Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government...
-
Upload
reynard-dalton -
Category
Documents
-
view
216 -
download
2
Transcript of Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government...
![Page 1: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/1.jpg)
Office of Real PropertyAsset Management
GSA APPRAISALSReal Estate Valuations for Government Agencies
Office of Real Property Utilization and Disposal
March 19, 2015
![Page 2: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/2.jpg)
Real Property, Real Solutions 2
Today’s Question
How can GSA help
Federal Agencies with their
Real Estate Valuation
needs?
![Page 3: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/3.jpg)
Real Property, Real Solutions 3
Presentation Objectives
• What Can GSA Provide?• Is an Appraisal Necessary?• Purpose of an Appraisal• Appraisal Process• Appraisal Results• Requesting an Appraisal• Questions
![Page 4: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/4.jpg)
Real Property, Real Solutions 4
What Can GSA Provide?
What valuation services does GSA offer?
• Appraisals• Review of 3rd party appraisals• Consultation services
– Feasibility studies – Highest and best use analyses– Market analyses– Asset and utilization studies– Parcelization recommendations
![Page 5: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/5.jpg)
Real Property, Real Solutions 5
Is An Appraisal Necessary?
Why do I need an appraisal?
• Acquisition
• Disposition
• Exchanges
• Leases
• Easements
• EULs, licenses, use permits, special programs, agency-specific requirements.
![Page 6: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/6.jpg)
Real Property, Real Solutions 6
Is A Review Necessary?
Why do I need an appraisal review?
• Most federal agencies require appraisals to be reviewed by a qualified government review appraiser prior to acceptance.
![Page 7: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/7.jpg)
Real Property, Real Solutions 7
Is A Review Necessary?
Why do I need an appraisal review?
• Government appraisals are required to conform to the Uniform Standards of Professional Appraisal Practice (USPAP) and many are required to conform to the Uniform Appraisal Standards for Federal Land Acquisition (UASFLA or “Yellow Book”). GSA review appraisers understand these requirements and can insure your appraisal meets these standards.
![Page 8: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/8.jpg)
Real Property, Real Solutions 8
Is A Review Necessary?
Why do I need an appraisal review?
• The GSA reviewer will comment on the appraisal’s completeness, accuracy, adequacy, relevance and reasonableness so you and your agency will have a better understanding of the reliability of the appraisal’s value conclusion.
![Page 9: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/9.jpg)
Real Property, Real Solutions 9
The purpose of an appraisal is to estimate a specific type or types of value for a specific real property interest at a point in time. A typical purpose statement would be:
The purpose of this appraisal is to estimate the Fair Market Value of the subject property’s fee-
simple interest on the effective date subject to easements of record.
Purpose of an Appraisal
![Page 10: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/10.jpg)
Real Property, Real Solutions 10
Purpose of an Appraisal
Other examples are estimating value for:
• A specific use • A specific property right (such as air rights, avigation
easements, water rights, minerals, etc)
• A specific date (usually in the past)
![Page 11: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/11.jpg)
Real Property, Real Solutions 11
Appraisal Process
The appraisal process generally followed is:
• Defining the appraisal problem• Data collection and analysis• Analysis of the subject’s highest and best use• Land value (as though unimproved)• Development of the approaches to value
– Cost Approach– Sales Comparison Approach– Income Capitalization Approach
• Reconciliation• Final Opinion of Value
![Page 12: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/12.jpg)
Real Property, Real Solutions 12
Appraisal Results
When you get the appraisal---READ IT……….
But read the review first!
It will:
• Summarize the main points of the appraisal• Help you better understand the appraisal• Give you an indication of the quality and reliability of the
appraisal.
![Page 13: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/13.jpg)
Real Property, Real Solutions 13
Appraisal Results
What questions does an appraisal answer?• What’s the property’s value? (obviously)
But also……
• What should we be doing with this asset? (see Highest
and Best Use)• Why not just tear it down? (see Land Value)• How long will it take us to sell it? (see Exposure /
Marketing Time)• Other property concerns?
Discuss them with your GSA appraiser!
![Page 14: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/14.jpg)
Real Property, Real Solutions 14
Request an Appraisal
To request an appraisal from GSA, contact the Regional Appraiser for the region where your property is located (see the map on the following page):
![Page 15: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/15.jpg)
Real Property, Real Solutions 15
Request an Appraisal
![Page 16: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/16.jpg)
Real Property, Real Solutions 16
Request an Appraisal
Regional Appraisers:
• Region 1: Kevin Legare– [email protected]; (617) 565-5719
• Region 4: Jack Fannin– [email protected]; (404) 215-6822
• Region 7: Craig Blair– [email protected]; (817) 978-4275
![Page 17: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/17.jpg)
Real Property, Real Solutions 17
Request an Appraisal
Regional Appraisers:
• Region 7: Linda Clemens– [email protected]; (817) 978-4242
• Region 9: Tom Kitaguchi– [email protected]; (415) 522-3423
• Region 11: Wayne Bradley– [email protected]; (202) 501-2368
![Page 18: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/18.jpg)
Real Property, Real Solutions 18
Questions?
![Page 19: Office of Real Property Asset Management GSA APPRAISALS Real Estate Valuations for Government Agencies Office of Real Property Utilization and Disposal.](https://reader036.fdocuments.in/reader036/viewer/2022062715/56649d755503460f94a55139/html5/thumbnails/19.jpg)
Real Property, Real Solutions 19
Contact Information
Name Email Phone
John Dreswick [email protected] 202-501-1179
Jack Fannin [email protected] 404-215-6822
• For project specific questions please contact John Dreswick
• Presentation slides will be posted to the GSA website at http://propertydisposal.gsa.gov/Training