Real estate appraisers use the term "plus or minus" and symbols like +/- a lot. It's not that we don't have confidence in what we are doing. It's because we are reporting on and analyzing a market. A market in which every item is unique. It's artscience.
The real estate appraisal industry, like most industries, is stuck in old thinking. Perhaps the worst of this thinking is the term and concept of Neighborhood. Most people correctly understand neighborhood as a collection of homes and perhaps businesses near their homes. Google images of neighborhood and you get what most people imagine a neighborhood [...]
Path Dependence is a fancy way of saying, "We have always done it this way." It is defined by the Business Dictionary as, "Tendency of a past or traditional practice or preference to continue even if better alternatives are available." Examples of Path Dependence include the QWERTY keyboard, Microsoft Word (if you are going to [...]
I really don't care for board games. I have no idea how to play Backgammon, Cribbage, Yahtzee or dominoes. I don't know how to play Spades, Rummy or Bridge and I am fuzzy about the rules of Poker. I kinda sorta understand Blackjack, but when it comes time to split hands I get lost. I have [...]
Picture this: Two side-by-side five-acre interior (not corner) lots with 500 feet of frontage. The lots are located on a major highway and are improved with two identical steel frame and masonry buildings, 100,000 square feet in size with 32 foot ceilings. One building is zoned for retail use, suitable for occupancy by a "big [...]
It simply means that I have done my job. My work (and hopefully the work of my adversary) is well researched, accurate and reasonable. There is little to argue about. Minds meet and everyone has a nice lunch. Trials are often a waste of time. Both sides make their case and the decision ends up [...]
The Appraiser Prosperity Coalition is seeking to level the playing field. I think they should just change fields.
I recently received an email request for a donation to the Appraiser Prosperity Coalition. I was not familiar with the organization, but I took some time to read up on who they are and what they are trying to accomplish. What I found was a group of well meaning residential mortgage appraisers fighting their latest [...]
I was recently engaged for an assignment in a local beach town. A former resident is suing, well, everybody, for damage done to his home during Superstorm Sandy. It seems a boat rear-ended his house. Or failed to yield, or something like that. Let's call it a moving violation. My client requested that I analyze [...]
When we were kids in the 1970s our dad brought us out to lunch at the Rum Runner restaurant in Sea Bright on Christmas Eve Day. The Gagliano Family hosted the big Christmas Eve Dinner, so dad took us out to give mom a respite. We were a bit of a handful in those days. [...]
It all starts innocently enough. Telephone Call Number 1 is a pleasant exchange inquiring about our services. " I am thinking about selling my building and I am interested in getting an unbiased value before I list the property," says my prospective client. The proposal goes out, is executed, and comes back. I do an [...]