So, you are getting ready to request an appraisal on a potential commercial property deal but have a few questions before you decide on what appraisal company to use. We’ve compiled the top six most frequently asked questions about our industry and appraisal reports so that you can navigate the appraisal world with ease. Let’s…
Valuation – How Much is My Property Really Worth?
The value of a commercial property is an important piece of information in many aspects. Whether you’re the purchaser looking for financing, the seller hoping to attain maximum profit, the appraisal review department at a bank, or an attorney –the value is what provides you with the confidence to make the right decision for your…
Working With Your Appraiser Helps Deliver a More Reasonable Value
The role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real property—providing assistance to those who own, manage, sell, invest in, and/or lend money on the security of real estate. Here are a few things that highlight the items important to prepare an accurate and reasonable appraisal. When…
DOLLAR STORES MARKET TRENDS
Anyone who knows an appraiser recognizes the dynamics of being ‘data rich’ and ‘data wise’. Collecting and compiling ‘true comparable’ data allows us to dive deeper and to identify market trends to a greater degree. This month, we share insights, Simonson Appraisals authored charts, and graphs specific to the current Dollar Store net lease market. We…
MINNEAPOLIS MULTI-FAMILY TRENDS – IMPACTS OF 2020
Simonson Appraisals had a unique opportunity to do a deep dive in 2020 to develop an understanding of the impact of multiple factors affecting the Minneapolis apartment market. Our firm appraised a portfolio of apartment buildings in the Loring Park neighborhood in March 2020 two weeks after COVID-19 was announced as a global health pandemic….
Impact of COVID-19 On Appraisals
As the impact of COVID continues to unfold and the real estate market grapples with rapidly changing information and market conditions – commercial appraisers have had to quickly adapt to a new way of gathering reliable and credible data to base their appraisal analysis from. At Simonson Appraisals, we have found great importance in real-time…
Appraisals and Valuation Concerns in the Current Market
Since the onset of COVID, market data remains sparse for certain property types. The team at Simonson Appraisals has found that one of the best tools we have to overcome this challenge while continuing to produce reliable and credible appraisals is speaking with owners, lenders and other market participants dealing with the different segments of…
2020 Banking and Construction Lending Trends for Minnesota
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,…
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…
Commercial Real Estate Appraisal and Valuation in the Time of Covid-19: What Is the New Normal?
This post is co-written by Gary Van Cleve, Mitchell Simonson and Josh Folland This unprecedented time of pandemic has brought social interaction to an abrupt halt with cautious open-up just beginning. Americans have had to learn to live, work, educate their children, recreate, shop and otherwise transact business—all while social-distancing, self-isolating and not being physically present. Despite…