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X-ORIGINAL-URL:https://www.sccai.org/
X-WR-CALNAME:Appraisal Institute
X-WR-CALDESC:Professionals Providing Real Estate Solutions
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BEGIN:VEVENT
CLASS:PUBLIC
DTSTART;TZID=America/Los_Angeles:20210311T080000
DTEND;TZID=America/Los_Angeles:20210311T163000
DTSTAMP:20201218T235700
UID:MEC-85da0ea73f51b181e3ce81a57d62f5b8@sccai.org
CREATED:20201218
LAST-MODIFIED:20201218
PRIORITY:5
TRANSP:OPAQUE
SUMMARY:Extreme Appraising Valuing CRE in a Down Market
DESCRIPTION:AI 7.0 Hrs.\nAIPOINTS – 35.0 Points\nBREA APPROVED – 7 Hrs.\nZOOM LOG IN: 8:00 AM PST\nCLASS STARTS 8:30 AM PST\nCLASS ENDS 4:30 PM PST\nONE HOUR LUNCH 12:00 PM – 1:00 PM PST\nZOOM LOG IN INFORMATION WILL BE EMAILED ON 03/09/2020\nGiven the possibility of declines in the value of CRE as a result of COVID-19, this seminar will address critical issues, often misunderstood even by experienced commercial appraisers, in valuing property in a declining market.\nThe seminar will be based on a hypothetical case study property, a multi-tenant office building. The primary focus of the case study is to value the property “as is” and “when stabilized”, using all three valuation approaches, based on the following circumstances:\n\nThe property is 50% vacant in a market experiencing 20% vacancy, thus necessitating the proper measurement of a rent-up adjustment to be incorporated in all three approaches to value the property “as is”.\nThe market is forecast to experience on-going, but temporary, external obsolescence based on a detailed fundamental market analysis, which will be demonstrated using current methodologies and also incorporated in valuations.\n\nIn addition, the case study property also incorporates two other issues that will need to be addressed in the valuations.\n\nOne lease at the property was first negotiated when the market was much stronger. The rent for this lease was recently reduced and the term extended, in a so-called “blend and extend” renegotiation, but is still above market, therefore necessitating a “property rights adjustment”.\nAnother lease includes an apparent higher than market rent due to substantial landlord provided concessions, therefore necessitating a measure of “effective rent” for purposes of forecasting the rent at the time of lease renewal.\n\nAll of these issues will be discussed and then analyzed entirely in Excel, although attendees do not need to be an Excel expert to benefit from the seminar.\n
URL:https://ai.appraisalinstitute.org/eweb/DynamicPage.aspx?webcode=AIChapterRegistration&Reg_evt_key=7D6FD2B7-18F6-4754-A613-CB1F4515432C&goback=0
ORGANIZER;CN=Appraisal:MAILTO:lianna@sccai.org
CATEGORIES:Events
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