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Articles by November, 2008

Appraising Vegas High-Rise Condos 101

by Administrator on Nov 9, 2008 Condominiums 1295 Views

Here are a few important factors considered by appraisers during the appraisal of a luxury high-rise condominium.  Of course location is important, but before you get far you really need to know what type of property is being appraised.  It's a condo right?  Maybe, it could just be a condominium or a condo-hotel.  Many non-appraisers don't know the difference.

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Are You Shopping For a Broker Price Opinion (BPO) Or an Appraisal?

by Administrator on Nov 9, 2008 Property Appraisal 2324 Views

Some of the public have become confused by the recent offerings on the Internet of Broker Price Opinions (BPOs) as subtitutes for real property appraisals.  It is important to understand the difference.  BPOs are created by real estate agents to price listings for sale.  The opinions are based on a cursory review of sales, there are no standards established regarding BPO's and they should not be relied upon with regard to market value.

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Appraising Commercial Real Estate in Turbulent Times

by Administrator on Nov 9, 2008 Commercial Appraisal 653 Views

The questions that are most often asked of commercial real property appraisers in Las Vegas are related to sales activity. Understandably, most people want to know how the market slow down, caused by the recession of 2008, has affected the value of their holdings.

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Automated Valuation Models (AVMs) - Can You Afford a Large Margin of Error?

by Administrator on Nov 10, 2008 General Appraisal 2403 Views

Automated Valuation Models (AVMs) are everywhere on the Internet, they display your property value with a click of the mouse, and many assume that the value indication that they display is a reliable indication of market value, it's not.  If you can accept a value opinion that may be off by 15% or more, then an AVM may work for you, but if you really need accuracy, an appraisal is the only reasonable way to go.

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Do Foreclosure Sales Negatively Influence Home Values?

by Administrator on Nov 10, 2008 Property Appraisal 2135 Views

Do foreclosure and auctions sales in close proximity negatively influence the value of your home?  While there are factors that must be considered regarding the sales, they cannot be ignored.  Some foreclosure and auction properties are in need of significant remediation, and that information must be considered by the appraiser.

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The Advantages of Ground Leases - Las Vegas

by Administrator on Nov 10, 2008 Leases 900 Views

Ground leases offer real property owners of vacant land an opportunity to develop it without a personal out-of-pocket investment.  They can be beneficial to tenant / developers in that they do not have to invest a sizeable portion of their funds into the land.

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What Does Highest Price Mean in the Revised Nevada NRS Value Definition?

by Administrator on Nov 10, 2008 Eminent Domain / Condemnation Appraisal 705 Views

The "highest price" that a property would bring in an open market will always remain an unknown, and the requirement that an appraiser conclude an opinion of the "highest price" puts them in an untenable position.  it is my opinion that the "highest price" that a seller can achieve is the same one that is agreed upon by a buyer and a seller given typical marketing time.

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Have Real Estate Price Decreases Been the Same in All Areas?

by Administrator on Nov 10, 2008 Property Appraisal 2185 Views

Sales price decreases have not been uniform throughout the Las Vegas real estate market. Some zip cond areas have seen decreases of up to 65% while others have seen only relatively small decreases.

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New Appraiser Influence Laws

by Administrator on Nov 14, 2008 General Appraisal 3826 Views

A number of states have implemented, or are in the process of adopting, laws that prohibit the improper influence of real property appraisers through coercion, extortion or bribery when the appraisal is ordered in connection with a mortgage.  Laws of this type are welcomed by appraisers, many of whom are pressured to "make the numbers work" after they have accepted an assignment.

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How Valuable are Entitlements?

by Administrator on Nov 15, 2008 Commercial Appraisal 1560 Views

Entitlement / approvals gained by developers during the development process may or may not significantly add value to the project's land or site. Appraisers often conclude that entitlements are not the most important factors affecting value.

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