March 14, 2023 @ 11:30 am – 2:00 pm
Quiet Cannon (in Montebello Country Club)
901 Via San Clemente
Montebello, CA 90640
Lianna Ayala
(818)957-5111 (2)








This presentation by Matt Lubawy, MAI, CVA and John Penner, MAI, will focus on the future effects of recession and inflation from an historical perspective.  There have been 14 recessions since the Great Depression of the 1930’s, 7 periods of high inflation and 4 periods of deflation.  The relationship between Cap-Rates and Interest Rates will be explored.  Lastly, these effects will be discussed in relation to different property types and what might unfold in 2023.

Cancellation Policy


Additional Information


Matthew Lubawy, MAI, CVA

Valbridge Property Advisors

Mr. Lubawy serves as a senior Managing Director at Valbridge Property Advisors in the Los Angeles, Las Vegas, and Reno Offices. He has been in valuation and advisory services since 1987. His experience includes appraising commercial properties and specialized uses such as hotels, casinos, horse racetracks, LIHTC properties, air hangers, golf courses, stadiums, and many other special-use properties.

Matt has extensive expertise in litigation, condemnation, market studies, feasibility analyses, and fractional interest valuations.

He is a state-certified general appraiser in Nevada, California, Arizona, and Michigan as well as a licensed real estate agent in Nevada.

He served as chairman of the board of the Nevada State Development Corporation for 10 years and was vice-chairman of the board for the corporate office of Valbridge Property Advisors, Inc. He was also past president of the Las Vegas Chapter of the Appraisal Institute.

John Penner, MAI
Valbridge Property Advisors

John D. Penner, MAI serves as Senior Managing Director for the Orange County, California office of Valbridge Property Advisors, a nationwide appraisal firm with 80 offices, as well as National Director of Fractional Interest Valuation. He has also served on the Board of Directors in the past. John has over 39 years of experience as a commercial real estate appraiser and consultant. His specialties include medical office, industrial properties, condemnation, fractional interest valuation, expert witness court testimony, and investment property consulting. He is a Member of the Appraisal Institute, Certified General Appraiser, Licensed Real Estate Broker, is a member of the International Right of Way Association, and holds a Certificate in Real Estate Development with the Urban Land Institute. John also prepares the biennial Penner Expense Guides, which contain data from surveys of actual expenses in the local Southern California market for industrial, office, medical office, and retail properties.

Disclaimer Information


The Appraisal Institute enforces attendance requirements mandated by state licensing and certification regulatory agencies. The Appraisal Institute issues certificates for state certification/licensing or state continuing education credit that verify successful completion and attendance of 100%, with your grade notification letter for courses, or at the conclusion of seminars. One hundred percent (100%) attendance is required for all Appraisal Institute education programs. This follows Appraiser Qualification Board minimum criteria requirements.


With the recent transition to the Appraisal Institute’s NetForum registration system, attendance certificates will be available for download directly through the AI’s national website. The procedure to obtain your certificate is:

Go to www.appraisalinstitute.org

Log into Your AI Account

Select Education/Events on the right sidebar

See List of All Offerings

Scroll to the specific offering which shows Registered and click

At the very bottom of the screen, click Retrieve Certificate

NOTE: Allow a minimum of ten business days for certificates to be available. The Chapter office cannot view, nor can we retrieve copies of your attendance certificate. Anyone having difficulty accessing their certificate should contact the Education Delivery Services Dept. directly at [email protected].

Program materials can be downloaded by the student.

National Disclaimer

This Educational Program was developed and organized by the Appraisal Institute Chapter offering the Program with the intent of addressing topic(s) of current local interest solely for educational and informational purposes. The Appraisal Institute national organization was not involved in developing or organizing the Program.

The content of this Program, including but not limited to any written materials and presenter comments, does not represent the viewpoint of the Appraisal Institute (defined as including but not limited to, the national organization, its Regions, Chapters, members, candidates, affiliates and staff) unless formally adopted by the national Board of Directors. Further, the Appraisal Institute has not peer-reviewed or approved the content of the Program and does not warrant the accuracy or timeliness of the content of the Program. The content of the Program is subject to court decisions and local, state and federal laws and regulations and any such revisions of such laws and regulations.

This Program is presented with the understanding that the Appraisal Institute is not engaged in rendering legal, accounting or other professional advice or services. Nothing in the Program is to be construed as the offering of such advice or services. If expert advice or services are required, attendees and readers are responsible for obtaining such advice or services from appropriate professionals.

State Credit

Please note that 100% attendance is required in order to receive any approved state credit or to be awarded AI CE points. It is imperative that you check with your state board for state approval information before completing registration.

Other Information

If you have a disability and require accommodation, please notify the sponsor at least two weeks in advance for reasonable accommodations to be arranged.

The Appraisal Institute reserves the rights to cancel, limit, or reschedule the program and to change instructor assignments and facility locations at any time.

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