appraisal fell 0.45 percent below a homeowner's  estimate, down from 0.49 percent in September and the third straight  month where estimates grew closer to appraisals. However, it increased from a gap of 0.28 percent in October 2018…


Why credit unions need a higher appraisal threshold for mortgages

Credit Union Journal 

This means that a far larger number of properties now exceed the residential appraisal threshold. As a result, this unnecessary regulatory burden increases  costs for lenders and borrowers, while adding delays to real estate  transactions…


NKF Valuation & Advisory Practice Adds Scott Schafer to Executive Leadership

Citybizlist

Global commercial real estate advisory firm Newmark Knight Frank (NKF) is pleased to announce that Scott Schafer, MAI, MRICS, has joined the firm's Valuation  & Advisory (V&A) practice as part of its executive leadership  team. NKF V&A provides access to a complete range of valuation and  consulting services across its international platform.  Schafer joins the firm in its Buffalo, New York office as Executive  Managing Director and Head of Strategy…

 

HVS 2019 U.S. Hotel Franchise Fee Guide

Hotel News  Resource, Hospitality Trends 

Kasia Russell, MAI is a Managing Director and Senior  Partner with the HVS Portland office. HVS leaders now live in and work  from more than 30 markets throughout the North American region,  including San Diego, LA, San Francisco, Portland, Seattle,  Vancouver, Las Vegas, and Phoenix in the west. Kasia has front-line  hotel experience with Extended Stay America and Best Western and also  worked for the Hotel Bellwether in Bellingham, Washington, and the  Skagit Valley Resort in Bow, Washington. She holds  the MAI designation and is a state-certified appraiser in Oregon and surrounding states…


Home formerly owned by Robin Williams goes up for sale

Realtor.com, San Antonio (Texas) Express News, New Haven (Conn.) Register Online, Houston Chronicle, Stamford (N.Y.) Advocate

(This article was included in an additional 10 outlets.)

"Typically, a suicide does not have an effect on property values in  California, because unfortunately, they're relatively common," says real  estate appraiser Randall Bell [MAI] of Landmark Research based in Dana  Point, CA. He assesses properties where tragedies have occurred, such as  the Heaven's Gate mass suicide site, JonBenét Ramsay's house, and the  home of Adam Lanza, the Sandy Hook Elementary  School shooter. "But Robin Williams' property is not typical."…


BPPJ contributes to study on RR navigation, possible new lock and dam

KTBS-TV Online

Okayed proposal of Robert L. Russell, MAI, for appraisal review services for Linton Road bridge over Black Bayou Reservoir project…


Don't Wait to Winterize Your Home, Appraisal Institute Advises

Yahoo! Finance, MarketWatch, Finanzen, Spoke, PR Newswire

(This article was included in an additional 104 outlets.) 

"With autumn coming to a close, now is a great time for homeowners to  make improvements that likely will have a return on investment in the  winter and throughout the year," said Appraisal Institute President Stephen S. Wagner MAI, SRA, AI-GRS…


A Deeper Dive on Investment Sales Bright Spots

Commercial Observer

It is important to mention that the genesis of this article was based on a speech I was giving to a joint meeting of the Appraisal Institute and the Mortgage Bankers Association a couple  of weeks ago, halfway through which I was wondering why I’ve been  giving such negative speeches for so long…


Commercial Appraisal In Lafayette, LA Releases Updated Website

WICZ-TV Online, KAKE-TV Online, KQCW-TV Online, RFD-TV Online, KLCW-TV Online

The company is known for its high level of commercial appraisal in Lafayette, LA, for lenders, property owners, and investors. John Glass is an MAI designated member who is an approved appraiser with most local, regional, and national lenders, as well as nearly all state and federal jurisdictions…

 

Black Box Ethics

Appraisal Buzz

There is tremendous pressure on the valuation side of the mortgage  process to digitize, hence all of the discussion around finding  alternative work forces to supplant appraisers. Or better yet, use an algorithm for an “easy button” appraisal.  I, for one, love the fact that Google knows what I want. It’s a trade-  off. Do I believe they live by their mission of “do no evil?” Not for a  minute…


Inflation Remains Low – Market Update

Quicken Loans

Taking a look at regional data, homeowners in the West overvalued their homes by just 0.39% compared with appraiser opinion. The difference is 0.4% in the Northeast. The  South and Midwest brought up the rear, with properties overvalued by  0.47% and 0.52%, respectively…


Week Ahead: NCUA board meetings and a battle to fund the government

Credit Union Journal 

The NCUA Board will consider issuing a proposed rule regarding real estate appraisals. The Leagues expect the proposal will address increasing the threshold level below which appraisals would not be required for credit unions’ residential real estate transactions…

North Carolina Chapter of the Appraisal Institute (NCAI)

To learn more click the link below.