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MBEP’s 3rd Annual State of the Region

Pacific Appraisers is excited to have Ryan Whitelaw, MAI attending the Monterey Bay Economic Partnership 3rd Annual conference on November 8th, 2017. Some of the topics of discussion will be:

  1. Transforming Our Downtowns:  Creating Walkable, Livable Communities,
  2. Monterey Bay Region: Leading the Way in Employer Sponsored Housing,
  3. Maximizing the Region’s Transportation Infrastructure

Click here to see more on this upcoming event.

Surge in US Home Sales to foreigners

There is a new trend emerging. Foreign investors have increased the percentage of residential real estate purchases by 49% from the previous year. See full article here.

As appraisers we have seen the trend of high investor purchases over the last 8 years but did not have great data as to what extent foreign investors played in this role. It is clear that over the last year they have played a much bigger role than in previous years.

Partial Interest Discounts in Real Estate

A partial interest discount is allowable by the IRS when there is less than a 100% interest in the ownership of the Real Estate. This applies to the business entities that own real estate as well. The discount relates to the lack of control over the operation of the real estate and the lack of marketability due to the challenges with selling an interest that is not easily financeable.

Typically, discounts apply to the gifting of a fractional interest or death of an individual that owns a fractional interest in real estate. Discounts for lack of control and marketability have been upheld by the courts and therefore should be considered when valuing a fractional ownership interest. The IRS requires the appraisal to be done by a qualified appraiser.

Pacific Appraisers has experts in both the residential and commercial real estate valuation. For more information or questions please contact Shain Holden at 831-607-3800.

Median Home Values for California

Zillow came out with their median home values over the last year as well as their prediction for what home values will be over the next year. See below:

The median home value in California is $490,100. California home values have gone up 6.9% over the past year and Zillow predicts they will rise 1.5% within the next year. The median list price per square foot in California is $281. The median price of homes currently listed in California is $473,900. The median rent price in California is $2,500. Click here to read the full zillow article.

2015 Annual Fall Conference: Real Estate and Appraisal Symposium

Pacific Appraisers’ Ryan Whitelaw MAI and team will be attending the Appraisal Institute annual fall conference in San Francisco. See below for more details:

Friday, October 16, 2015
San Francisco Marriott
780 Mission Street (at 4th Street), San Francisco 

ANNUAL FALL CONFERENCE celebrates 65 consecutive years in San Francisco!

12 Breakout Sessions featuring over 30 presenters
Retail Market Update
Collateral Underwriter
Supporting Residential Adjustments
Medical Marijuana and Commercial Real Estate
Cool Appraisal Technology:  Tools, Tips & Tricks
How to Diversify and Build a “Bubble-Proof” Business
Residential Market Update:  The Impact of Millennials on the RE Market
Lessons Learned from Very Complex and Highly Unusual Valuation Experiences
Changing the Game: Redevelopment of Sports-Related Venues
Lessons from California Litigation Involving Appraisers
Developing Green and High Performance Real Estate
State of the Profession

Click here for more information.

Santa Cruz Market Trends Report – April 2015

The median home price in Santa Cruz County was $775,000 in March of 2015. This us up a whopping 15.7% from a year earlier. The number of sales in March were 123 which is 7% higher than a year earlier. There are currently 255 active listings which is down 35.6% from a year earlier (where is that inventory of homes????). We are still in a sellers market and until we get more inventory it should stay that way.

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