Updated 3/23/2020
The North Carolina Chapter of the Appraisal Institute (NCAI) is closely monitoring developments regarding the COVID-19 (coronavirus) outbreak. The health and safety of our members and event participants is of the highest importance and we are taking this outbreak very seriously. The Charlotte 7-Hour USPAP Update class, scheduled for March 19, and the Greensboro 7-Hour USPAP Update class, scheduled for March 26, are cancelled. Refunds will be provided.
Courts, market participants and valuation professionals have expressed widespread concern about the broad range in real estate values presented by opposing litigation experts regarding single-tenant, big-box properties, according to an article published this week in The Appraisal Journal.
The Appraisal Journal is the quarterly technical and academic publication of the Appraisal Institute, the nation’s largest professional association of real estate appraisers. The materials presented in the publication represent the opinions and views of the authors and not necessarily those of the Appraisal Institute.
By Barbra Murray
The first half of 2019 proved to be yet another strong period in the big-box segment of the industrial sector, and despite certain challenges, more of the same is the likely scenario for the remainder of the year, according to Colliers’ 2019 midyear big-box market report.
By Ann Saphir
The rise in co-working spaces, like those offered by WeWork, may be a source of financial instability that could make the next U.S. recession worse by sparking a run on commercial real estate, Boston Federal Reserve Bank President Eric Rosengren said.
In the aftermath of a natural disaster, such as a hurricane, appraisers can help their clients by providing expert market analysis, according to the nation’s largest professional association of real estate appraisers.
The Appraisal Institute’s “Guide Note 10: Development of an Opinion of Market Value in the Aftermath of a Disaster” addresses how real property markets in affected areas often exhibit instability, even chaos, and how analyzing data in such markets presents an array of challenges. The Guide Note, revised last year, also discusses how valuation professionals can develop credible opinions of market value in the aftermath of a disaster.
ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q2 2019 U.S. Home Sales Report, which shows that U.S. single family homes and condos sold for a median price of $266,000 in the second quarter, up 10.8 percent from the previous quarter and up 6.4 percent from a year ago — reaching a new median home price peak.
Meanwhile, the report also shows that homeowners who sold in the second quarter had owned an average of 8.09 years, reaching a new peak, up 3 percent from last quarter and up 4 percent from Q2 2018. Homeownership tenure averaged 4.21 years nationwide between Q1 2000 and Q3 2007, prior to the Great Recession.
By Alina Ptaszynski
Opendoor and Redfin, two of the nation’s largest technology-powered real estate companies, today announced home sellers in Phoenix and Atlanta can now request an Opendoor offer through Redfin’s site and mobile apps. By coming together, we are giving homeowners more options for selling their home in a simple and convenient way. Redfin will also continue to expand RedfinNow, its own instant offer service.
The International Valuation Standards Council on July 31 announced that the latest edition of the International Valuation Standards is available. The new standards, which take effect Jan. 31, 2020, include updates to development property, limitations, and valuation models; numerous technical revisions; and a revised glossary with new terms and clarifications.
The Appraisal Institute works to represent the valuation profession in media coverage across the country. From January-June 2019, the Appraisal Institute and its professionals were included in more than 1,200 stories in 430 unique media outlets, with a potential audience of nearly 1 billion and a publicity value of more than $1.2 million.
The Appraisal Institute’s latest video shows some of the highlights in media coverage over the past six months, including stories in National Mortgage News, U.S. News & World Report, The Wall Street Journal and Rolling Stone.
Pledger M. (Jody) Bishop III, MAI, SRA, AI-GRS, of Mount Pleasant, South Carolina, was elected 2020 vice president of the nation’s largest professional association of real estate appraisers Thursday by its Board of Directors in Denver.
Bishop’s one-year term at the Appraisal Institute will begin Jan. 1, followed by one year each as president-elect, president and immediate past president. He will serve on AI’s Executive Committee and the policy-making Board of Directors all four years. He also will chair the Finance Committee in 2020 and the National Nominating Committee in 2023.
By Sebastian Obando
E-commerce and last mile logistics tenants are fueling additional demand for industrial space expansion in the U.S., spurring midsize space users to dominate the industrial market.
Last year, developers in the U.S. completed 211,000 new housing units in buildings of 50 units or more, the biggest number on record. The total number of new apartments constructed didn’t come close to setting any records, though.
These numbers are from Characteristics of New Housing, an annual Census Bureau data release that is so chock-full of interesting information (for example: 88% of apartments completed in 2018 had in-unit laundry facilities) that I briefly contemplated interrupting my vacation to write about it when it came out two weeks ago. I resisted then, but now I’m back at my desk and the new numbers don’t seem to have gotten much attention. They should!
The nation’s largest professional association of real estate appraisers vigorously condemned today’s action by the National Credit Union Administration, calling the NCUA’s decision to effectively reduce the number of appraisals required for commercial real estate loans irresponsible, radical and dangerous.
“This is an outlandish scenario for anyone who cares about the safety and soundness of the nation’s commercial real estate lending system, and it could recreate conditions that led to the financial crisis of the late 2000s,” said Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS. “The NCUA’s ill-conceived, damaging decision shows overwhelmingly the need for immediate, rigorous congressional oversight.”
Two Appraisal Institute Designated Members share why they think someone should consider being an appraiser in AI’s latest video.
By Andrea Riquier
Discount real-estate brokerage Redfin will partner with Opendoor, one of the leading home-buying services, allowing homeowners to get an instant offer when they want to sell with Redfin RDFN, -0.75% , the firms announced Thursday.
The Appraisal Subcommittee on July 9 granted a request from North Dakota for a temporary waiver from appraisal licensing requirements after state officials claimed a scarcity of appraisers. The ASC granted the one-year waiver from licensing requirements by a 5-2 vote; an additional year is possible if state officials again seek a waiver based on the scarcity argument.
The Federal Financial Institutions Examination Council still needs to approve the decision, which is expected to happen at its meeting later this month. It’s important to note that the temporary waiver is not a waiver from appraisals, but from appraisal licensing requirements. All appraisals still need to comply with the Uniform Standards of Professional Appraisal Practice.
The waiver will cover both residential and commercial appraisals; however, the residential waiver could be sunset 60 days after banking regulators raise the appraisal threshold, if they choose to do so. A decision by the regulators on the threshold could come as soon as this month.
During the ASC’s special meeting, North Dakota Appraisal Board Chair Corey Kost, MAI, argued against granting the temporary waiver, citing no evidence of a scarcity of appraisers. He also argued that Congress has already addressed this issue with the rural appraisal waiver granted in the regulatory relief bill signed by President Trump last year.
For many Americans, the ultimate summertime fantasy has less to do with washboard abs and a killer tan than owning their own piece of beachfront real estate — aka bliss. From Memorial Day through Labor Day (and beyond), beach lovers across the U.S. find themselves dreaming of escaping the hellish deadlines, soul-sucking commutes, and humdrum daily grind — and trading it all in for salty ocean breezes, caipirinhas on the sand, and fresh lobster rolls from a seafood joint around the corner.
Now just imagine doing it from your very own place.
By Matthew Classick
The Fannie Mae Economic and Strategic Research (ESR) Group downgraded its projections for full-year 2019 and 2020 U.S. economic growth to 2.1 percent and 1.5 percent, respectively, due to expected weakness in business fixed investment and softening global economic conditions. The ESR Group had previously forecast growth of 2.3 percent in 2019 and 1.8 percent in 2020. The ESR Group now projects that the Federal Reserve will cut the federal funds rate by 25 basis points at the September meeting of its Federal Open Market Committee to fend off greater deceleration in domestic growth.
By Kathleen Howley
About 19% of American households surveyed in May expected to move in the next 12 months, according to the Survey of Consumer Expectations report from the Federal Reserve Bank of New York published Monday. That was the highest May reading in two years.
By Erika Morphy
The general consensus about Opportunity Zones has been that while interest in these areas is intense, there has been little activity. Most of the capital poised to invest in Opportunity Zones, so the theory goes, is waiting on the sidelines until the Treasury Department clarifies more regulations. Indeed, a recent report by Reonomy found that investment levels and prices in Opportunity Zones are actually declining, as investors wait for more clarity.
