Summer is nearly in full swing and the Valbridge Property Advisors | Kansas City office is definitely taking notice! Below are some of our favorite summer hangouts: Stockton Lake Located approximately two hours south of Kansas City, Stockton Lake boasts camping, boating, fishing, and much more! This pristine lake is our Director of Operations, Joanne Montgomery's, favorite summer spot! Colorado Our Senior Managing Director, Laird Goldsborough, MAI loves travelling to Colorado every summer with his family. While there, they like to climb 1,400 ft mountains! Harry's Country Club When Garrett Connolly, one of our appraisers, wants good food and summer drinks, he heads to Harry's Country Club in The River Market! The Mississippi River Every summer, senior appraiser Tyler Siegworth goes to the Mississippi River for kayaking, swimming, and boating with his family! What's your favorite thing to do when it's hot out? Let us know in the comments below!
0 Comments
Here at Valbridge | KC, we pride ourselves on our flexibility when it comes to different report types within the appraisal industry. This week we talk with our own Daniel Kann, MAI about Market Studies; specifically what they are and why they are so important. We hope you'll learn something from Daniel in this post, we certainly did! What is a Market Study? "A market study identifies the demand drivers for a particular type of property in a specific market or submarket. It calculates the residual demand based on current and projected growth and the amount of existing and future supply. In comparison, a marketability study focuses on how one particular property will interact within a market or submarket. Market studies are most commonly used in the multifamily space due to apartment projects being built on a speculative basis." Why Don’t Very Many People Perform Market Studies in KC? "Market analysis is part art and part science and requires an in depth analysis of the underlying fundamentals that drive supply and demand for a particular property type. The level of analysis included in a market study is not commonly utilized in daily appraisal practice creating a specialized niche within the valuation industry." Besides Here, Where Else Have You Performed These Studies? "I have recently traveled to Dallas, Richmond, Detroit, Jersey City, and New Orleans for market analysis. Traveling to an unfamiliar place and spending the time necessary to gain geographic competency allows you to learn interesting things about a particular city. After studying the urban core of Richmond, Virginia, my wife and I decided Richmond was a place that we would enjoy visiting and are planning to travel there in the near future." See Some of Daniel's Projects Below: We hope you were able to learn a little more about Market Studies! If you are interested in learning more or having a market study performed, click here to contact Daniel Kann. Since 2010 Daniel has specialized in all aspects of multiunit valuation, with an emphasis placed on marketability/feasibility studies and valuation for new construction. The last several years have been extremely active for multiunit housing. Daniel and the team completed valuation and consulting assignments totaling $2.3 billion in 2015 and $1.90 billion in 2016. Recent assignments in Kansas City include One Light, Two Light, Mission Farms, Woodside Village, Roaster’s Block, 51 Main, The Vue, Avenue 80, Prairie Fire Apartments, Union at Berkley Park, Heights at Linden Square, WaterSide on Quivira, and numerous loft and conversion projects in the urban core. Daniel is also active in the Section 8, Low Income Housing Tax Credit (Section 42), and senior housing space. It's a new year and that means new questions about our business and the appraisal industry in general. Buckle-up as we go over some quick facts and frequently asked questions to uncover some information that you may not know!
1. Did you know? There are 200 MAI designated appraisers total throughout Valbridge | National. 2. Did you know? Having a mentor in the industry is paramount to your success as an appraiser. 3. Did you know? Kansas chartered banks no longer require land valuations for appraisal reports. 4. Did you know? VPA | KC alone has appraised over 600 Million square feet of CRE in the last year. 5. Did you know? Kansas City is experiencing an influx of CRE development currently. 6. Did you know? The appraisal process is threefold: gather, analyze, report. 7. Did you know? There are now 68 Valbridge offices across the nation so we can serve our clients wherever needed. 8. Did you know? There are 20 employees in the VPA | KC office, which includes six MAI designated appraisers. 9. Did you know? Valbridge services all property types, including special-use properties. 10. Did you know? Valbridge Property Advisors is the largest independent national real estate valuation firm. As 2016 comes to an end, we'd like to catch our breath and reflect on some of the amazing travels we've been on this year! Germany: Our Appraiser, Ryan Myers, visited Germany for a wedding and stopped by Oktoberfest this past September! Mexico: Our Operations Director, Joanne Montgomery, visited Mexico this past January! Iceland: Maddy Johnson, our Marketing Coordinator, visited Iceland this past June! Ireland: Our Research Analyst, Spencer Morse, visited Ireland in July! Jamaica: Jessica Perryman, an Appraiser, went to Jamaica this past January! Colombia: Ryan also went to Columbia this year! Montreal: Our Director of Multifamily, Daniel Kann, MAI, went to Montreal in October! Here's to more travels in 2017! Tell us where you went in 2016 in the comments above!
When it comes to appraising commercial real estate, you never know what you'll get to work on! Our work on complex projects includes everything from space rocket facilities to RV parks, and everything in between. Listed below are some of the most unique projects we've been able to assist with and the challenges that came with them. Challenges like these are what we encounter on a daily basis, which is why we highly recommend hiring an experienced appraiser for special-use projects like these. 1. Crude-By-Rail What it is: Trains transport crude oil all over the country and unload it onto barges, tankers or pipelines for onward delivery. Challenges of this property type: - Estimating Construction Costs - Economic obsolescence -Market analysis 2. Steel Mill What it is: Steel mills are industrial facilities where steel is manufactured. Challenges of this property type: - Estimating construction costs - Economic obsolescence -Market analysis 3. RV Park What it is: A campground for recreational vehicles or caravans. Challenges of this property type: -Type of user (recreational versus work related) -Forecasting demand What it is: A structure used to hold airplanes in protective storage. Challenges of this property type: Typical leases on hangars include varying rents that depend on the amount of fuel that is purchased (which is business value as well), so finding a market rent due solely to the real estate can be difficult to identify. What it is: An industrial facility for manufacturing space rockets. Challenges of this property type: It is rare that these sort of buildings sell on the open market, therefore the identification of comparable properties for a specialized facility like this can be difficult. Our contributor for this post was Jason Roos, MAI. Jason is an MAI designated member of the Appraisal Institute, and former President of the Appraisal Institute's Kansas City Chapter. He is a State Certified General Appraiser licensed in Kansas, Missouri, North Dakota, Nebraska, Illinois and Iowa. Jason is focused on providing clients with up-to-date, relevant and accurate market information as a director at Valbridge Property Advisors | Kansas City. Valbridge Property Advisors | Kansas City provides unbiased commercial real estate valuation for local, regional, and national clients. In business for over 38 years, the firm is led by five MAI-designated members of the Appraisal Institute. Here (in no specific order) are several mixed-use projects we're eager to see come to fruition in Kansas City. Check out our list and let us know what you're most excited to see in the comments below!
1. Armour Boulevard and Troost Avenue Redevelopment: Antheus Acquisitions, LLC was just granted redevelopment rights for three parcels near Armour and Troost. This project is calling for a total of 300 to 320 residential units over a total of 25,000 square feet of retail space at the four corners. Why we're excited: Not only will this development create much needed housing, but it will help mitigate the 'dividing line' affects that Troost is known for. 2. Woodside Village: A mixed-use development, Woodside Village will house 330 luxury residences and 35,000 square feet of retail shops. Why we're excited: Woodside Village will increase the walkability of Westwood by providing a grocery store and gym, as well as create a stronger community bond. 3. Commerce Tower: A "vertical village"; Commerce Tower in Downtown Kansas City will be improved by a $139 million renovation to create a mixed-use oasis for city-dwellers. Why we're excited: Commerce tower will employ smart design techniques with LEED Silver sustainability. This project will not only create much-needed housing, but essentially become a virtual neighborhood within a building. What's not to love about that?! 4. Plexpod Westport Commons: You may remember Plexpod Westport from a previous post we published about coworking! Plexpod will be the world's largest coworking facility housed inside Westport Middle School. Why We're Excited: As a coworking facility, this development will be an incubator for start-ups and small businesses, while also paving the way for innovation in the workplace. Aside from this, the development will be an asset to the community itself and contain a neighborhood urban farm. Sources: Armour Boulevard and Troost Avenue Redevelopment Troost/Armour Developer Throws in 300 Apartments to Dilute Risk Woodside Village Woodside Village Brochure Commerce Tower Aims to Solve Downtown Living Woes Commerce Tower Returns to Village Concept Development Group Announces Worlds Largest Coworking Facility A Look at Coworking in KC and Why it Matters to You Two weeks ago Valbridge | Kansas City helped the Rosedale Development Association (RDA) clean up Fisher Park in Kansas City, Kansas. The experience helped to shed light on the redevelopment efforts that RDA and other community members are making to Rosedale and the surrounding areas. RDA's goal is to better the lives of all Rosedale residents and advocate for community improvement across the board. To learn more, we spoke with RDA's Healthy Kids Program Director, Erin Stryka. Valbridge | Kansas City: "Thank you for agreeing to speak with us! It was really fun helping you guys out with the trails. Could you tell me a little bit about the state of the community right now?" Erin: "No problem, and we appreciate the help! Volunteerism is what drives our organization. Right now in Rosedale the community members are really excited because the Rosdale Community Survey has been completed and the Rosedale Master Plan has just been drafted. The community has been a vital part in the planning process and remains incredibly engaged and interested in the changes that will happen in the next few years." Valbridge | Kansas City: "So what are the next steps in the planning process?" Erin: "The next step is getting the plan adopted by the commission. The goal is to make sure the community remains involved in the process of doing this." Valbridge | Kansas City: "That's awesome! So what's something that you personally are really excited to see happen in the community?"
Erin: "I was really excited to see how much people care about our park system here in Rosedale. With this kind of support we'll be able to do some great work. We have three city parks, and one park that's maintained by a church, so making sure all of them are well maintained is a huge undertaking. It's nice to know that we have so many people willing to help." Valbridge | Kansas City: "Definitely. Is there anything else you would like to say about your organization before we wrap up?" Erin: "Yes, I would like to let everyone know that Rosedale Development Association relies heavily on the community and volunteerism. Volunteer efforts are how we are able to improve the community and the lives of people living there. We really appreciate groups like Valbridge | Kansas City and other companies who are willing to sacrifice a few hours to community improvement." We would like to thank Rosedale Development Association and Erin Stryka for letting us work with, and get to know their organization. For more information on RDA, or if you would like to volunteer, please visit Rosedale.org. If the Midwest knows one thing, it's farming! Here at Valbridge | Kansas City, we've compiled a list of our favorite urban farms and farmers' markets in the KC Metro. Many of these places use sustainable urban growing practices and promote local food consumption! Urban farms and markets in the KC Metro: This map shows all the urban farms (green dots) and farmer's markets (orange dots) in the KC Metro. It was obtained from local non-profit Cultivate KC! Overland Park Farmers' Market: One of the biggest markets in the area! OP Farmers' Market hosts a wide variety of artisans and vendors, selling everything from fresh fruits and veggies, to handmade soaps and local cheeses. Open on Saturdays from 7:00 am to 1:00 pm.
Green Dirt Farm: CHEESE, CHEESE, CHEESE! If you love dairy, then this is the farm for you! Green Dirt Farm supplies farmers' markets, stores (Whole Foods, Nature's Own, and Cosentino's Market, to name a few), and restaurants with their cheeses and yogurts. To see a full list of where Green Dirt sells their products, click here! Waldo Farmers' Market: "Where neighbors come for dinner!" This market has been operating for six years now, and is located adjacent to the Trolley Track Trail on W. 79th street in Waldo. Walk, bike, or jog by on Wednesdays from 3:00 to 7:00 pm. Juniper Gardens Training Farm: On eight acres of previously vacant ground near downtown Kansas City, KS, a new green and productive space is growing. Juniper Gardens is a training farm for new refugees in the KC Metro. Not only is this farm a great cause, but they promote sustainable local eating by selling their fruits and veggies at markets all over the area. Find their produce here! North Kansas City Farmers' Market: Farms and fun in The Northland! Located near several excellent locally unique restaurants and a park for children to play, this market provides the freshest of fruits, vegetables, honey and bread products from area farmers and farm-based vendors. Check them out on Fridays from 7:00 am to 1:30 pm. Gibbs Road Farm: "Growing food, farms and communities for a healthy local food system." Gibbs Road Farm produces over 25,000 pounds of certified organic vegetables and maintains sales of $100, 000 annually, establishing it as one of the area's largest vegetable producers. Find their produce at Brookside Farmers' Market! Brookside Farmers' Market: "Come for fresh, organic home-grown vegetables, meats, baked goods, juices, and more!" Get to know your farmer and your food at this neighborhood market located at 63rd Street and Wornall Road. This market is open Saturdays from 8:00 am to 1:00 pm. Our Director of Multifamily Valuation, Daniel Kann, was interviewed by The Kansas City Star on the apartment boom in the Kansas City Metro! Check out the article below, as well as Daniel's bio. Daniel Kann, MAI Daniel appraised over two billion dollars of multifamily real estate in 2015 and is MAI designated through The Appraisal Institute. As Director of Multifamily Valuation, he oversees and implements all things related to the property type. Recently, Daniel has traveled throughout the country (Omaha, Dallas, Philadelphia, and St. Louis to name a few places) for various market studies. Daniel received his bachelor's degree from the University of Northern Iowa in Real Estate Finance and Marketing and is currently working on a master's in Real Estate finance and Construction from the University of Denver. Daniel is licensed in Kansas, Missouri and Illinois. |
|