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JANUARY 2012 |
ELLIOTT® IS A SPECIALTY PRODUCT
FIRM
ELLIOTT® & Company Appraisers
has gained the reputation over
the years of being not just as
an appraisal company, but also
an appraisal company capable of
handling complex assignments.
ELLIOTT® offers a broad range of
evaluation products, including
form appraisals, narrative
appraisals, appraisal reviews,
diminution-in-value appraisals
and replacement cost analyses.
Our expert consultants perform
complex assignments, such as
feasibility studies and
highest-and-best-use analysis
services. Furthermore, we offer
expert-witness and
litigation-support services.
Property size is not an
impediment, as we routinely
handle properties containing a
fraction of an acre, as well as
tracts of land containing
thousands of acres. ELLIOTT® is
not tied to any geographic
location, as we regularly
evaluate property located in all
50 of the United States, as well
as that in many foreign
countries. ELLIOTT® serves any
type of real property, including
residential, commercial,
industrial and agricultural.
When complex problems arise,
defining the problem and
designing the best solution are
free services that our clients
have become accustomed to. When
you need advice on how to handle
a complex issue, we are
available. Just give us a call
at (800) 854-5889. |
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HOME VALUES DECLINED BY ALMOST
$700 BILLION LAST YEAR
 In
a December 22 report, Zillow
announced that it had determined
that declines in home value in
the United States in 2011 would
total $681 billion. The online
real estate database noted in
its report that the bulk of the
decline ($454 billion) took
place in the first half of the
year. Zillow also pointed out
that the yearly decline was 35%
less than last year’s total
home-value decline of $1.1
trillion.
Zillow noted home-value gains in
9 of the 128 markets it follows,
including greater New Orleans,
where home values increased by
$3.5 billion and the Pittsburgh
metropolitan area, where they
rose by $2.7 billion. The metro
areas with the largest declines
were Los Angeles ($75.5
billion), New York ($44.8
billion) and Chicago ($41.7
billion).
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BILLIONAIRE’S DAUGHTER PAYS
RECORD PRICE FOR NEW YORK CONDO
Ekaterina Ryobolovleva, daughter of
Russian entrepreneur, Dmitriy
Ryobolovlev, paid an astronomical
$88 million for a 10-room,
6,744-square-foot Manhattan
condominium. Ryobolovlev, who made
most of his fortune in the
fertilizer business, had previously
bought Donald Trump’s Palm Beach,
Florida, mansion for $95 million.
The New York condo was sold by Sandy
Weill, former CEO of Citigroup, who
received his full asking price and
announced that he was donating the
entire amount of the proceeds to
charity. Ryobolovley purchased the
tony home for his daughter, a
22-year-old college student at an
undisclosed U.S. university.
“The sale works out to be about
$13,000 per square foot, the highest
on record, for anything that has
ever occurred,” said Jonathan
Miller, CEO of real estate appraisal
firm Miller Samuel. “What is ironic
is that when Sandy Weill bought it
for less than half of this amount,
he paid the highest price per square
foot to date in that building. He is
again setting a record.” |
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38% OF LAST YEAR’S HOME
SALES WERE CASH TRANSACTIONS
 A study conducted by Jonathan
Dienhart and Ken Lee, analysts at
Hanley Wood Market Intelligence,
concluded that 38% of homes that
were purchased in the United States
in 2011 were done so in cash. In
2010, this figure was at 34% and in
2006 it was 19%.
“The trend is likely to continue in
the near term,” Dienhart and Lee’s
report read, “with investors being
responsible for an increasing share
of home purchases as prior home
owners abandon the ownership market
and head back to rentals.” |
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NOTES OF VALUE
  The U.S. Census Bureau
reported that construction
spending increased to $807.1
billion in November; up 1.2%
over what it had been during the
previous month.
Lender
Processing Services reported a
3% month-over-month increase,
from October to November, in the
amount of mortgage loans that
are not in foreclosure,
but are
past due by 30 or more days.
CoreLogic
reported that for every two
homes available for sale in
October, there was one that was
classified as being part of the
shadow inventory.
CoreLogic’s November
Home Price Index was the fourth
consecutive such report that
showed a loss in average home
value.
This report showed
that Vermont was the highest
state in price appreciation
at
4.3% and that Nevada had the
most depreciation in average
home value at 11.2%.
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ASK MARTITIA
 Question: If a
homeowner, seeking a loan from a
federally regulated financial
institution, asks an appraiser to
perform an appraisal of his house,
what are the appraiser’s
responsibilities to the homeowner,
according to USPAP, regarding this
assignment?
Martitia: The
Uniform Standards of Professional
Appraisal Practice require the
appraiser, under such circumstances,
to let the homeowner know that the
lender is required to secure its own
appraiser during the
loan-application process. If, after
such a disclosure is made, the
homeowner still wants the services
of the appraiser, the appraiser is
allowed to accept the assignment.
Martitia Mortimer, Elliott's
executive vice president, answers
appraisal questions on a regular
basis in Elliott Evaluation News. |
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QUOTES OF WIT &
WISDOM
“An inventor is simply a fellow who
doesn’t take his education too
seriously.” – Charles Kettering
“No matter how much pressure you
feel at work, if you could find ways
to relax for at least five minutes
every hour, you’d be more
productive.” –
Dr. Joyce Brothers
“There is no stigma attached to
recognizing a bad decision in time
to install a better one."
–
Laurence Peter
“Even if you’re on the right track,
you’ll get run over if you just sit
there,” – Will Rogers
“Too many people are thinking
security instead of opportunity.
They seem more afraid of life than
death.”
– James F. Byrnes |
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ELLIOTT® & Company
Appraisers • 3316-A Battleground
Avenue • Greensboro, NC 27410 •
(800) 854-5889 |
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