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…
2017 Outstate MN Apartment Trends
Over the past 12 months, I have appraised numerous outstate Minnesota apartments ranging in size from about 20 to 150 units. The geographic region has spanned the “banana belt” surrounding the Minneapolis/St. Paul metropolitan area. The primary cities forming the “banana belt” include Rochester, Mankato, St. Cloud and Duluth. This allows us to complete in-depth…
Minneapolis/St. Paul – 2017 Commercial Real Estate Trends and Expectations
I attended the 2017 Minneapolis/St. Paul Commercial Real Estate Valuation and Appraisal Forecast Summit held at the Golden Valley Country Club on Friday, January 20, 2017. Topics centered on valuation trends for the retail, industrial, office and multi-family property sectors. This article looks back on some key highlights from 2016 and expectations in 2017. My…
SBA Lending and Appraisal Insights
I recently taught a workshop titled Navigating the Appraisal Process at the 4th Annual SBA Lender Conference in Minnesota. Continuing the theme from last month, this article highlights some key terms and thoughts about going concern value and specific U.S. Small Business Administration business and real estate appraisal requirements. I presented some ideas to help lenders, banks reviewers…