Over the past three to four months one big question continues to present itself: “what is the value of my property now and in the future?” One definition for value is “the importance, worth, or usefulness of something.” When considering real estate, usefulness is good to know, but people really want the specific monetary amount the property is worth. Well, in most stabilized markets, present value or worth is generally determined by looking at the recent sales comps, adjusting for the unique features present or absent at your property, discounting cash flows, and then allowing offers to materialize which validate (or invalidate) the seller’s price expectations. However, the reason so many people are asking lately is because we are in anything but a ‘stabilized market.’
Recent events across the globe and in the United States have sent many property owners and managers scrambling.......
Christopher J. Destino, SIOR, a Principal at Lee & Associates, is an engaging, responsive professional who enjoys working closely with his clients and helping them succeed.