“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…
Welcome Jon Hicks
I’m excited to announce the new addition of Jon Hicks to our team at Simonson Appraisals! Jon graduated with a degree in Real Estate with an emphasis in Commercial Appraisal from St. Cloud State University in 2006. He has significant appraisal experience in the areas of property tax appeal, mortgage financing and property tax assessments….
The Entrepreneurial Itch
Hi, my name is Mitch Simonson, founder of Simonson Appraisals, a commercial real estate appraisal and consulting firm I founded on January 1st, 2019. Today I want to share a few thoughts on a topic I’m extremely passionate about, and one I’m getting more requests on. It’s from individuals who are in a position they’ve…
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…
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…