In 1991, I flew from Dallas, Texas, to Dayton, Ohio, to appraise a self-storage facility for the first time in my career. The facility had cost around $2 million to construct but subsequent overbuilding had saturated the market and it was now worth around $600,000. "Excess profits breed ruinous competition." The truth of that maxim sank in as … [Read more...]
What Does The MAI Designation Mean?
An MAI designation is the most prestigious accomplishment an appraiser can achieve. By hiring a member of the Appraisal Institute with an MAI designation, a client will know that their appraiser has achieved the highest professional level of education and training available to commercial appraisers. What does the MAI Designation mean? To receive … [Read more...]
The Mystery of Time and Money
Many people will recognize this famous painting, The Persistence of Memory, by Salvador Dali. It was painted not long after Albert Einstein developed his Theory of Special Relativity that challenged long-held beliefs about time and how it relates to the world around us. Perhaps it shouldn't come as a surprise that money has very similar abstract … [Read more...]
Commercial Real Estate in Lexington, KY
Anyone looking for an excellent place to start a business should consider Lexington, KY as a top contender. Lexington has a diverse culture and a rich heritage, that continues evolving. Strong growth makes Lexington a good market for new commercial businesses looking to buy a building and establish a presence in the city. It's also a good market … [Read more...]
Heaven on Earth
Our real agenda? To change the world. And it's working - for those who work with us and also for our clients. From my perspective, money isn't the goal. It's necessary, but it is only the means to an end. And that end is to create an environment in which the people around us and those involved with our business can flourish. Ambitious goal? … [Read more...]
What Scarface and the Cost Approach Have In Common
TRIGGER WARNING: If images or discussions of M203 grenade launchers scare you, please stop reading now. The truth is, most appraisers don't like the cost approach. 'Hate' might be too strong a word but I have a strong dislike for it. As with any occupation, appraisers are paid to produce. We write appraisals, send them to the client, and get … [Read more...]
God Saw That It Was Good.
"And God saw every thing that he had made, and, behold, it was very good." - Genesis 1:31 People love to draw lines beyond those necessary to protect us from ourselves. Perhaps Eve was the first "...neither shall ye touch it..." God's command was not to eat. Ignoring the rest of the story, some are determined to follow her example. To his … [Read more...]
DNA Test Links Appraisers with Turnips
You've probably heard the saying that you can't get blood from a turnip. It's true, you know. You can never squeeze hard enough. Not that I've tried. But that seems to be what some regulatory officials may be expecting of commercial appraisers these days. Humor me for a second while I bellyache. With nothing better to do at 3:00 AM, I opened up … [Read more...]