When you don't think the valuation that you paid for is accurate you can spend some time and effort yourself to validate the results.

After the Savings and Loan crash in the late 1980's, appraiser licensing was put into place in 1991 by the federal government in an attempt to avert another banking disaster.  Here we are, however, in 2009 with a much larger banking disaster to deal with.  So clearly the original plan for appraiser licensing has ended in failure.

As it becomes more and more difficult to find comparable vacant land sales in the Las Vegas market, due to decreasing sales volumes, some appraisers have turned to past sales.  The selection of past vacant land sales is, however, frought with a number of potential problems.

Most appraisal assignments direct the appraiser to form an opinion of the market value of a specific property. If you are familiar with appraisal definitions you know that most market value definitions indicate that market value is the “most probable price” that a market participant will pay for a property. So in most instances appraisers have to consider value as an anticipation of future benefits.

As employment decreases, and the demand for office space and retail space also decreases, the number of defaulted commercial mortgages will likely increase. If large scale casino layoffs accelerate, per predictions, the impact to the commercial real estate market in Las Vegas could be significant. Office vacancy rates are already increasing toward 20% in Las Vegas, and the vacancy rate for retail properties is increasing toward 11%.

Standard appraisal methods are generally sufficient to appraise "green" buildings, and a short discussion of some notable differences between typical building appraisals and "green" building appraisals has been outlined in the following paragraphs:

Until you have been involved in a litigation case that deals with the measurement of buildings you won't begin to appreciate just how little attention is often paid to the measurement process by builders, assessors and appraisal professionals.

Appraisers try to compare properties using uniform measurements, and area is an important physical characteristic of a property compared when land or buildings are analyzed.  Land area comparisons appear to be simplistic, until you consider why parcels sizes vary.

While the best way to value a “going-concern” property in Las Vegas, including its gaming element, is often based on its historic and anticipated income production, some clients want to know what income they can expect by adding a restricted gaming license that allows 1 to 15 gaming machines. Taverns, convenience stores, grocery stores and motel / hotel businesses are those who most often apply.

Appraising a Las Vegas wedding chapel can be a complex undertaking.  Wedding businesses in Las Vegas are often coupled with real property including a chapel or a motel.  Retail businesses like a gift shop, gaming area or photography studio often provide additional income.