Appraisal Articles 2019 Free Appraisal Articles for Appraisers and the Public
Some appraisers offer both appraisals and market feasibility studies (MFAs) as part of their appraisal consulting services. MFAs are studies of specific markets and they answer the question "will the market support the profitable use of my proposed development?" If you are going to spend hundreds of thousands or millions of dollars constructing; an elderly care facility, an RV park, an apartment complex, a storage facility or other specialized building improvement you need to know (beyond a guess or cursory analysis) whether success is or is not attainable.
It's a fact that real estate developers are a leading consumer of feasibility studies, but many developers are not searching for the best location for a new mini-storage building or considering the best site location for a new Walmart store. They often already own a site and they are usually just trying to get it developed for a use that appeals to them because the use is in their opinion the most profitable one. Often they have expended hard money to further their plan.