The Rapid Rise of Real Estate in Transition Planning:
While an enormous amount of real estate is held through partnerships and other ownership structures, future generations will struggle to preserve family legacies unless transitions provide for management and interest-holder buyouts. This places great emphasis on the importance of transition planning. Ways to accomplish this are displayed through this three part article.
Fractional interests are typically created when there are substantial benefits that can be gained. These interests are formed by investing at a premium. This may include pooling resources for purchasing and improving property or splitting the usage of a property. Asset-related transition planning is important and often overlooked by many. While selling problematic assets is typically the solution, it can be hard for partners to all agree. Clarity on the facts and circumstances is essential to foster an agreement between the parties. Webb believes it is important to become proficient at valuing fractional interests in a way that is meaningful to the clients.
This conference is the premier annual event for real estate valuation professionals to gather for education seminars, dynamic speakers, knowledge sharing, networking, and product and service shopping. In addition to Keynote Speaker, Ryan Leak, a speaker, coach and consultant with expertise in empowering leaders to reclaim a new self-awareness, classes and speakers at this event will explore Fannie Mae policies and initiative updates, how to keep pace with demand, interpret real market data, litigation and arbitration and many more tools that are effective in educating and advancing professionals in the appraisal field.
Ryan Whitelaw MAI recently attended the 2022 Monterey Bay Appraisal Seminar (MBAS). Ryan moderated the breakout session on “Best Practices using Marshal and Swift”. The 2022 Monterey Bay Appraisal Seminar was sponsored by the Society of Real Estate Appraisers (SREA), The American Society of Appraisers (ASA) and The American Right of way Association (ARWA). The seminar covered topics regarding policy clarifications, appraisal compliance reviews, SB 9, and cost approach, with an opening keynote from Dr. Gerd Welke, and many presentations from experts at different appraisal companies around the country.
Pacific Appraisers is looking to hire two staff residential appraisers. The positions would be located in the Peninsula (Santa Clara and San Mateo counties) and the Monterey Bay Area (Santa Cruz and Monterey). Interested candidates please email shain@pacificappraisers.com . To learn more about Pacific Appraisers visit our website at – www.pacificappraisers.com
Pacific Appraisers is looking to hire two staff residential appraisers. The positions would be located in the Central Valley (Fresno, Visalia, Bakersfield) and the Monterey Bay Area. Interested candidates please email tim@pacificappraisers.com . To learn more about Pacific Appraisers visit our website at – www.pacificappraisers.com
Ryan Whitelaw MAI and Ben Rumsey MAI from Pacific Appraisers have joined IRWA (International Right Away Association). IRWA has served professionals who acquire, manage and transfer the land rights needed for building and maintaining energy and transportation infrastructure. Click her for more information.
The Pacific Appraisers Team will be attending the 2018 Northern California Appraisal Institute Annual Fall Conference.
Location: South San Francisco Conference Center, South San Francisco
2018 marks the 68th consecutive year that the Northern California Chapter has presented its award-winning Annual Fall Conference.
Fall Conference is the real estate appraisal profession’s longest-running and highest-rated one-day continuing education & networking event on the West Coast. Our conference consistently draws over 250 participants and features the real estate profession’s “most in-the-know” presenters. Our topics will keep you informed of the latest developments that affect your profession, your profitability, your business – your future.
Approved for 6-hours of BREA, Appraisal Institute and SBE training credit; applications for credit from the States of Washington and Oregon have been submitted. Typically ASA, ASFMRA and IRWA offer reciprocal credit for AI approved offerings.
Our 2018 venue offers onsite FREE parking and complimentary shuttle service from BART and Caltrain. Watch for more details when the registration materials become available.
State lawmakers are now making moves to alleviate California’s soaring rents and home prices. The bills being deliberated cover permanent housing for the homeless, new zoning rules to allow apartments on BART parking lots, and workarounds for the $10,000 federal cap on state and local tax deductions.
Assembly Bill 2162 would fast-track housing developments for the homeless and disabled that can be delayed or derailed by local politics. The bill would also allow for affordable leases on apartments.
Assembly Bill 2923 aims to allow housing development on BART’s parking lots. David Chiu, who leads the Assembly’s housing committee, states that “Given the twin housing and congestion crises, building housing next to major transit is simply common sense.” However, this bill faces stiff opposition from many of the affected cities.
Senate Bill 227 seeks to create a workaround the on $10,000 cap on state and local tax deductions that came about as a result of the federal overhaul of the tax code earlier this year. The bill would allow for Californians to make contributions to school districts, charter schools, and community colleges in exchange for state tax credits, which could be fully deducted from their federal taxes.
The most anticipated new housing community in the Sacramento region goes “vertical” next week south of Highway 50 in Folsom with the construction of model homes, followed by homes for sale.
The project site is massive at 3,300 acres, just south of the freeway and north of White Rock Road, between Prairie City Road and the El Dorado County line. It will contain nearly 11,000 homes and apartments, three public schools, two fire stations, a police station and 82 acres of office and commercial buildings.
The community ultimately will house 25,000 residents, enlarging the city of Folsom by one-third. It will bring new home-buying opportunities, but also growth pains.
Huntington Beach Assemblyman Travis Allen, Republican: Allen has a goal for developers to build at least 1 million new homes in his first four years as governor. He believes the state needs to strip away many of the regulations around home building, which he says would allow developers to increase the housing supply. He doesn’t support subsidizing low-income housing, arguing developers will build for people of all incomes if taxes and fees are lower.
The Huntington Beach Republican is also opposed to a potential November ballot measure to allow for the expansion of rent control. He believes rent control leads to housing shortages and says he’d work to eliminate all existing rent control policies across the state.
State Treasurer John Chiang, Democrat: Of all the candidates, Chiang is calling for the most government spending on housing. He would set a goal for the state to help finance 1.6 million homes for low- and moderate-income Californians from 2019 to 2030. He has also proposed a future $9-billion bond measure to subsidize new low-income construction, property tax breaks for developers who agree to set aside part of their projects for low-income families and additional tax revenue to cities that approve more housing.
Chiang is opposed to the potential rent control ballot measure, and believes that the state could change Costa-Hawkins, the law prohibiting the expansion of rent control, to allow for its broader use in certain circumstances.
Businessman John Cox, Republican: Cox, who owns a real estate investment and property management company, has a goal for developers to build 3 million new homes over the next decade. He said that the state needs to reduce regulations on builders, including replacing its primary environmental law governing development, the California Environmental Quality Act, with a less comprehensive measure. Cox also wants to allow Californians to be able to take the property tax benefits they receive under Proposition 13 with them when they move. In addition, Cox is against a potential November ballot measure to help rent control expansion.
Former state schools chief Delaine Eastin, Democrat:Eastin would set a goal of developers building 1 million new homes in her first four years in office, and would prioritize construction around transit hubs. She wants to rezone a lot more land for housing, including current commercial properties, increasing land available for duplexes and townhomes, and making it easier to build homes on smaller lots.
Of the top candidates in the race, Eastin has been the most supportive of expanding rent control as well as advocating for the repeal of the Ellis Act, which allows for the eviction of rent-controlled tenants if landlords convert their buildings to for-sale condominiums.
Lt. Gov. Gavin Newsom, Democrat: Newsom wants developers to build 3.5 million homes from when he takes office through 2025, which would be an unprecedented building boom compared with modern California history. He wants a fivefold increase in a state tax credit to finance low-income housing, bringing the state budget cost to $500 million a year. And Newsom supports eliminating regulations that he contends make it difficult for developers to produce middle-income homes.
Newsom is against the potential rent control ballot measure and believes that the Costa-Hawkins law should be changed to add more renter protections.
Former Los Angeles Mayor Antonio Villaraigosa, Democrat: Like Newsom, Villaraigosa calls for building 3.5 million new homes through 2025. He wants to create a new version of a program that allows cities and counties to set aside some property tax dollars to help finance low-income housing. And he plans to set up a $10-billion revolving loan fund to help homeowners convert garages into separate houses or build stand-alone second units in their backyards.
Villaraigosa is against the potential rent control ballot measure and says that he would use potential changes to Costa-Hawkins as a bargaining chip in a larger package of policies to address housing affordability.
