Location: Virtual Classroom, CA
- Southern California Chapter
- Lianna Ayala
- 818-957-5111 (2)
- Virtual Classroom
- Virtual Classroom
Virtual Classroom, CA 00000
- DeWeese, MAI, Gary
Full Price: $209.00
AI Price: $189.00
AI 7.0 Hrs.
AIPOINTS - 35.0 Points
BREA APPROVED – 7 Hrs.
ZOOM LOG IN: 8:00 AM PST
CLASS STARTS 8:30 AM PST
CLASS ENDS 4:30 PM PST
ONE HOUR LUNCH 12:00 PM - 1:00 PM PST
ZOOM LOG IN INFORMATION WILL BE EMAILED ON 03/09/2020
Given the possibility of declines in the value of CRE as a result of COVID-19, this seminar will address critical issues, often misunderstood even by experienced commercial appraisers, in valuing property in a declining market.
The seminar will be based on a hypothetical case study property, a multi-tenant office building. The primary focus of the case study is to value the property “as is” and “when stabilized”, using all three valuation approaches, based on the following circumstances:
1. The property is 50% vacant in a market experiencing 20% vacancy, thus necessitating the proper measurement of a rent-up adjustment to be incorporated in all three approaches to value the property “as is”.
2. The market is forecast to experience on-going, but temporary, external obsolescence based on a detailed fundamental market analysis, which will be demonstrated using current methodologies and also incorporated in valuations.
In addition, the case study property also incorporates two other issues that will need to be addressed in the valuations.
1. One lease at the property was first negotiated when the market was much stronger. The rent for this lease was recently reduced and the term extended, in a so-called “blend and extend” renegotiation, but is still above market, therefore necessitating a “property rights adjustment”.
2. Another lease includes an apparent higher than market rent due to substantial landlord provided concessions, therefore necessitating a measure of “effective rent” for purposes of forecasting the rent at the time of lease renewal.
All of these issues will be discussed and then analyzed entirely in Excel, although attendees do not need to be an Excel expert to benefit from the seminar.
Up To 15 days
prior to program start date, $50.00 cancellation fee.
2 - 14 days prior
to program start date, $100.00 cancellation fee.
Less than 2 days
prior to program start date, forfeit of payment.
8:30 am - 9 am Part 1: Overview of Case Study Property
9 am – 9:30 am Part 2: Purpose and Summary of the Market
9:30 - 10:30 am Part 3: Addressing an Above-Market Lease
with a Property Rights Adjustment
10:30 – 10:45 am Break
10:45 am – 11:15 am Part 4: Measuring Effective Rent for a
Lease with concessions
11:00 am – 12:00 pm Part 5: Calculating the Rent-Up Adjustment
for the “As Is” Valuation
12:00 pm – 1:00 pm Lunch Break
1 pm – 2:30 pm Part 6:
Market Analysis: evidence of External Obsolescence/Methods of
2:30 – 2:45 pm Break
2:45 – 4:15 pm Part 7:
Determining the “When Stabilized” Value via the Income, Sales Comparison
and Cost Approaches
4:15 – 4:30 pm Part 8:
Reconciliation and Wrap-up
Photo Verification: REQUIRED
As part of the required attendance monitoring, all students need to provide the
Chapter Office with a copy of your Driver's License in advance of the
take a picture of your DL with your phone or send a scanned copy to firstname.lastname@example.org
who have not yet forwarded their photo IDs will be ineligible for credit
and will be prohibited from attending the seminar
Onsite check-in begins at 8:00am on Thursday, March 11, 2021.
This will provide registrants an opportunity to work out any last-minute
technological kinks before instruction begins. The seminar will begin at 8:00 am and will conclude by 4:30pm.
This Educational Program was developed by an outside party. The Appraisal Institute Chapter made arrangements for the Third-Party to offer the Program with the intent of addressing topic(s) based on a certain chapter or local need for such topic, solely educational and informational purposes. The Appraisal Institute national organization was not involved in developing or organizing the Program and does not endorse the Program or its content.
The content of this Program, including but not limited to any written materials and presenter comments, does not represent the viewpoint of the Appraisal Institute (defined as including but not limited to, the national organization, its Regions, Chapters, members, candidates, affiliates and staff) unless formally adopted by the national Board of Directors. Further, the Appraisal Institute has not peer-reviewed or approved the content of the Program and does not warrant the accuracy or timeliness of the content of the Program. The Appraisal Institute does not publish examination review materials. The content of the Program is subject to court decisions and local, state and federal laws and regulations and any such revisions of such laws and regulations.
This Program is presented with the understanding that the Appraisal Institute is not engaged in rendering legal, accounting or other professional advice or services. Nothing in the Program is to be construed as the offering of such advice or services. If expert advice or services are required, attendees and readers are responsible for obtaining such advice or services from appropriate professionals.
Please note that 100% attendance is required in order to receive any approved state credit or to be awarded AI CE points. It is imperative that you check with your state board for state approval information before completing registration.
If you have a disability and require accommodation, please notify the sponsor at least two weeks in advance for reasonable accommodations to be arranged.
The Appraisal Institute reserves the rights to cancel, limit, or reschedule the program and to change instructor assignments and facility locations at any time.