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National Media Placement- BEHIND BARS- Valuation Magazine-2013
1. IN THIS
ISSUE
COURTING ATTORNEYS HUMANITY PROJECTS❘ VALUING A BED CONTRACTOR ORTHE BASICS OF LOBBYING
VALUING HABITAT FOR & LITIGATION WORK ❘ INDEPENDENT & BREAKFAST ❘ EMPLOYEE: WHO DECIDES?
VALUATION
SECOND
FIRST
QUARTER
2013
INSIGHTS AND PERSPECTIVES FOR REAL ESTATE APPRAISERS
ON THE
WATERFRONT
THE HIDDEN CHALLENGES
OF APPRAISING MARINAS
APV-017
3. www.appraisalinstitute.org
applicable for this assignment
because a prison is not run as
an economic engine like most
commercial properties.
Working on the valuation
over a two-month period,
DeClark and Gathman visited
the prison (what struck them
the most, DeClark says, was
the massive kitchen — designed to serve up to
9,600 meals each day), and employed experts
to verify the building area and to confirm
costs. Eventually they configured four different cost scenarios.
In the end, the Obama administration’s plan
to transfer refugees from Guantanamo Bay to
Thomson Correctional Center was rejected but
the Fed closed the deal for $165 million in October 2012 — with the caveat that it would not be
used to house military prisoners. Instead, it
will be operated by the Federal Bureau of Prisons and house the bureau’s own inmates.
Filling a Niche
DeClark says there are two main reasons he
specializes in hard-to-value properties. The
“ he more unusual a project, the less
T
concrete you can be and the less concrete
your associated fees can be … I always
seem to hear about the unusual ones.”
—GARY DECLARK, MAI
first is the intellectual stimulation — excitement mixed with some frustration — that
comes with doing something unusual and
challenging. “I do my homework and learn
as much about a market as I can,” he says.
“That’s just a good business technique
regardless of who you are and what project
you’re working on.”
The second reason is word-of-mouth. “I
always seem to hear about the unusual ones,”
he jokes.
DeClark says the hard-to-value properties typically require an extensive amount
of preliminary research — much more than
traditional building types — in order to get a
thorough understanding of the project. And
when an opinion of value is finally developed?
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“More often than not, it isn’t necessarily
that your opinion is deemed correct because
it’s just that — your professional opinion —
but it’s whether or not your opinion can
logically be defended.”
Unusual properties also can complicate
DeClark’s approach to appraisal fees. “The
more unusual a project, the less concrete
you can be and the less concrete your
associated fees can be,” he says. At the start
of each project, his strategy is to examine
the stages a project should follow, establish
targets he must hit and then assign a fee for
each target once it’s reached. He says this
arrangement makes him more of a consultant who just happens to be working on a
valuation assignment.
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