MULTI-FAMILY RESIDENTIAL BUILDINGS

Reports have been prepared on existing apartment and townhouse structures as well as proposed facilities. Projects ranging in size from six to 900 units have been valued, including those with a mixture of unit types including lower level retail or office accommodation. The assignments have included buildings in excellent condition, under competent management, to those experiencing significant difficulty as a result of poor management, neglectful ownership, and abusive tenants.  The assignments have involved buildings held for investment, structures converted to condominium status for sale to individual owners or investors, and buildings taken back by the mortgage lenders upon default. Successful litigation support has been provided to lenders involving improvident sales as well as other legal situations. 

A wide range of design built Student Housing Valuations have been completed throughout the province, both on-campus and off.  The student housing market is a specialized investment market very dependent on Location and Management.  Project valued have included existing and proposed Student Housing developments including low, mid and highrise buildings for developers, vendors, purchasers and the financial community.  Market Demand Studies for student housing have been prepared along with Rental Surveys and Feasibility Studies for this specialized segment of the market, have been presented to developers as well as investors and financial institutions.

INDUSTRIAL BUILDINGS

Within this category, buildings ranging in size from 2,000 to 750,000 square feet have been analyzed. These single and multi-tenant structures were occupied by a wide range of occupants including food processing, chemical production, general manufacturing, warehousing including self-storage facilities and air craft manufacturing. In addition to valuations, studies have been completed with regard to highest and best use of existing structures and potential for conversion to an entirely different use such as apartments. Portfolio valuations with regard to leased investment holdings, and feasibility studies have also been completed. Many special-use buildings included in this category, resulting in value in use reports for internal and external corporate use, as well as feasibility rent analysis, based on investor requirements. Litigation support provided with regard to contaminated buildings both internally and from external sources.

RETAIL BUILDINGS

Valuations within this segment of the market have included older core area and neighbourhood mixed-use structures, retail strip malls, single-tenant structures and enclosed shopping centres. A wide range of reports have been prepared on well managed investment facilities, as well as those projects troubled by poor management, significant vacancy and falling income levels. Reports completed in conjunction with other professionals capable of addressing structural deficiencies and the costs associated with correction of same, also undertaken. Discounted Cash Flow (Argus Program) analysis often required in the analysis of these income-producing investment properties. Special use retail developments associated with recreational developments completed, throughout the province.

OFFICE BUILDINGS

Reports have been completed on existing and proposed single-storey owner-occupied buildings as well as high-rise, single and multi-tenant structures in the core area of various municipalities as well as suburban structures. The buildings have involved properties with the A, B and C classifications.  Variation in ownership has also included condominium registered buildings occupied on a lease basis or a combination of ownership and lease basis. Unusual situations have included buildings developed on leased land, or constructed with a head lease agreement for the entire structure.

VACANT LAND

Within this category, most types of vacant land have been appraised. This would include residential sites available for townhouse or apartment buildings. Industrial sites and sites available for construction of a wide range of retail, office or commercial developments. Larger vacant parcels considered on the basis of their highest and best use and then valued. Agricultural holdings valued for continued crop use as well as those in the path of future urban development.

SPECIAL-USE PROPERTIES

These would include student housing, public and private golf courses, marinas, a recreational residential condominium project located in a private ski club, fast food restaurants, service stations, car washes, nursing homes, retirement homes, a private hospital, parking structures, self-storage (mini) warehousing, campgrounds, car dealerships, owner-occupied and lease-back arrangements, restaurants, motels, hotels, taverns, schools and churches. Projects valued have included existing as well as, proposed developments for small operators as well as nationally recognized corporations.

FULL OR PARTIAL TAKINGS

Appraisal assignments for right-of-way situations including full or partial takings for roads, pipelines and hydro transmission lines have been undertaken, on a wide range of urban and rural properties. Consideration given to the value of the actual land taken, along with potential Injurious Affection, and temporary easements.

COURTS AND BOARDS

Appearance as an expert witness before various courts and boards has been undertaken as a result of appraisal assignments. As part of the defence team contributed to uccessfully defending financial institution involved in improvident sale cases. Participated in several situations involving partial takings and board of negotiation. Successfully defended clients position with regard to a properties value in "agreement of two" situation as a result of owners' property being destroyed by a fire. Insurance appraisals completed on properties extensively damaged by fire, storm and other acts of god.  Involved in negotiations regarding "before and after" valuation of contaminated property and assessment of damages to adjoining property owner. Rental studies prepared and presented to arbitrator to establish renewal rental rates for retail accommodations.

REVIEW APPRAISALS

The review of previously commissioned appraisal reports by others, undertaken primarily for the legal community when values apart or unable to agree upon methods or assumptions and conclusions. Often results in significant cost savings, over the commissioning of another full appraisal report. Litigation support provided to defence lawyers when appraisers are involved in litigation.  Consultant involved in the review of fraudulently prepared appraisal reports in which the value of properties significantly overstated in order to obtain mortgage financing greater than the value of the assets offered as security. 

A SELECTION OF PRESENTATIONS/PUBLICATIONS

Several articles published in business papers and magazines as well as trade journals. These articles have addressed the subject of the appraiser and his responsibilities in the power-of-sale process (Power of sale and the appraiser, Brian M. Knowles, 1995, Appraisal Insititute Magazine (AIM) Volume 39, Book 2, page 38). A review of the appraisal report, and how the reader should view same, entitled "Appraisal - Fact or Fiction". A technical article providing a basis for the Economic and Physical Analysis of income-producing properties published by the Appraisal Institute of Canada. Contributed articles dealing with the real estate market on a monthly basis to a national investment paper. Produce an annual market report on the apartment market "The Apartment Weather Report" along with monthly market newsletters addressing current market activity and trends, available at www.valcoconsultants.com.  Annual real estate round table participent for London Business magazine looking at market past and forecast.