CBA provides Real Estate Appraisal in our scope of services allowing all three components of the Real Estate Analysis to be offered. All reports are specifically tailored to each client’s needs.
Appraisal reports offer the following in accordance with the Uniform Standards of Professional Appraisal Practice:
- Letter of Market Value and Conditions of Appraisal
- Executive Summary sets forth in brief form the appraised value and income data, a general property description and statement of highest and best use.
- Scope of the appraisal includes property name and location, date of appraisal, elements of the appraisal and any history.
- Facts, Assumptions and Conditions describe the limitations that affect the basis of the appraisal such as conditions of title, existence of encumbrances, representation of opinions, restrictions on use, guarantee of third party information of responsibility for hidden conditions, compliance with American with Disabilities Act, presence of hazardous substances, governmental requirements, etc.
- Geographical Analysis describes the site location, local economy, availability of housing, schools, cultural assets, expected growth and general opinion of the area.
- Market Analysis describes the local competitive market, trends in rent, review of historical and current market data, and information based on local knowledge.
- Local Neighborhood describes constituents of the neighborhood, neighborhood data, traffic, infrastructure and appraiser’s opinion of neighborhood.
- Property Site Description describes the physical characteristics of the site, flood plain location, presence of identified hazards, utilities and surrounding properties.
- Property Improvements describes the property age and useful life; number, type and size of buildings; construction systems; mechanical, electrical and plumbing systems; apartment and property amenities; functional adequacy; parking; pool; landscaping; condition of site improvements; recent capital improvements and photographic depiction of the property.
- Zoning Regulations Summary describes zoning designations, type of zoning, zoning restrictions and requirements and property compliance with zoning regulations.
- Highest and Best Use Analysis describes the most advantageous use of the property.
- Tax Analysis describes tax rates, tax authorities and analysis of tax expense.
- Cost Approach describes replacement cost of the property.
- Sales Comparison/Market Approach describes properties of a similar size and type and develops a conclusion of sales price most comparable.
- Income Approach describes the present value based on capitalization of anticipated income stream.
- Operations Expense uses the historical property expenses to establish the future property operating expenses such as taxes, management, maintenance, utilities, advertising and replacement reserve.
- Correlation/Final Value reconciles the appraisal values and provides final value.