On March 11, 2020, the World Health Organization announced COVID-19 as a global pandemic (this day also happens to be my birthday so good or bad, it’s an easy date for me to remember). Since then, market uncertainty has caused commercial investors to increasingly worry whether their commercial appraisal analyses are accurate. At Simonson Appraisals,…
Category: Appraisals and Property Valuations
Navigating the Appraisal Process – What You Need to Know
While commercial appraisals are a central part of evaluating real estate, the appraisal process itself can be frustrating and confusing – primarily since each assessment depends on the scope and nature of the specific property. My goal here is to help lenders, bank reviewers and appraisers better understand the commercial appraisal process to ensure projects…
“No News is Good News” – It’s What We Strive For
“No news is good news” is more than just a saying. It’s the outcome we strive for following the appraisal process. As an appraiser, it means we nailed that sweet spot and produced an accurate appraisal. The sweet spot is not a predetermined number or target, but rather a number that is within a comfortable…
COVID-19 Changed the Commercial Real Estate Appraisal World – Here’s How To Respond
I don’t need to tell you how much the world can change in 45 days. The speed at which the world as we know it is changing is astonishing. One thing that isn’t changing is our enthusiasm to deliver credible analysis for our clients while simultaneously providing guidance to our colleagues. Every day, our team…
Minneapolis/St. Paul – 2019-2020 Commercial Real Estate Value Trends
I attended the 2020 Minneapolis/St. Paul Commercial Real Estate Valuation and Appraisal Forecast Summit held at the Golden Valley Country Club on Friday, January 17, 2020. This year had a slight twist as I was invited to speak on the multi-family panel. Topics centered on valuation trends for the retail, industrial, office and multi-family property…
2019 Greater MN Apartment Trends
Over the past several weeks (August and part of September 2019), Simonson Appraisals appraised 20+ apartment buildings across Minneapolis/St. Paul and greater Minnesota as part of a single portfolio. Appraisal portfolio assignments are excellent projects as it allows us the time and resources to do a deeper dive into value trends impacting the property sector…
North Dakota Temporary Appraisal Waiver
North Dakota is seeking a 5-year temporary waiver for certain property types depending on the property value. Here is my quick take. I am a commercial real estate appraiser based in Minneapolis and have been working in western North Dakota since 2012. Starting in about 2009 and extending to present, the commercial real estate market…
Mid-Year 2019 Minneapolis/St. Paul CRE Markets
Like the mighty Mississippi River that flows through the north edge of downtown Minneapolis, the Minneapolis/St. Paul commercial real estate market continues to move forward at a healthy pace with a few areas worth paying attention to. Here are the best insights I gathered from the panel of speakers at the June 14, 2019 Commercial…
Four Ways Appraisers Can Help Their Client
I believe it’s important for appraisers to communicate with their clients to avoid surprises and ensure the appraisal process is as smooth as possible. My core passion is transparency and helping our clients make sound investment decisions and solve real estate problems to achieve their financial and business goals. There are a few ways appraisers…
Property Value and Energy Efficiency
Could changing light fixtures impact property value? This month, I had the opportunity to sit down with Noble Conservation Solutions, a Turn-key Strategic Partner for Integrated Energy Efficiency Improvements and Services. NCS is headquartered in Plymouth, Minnesota and provides turn-key projects in all 50 states, including: lighting design, tax credit certification, rebate administration, installation and…