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…
College Intern
6-24-2019 I’m excited to spend the first day bringing in Justin Tolkkinen, a college intern who is a Finance major at St. Cloud State University – Herberger Business School. He will be working with Simonson Appraisals for the summer helping the appraisers and doing a deep dive into the commercial real estate appraisal profession! I…
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…
Appraisals and Intended Users
On occasion, banks request an appraisal and the appraisal report is delivered. After digging deeper into the project, they realize the U.S. Small Business Administration is involved in the loan and a request is made to add them as an intended user. According to USPAP (appraisal guidelines that appraiser’s are required to follow, this mandates…
The Hidden Gold of Property Inspections
I have been accused of being over enthusiastic at times, but hey, that’s how I roll and we are talking commercial appraisals so hear me out!! With that caveat, an enjoyable part of the appraisal process is the chance encounter with a property owner on the street. Sometimes, getting out of the car and physically…
Work Hard, Play Harder
Work Hard, Play Harder is one of my favorite mantras. I love working hard because it is the fuel that allows me to play harder with my family and pursue those hobbies and passions that allow me to live a fully charged life! This past weekend, I spent four days with my dad, brothers and…
Mentors in Life and Real Estate
Who is a great mentor in your life? On a recent RV road trip to Montana with my family (my favorite family activity!), I found myself driving late at night while everyone was sleeping with the time and mental space to contemplate and reflect on my life! For me, windshield time on longer distance road…
Greater Minnesota – 2018 Apartment Trends
The following analysis is market information about greater Minnesota apartment trends based on observations compiled by Mitchell Simonson, MAI. Greater Minnesota – 2018 Apartment Trends Over the past 12 months, I have appraised numerous greater Minnesota apartments ranging in size from about 20 to 150 units. The geographic region has spanned the “banana belt” surrounding…
Minneapolis/St. Paul – 2018 Commercial Real Estate Valuation Trends
I attended the 2018 Minneapolis/St. Paul Commercial Real Estate Valuation and Appraisal Forecast Summit held at the Golden Valley Country Club on Friday, January 19, 2018. Topics centered on valuation trends for the retail, industrial, office and multi-family property sectors. This article looks back on some trends from 2017 and expectations in 2018. My Top…
Mid-Year 2017 Minneapolis/St. Paul CRE Trends
Here are the best insights I gathered from the panel of speakers at the June 15, 2017 Commercial Real Estate Forecast Summit, put together by Jeff Johnson and the MN Real Estate Journal. They put together some excellent continuing education events. This half-day seminar focused on current real estate trends for retail, industrial, office and…