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Indoor, Outdoor Mall Visits Down in September as Retail Recovery Slows: Index

Originally published on October 6, 2021, by Ethan Chernofsky for Placer.ai BLOG.

Top tier malls across the country had been experiencing a steady recovery since the start of 2021. This recovery culminated in July when visits to indoor malls rose 1.0% above the same month in 2019, with outdoor mall visits rising 1.8%. Pent-up demand, a lack of travel, general excitement around the retail reopening and more all combined with the Back-to-School retail season to drive an impressive month.

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Mortgage Rates Decrease Slightly as Economic and Financial Uncertainties Grow

Originally published on October 7, 2021 by Angela Waugaman for Freddie Mac.

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.99 percent.

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Commercial Real Estate Sees Double-digit Price Growth in August, Report Shows

Originally published on October 7, 2021, by Michael Tucker for MBA Newslink.

Real Capital Analytics, New York, reported all four major commercial real estate types posted double-digit annual price growth in August.

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Housing Inventory Reaches Yearly High: Realtor.com September Housing Report

Originally published on September 30, 2021 by Nicole Murphy on Realtor.com.

New housing data shows inventory hit a 2021 high in September, giving buyers more choices than they have had all year, according to the Realtor.com® Monthly Housing Report released today. Nearly one-third of the 50 largest metros continued to see increases in newly-listed homes compared to last year and in Austin, TexasPortland, Ore.Jacksonville, Fla.; and Washington, D.C., new listings were up more than 10% year-over-year.

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Worldwide Wellness Real Estate Sector is Healthy and Growing, New Report Shows

Originally published on September 28, 2021, by Beth McGroarty for Global Wellness Institute.

The nonprofit Global Wellness Institute (GWI), the leading research organization for the wellness industry, today unveiled new data for the wellness real estate market revealing extraordinary recent growth. From 2017-2020, the global market grew 22% on average annually, expanding from $148 billion in 2017 to $225 billion in 2019 to $275 billion in 2020. Wellness residential projects skyrocketed in those three short years, from 740 in 2017 to over 2,300 today.

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Renters Outnumber Owners in Many Suburbs, Data Shows

Originally published by Lynn Pollack on September 17, 2021 for GlobeSt.com.

Renters are now the majority in more than 100 US suburbs, including the suburbs of Miami, Washington DC, and Los Angeles, according to a new report from RentCafe.

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Federal Reserve Expected to Pull Back on Major Stimulus

Originally published by Anneken Tappe on September 22, 2021 for CNN Business.

The Federal Reserve isn't ready to take its foot off the stimulus gas pedal just yet, but that soon might change.

If the economic recovery continues to progress as expected, the Fed "judges that a moderation in the pace of asset purchases may soon be warranted," according to the bank's policy update published Wednesday.
This raises the prospects of a November announcement that it will step on the brakes. But even if such a move was delayed until December or January, it wouldn't matter much to markets, which have already priced in a policy change, said Seema Shah, chief strategist at Principal Global Investors, in emailed comments.
    The Fed could also lift interest rates as early as next year, according to updated projections, as opposed to waiting until 2023 as previous forecasts called for.
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    Branch Chapter Events & Q3 Chapter Business Meeting Highlights

    Over the summer, members in the Metrolina area gave back to their local community by volunteering with the Crisis Assistance Ministry to help sort clothes and donated household items for families in need. In addition, members in the Asheville area connected for happy hour at Blue Ghost Brewery! And in September, 30+ members gathered virtually and heard committee updates about the Chapter’s summer activities, learned what’s ahead, and celebrated our newly designated members, Ashley Cate Cooper, MAI, and Stephen M. Worthy, SRA, AI-GRS, AI-RRS. Ashley earned the MAI designation and Stephen earned the SRA and AI-RRS designations. Congratulations to them both!


    Save the date: Q4 Chapter Business Meeting & Installation Ceremony is on December 9 at the Foundation for the Carolinas in Charlotte, NC. More details coming soon. 

    Members Connect with Legislators in Raleigh

    This past July, Chapter members Mike Moody, MAI, Mike Elwell, MAI, SRA, R/W-AC, John C. Palmer, MAI, CCIM, and Greyson S. Morgan, MAI had a very successful visit to the state capitol where they met with Representative Jon Hardister, House Majority Whip; Representative John Bell, House Majority Leader; Representative Terry Brown; and Representative Brian Turner to discuss current and upcoming legislation topics that impact the North Carolina appraisal industry.

     

    Success at the 2021 Real Estate Valuation Conference

    Thank you to all those who attended the 2021 REVC and to our event sponsors and speakers. On September 2, attendees heard insights into market trends, challenges, highlights and developments in the commercial, retail, residential, office, industrial, healthcare, finance, and hospitality sectors. This year’s attendees raved about the conference and are already looking forward to next year!

    A special Thank You to our conference sponsors for helping make this year’s event a success!

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    Hotels in City Centers Still Struggle as Other Hospitality Properties Recover: Data

    Originally published on September 22, 2021 by Shira Petrack for Placer

    Our latest whitepaper analyzes the tourism and travel recovery following a year and a half of extraordinary challenges. We dove into foot traffic data for cities, states, hotels, airports, and tourist attractions across the countries to understand how the pandemic impacted – and continues to impact – these critical industries. 

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    45-Day Notice on Proposed Amendments to Bylaws and Regulation No. 8, Exposure Drafts

    Originally published on September 29, 2021, by the Appraisal Institute.

    The Appraisal Institute Board of Directors on Sept. 27 sent to 45-Day Notice of proposed amendments to Bylaws and Regulation No. 8, Standards of Valuation Practice, and three exposure drafts.  

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    Mortgage Rates Stagnant as Economy Slows; Home Price Growth Moderates: Freddie Mac

    Originally published on September 23, 2021, by Angela Waugaman for Freddie Mac.

    MCLEAN, Va., Sept. 23, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.88 percent.

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    Welcome New NCAI Members

    We’d like to welcome our newest members who joined in Fall 2021!

    • Ashley Cooper, MAI
    • Kristina Van Buskirk
    • Bradley Dunn
    • Sueann Nelson
    • Parker Howard
    • Gregory Smith
    • Julie Lemonds
    • Tyler Skaggs

    Commercial Property Appreciation Increases for Five Consecutive Months: CoStar

    Originally published on September 15, 2021, by Michael Tucker for Mortgage Bankers Association.

    Commercial property prices just keep increasing, according to reports from CoStar, Washington, D.C. and Green Street, Newport Beach, Calif.

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    Hotel Sector Continues to Recover: STR and JLL Report

    Originally published on September 14, 2021, by Michael Tucker for Mortgage Bankers Association.

    The hotel sector continues to bounce back from a devastating 2020, according to new reports from STR and JLL Hotels.

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    LEED-certified Assets Cost More to Build, Command Higher Prices: Cushman & Wakefield

    Originally published by Jacob Albers and David Bitner for Cushman & Wakefield.

    As investor interest in ESG strategy rises, LEED-certified office provides a key indicator on comparative performance By 2023, 80% of investors intend to incorporate ESG into their strategy.

    As demand for ESG-committed assets has grown, a key question has arisen: do these assets perform the same or better than their non-ESG peers? If so, is it possible to quantify this difference?  

    Key takeaways:  

    • LEED-certified buildings have consistently achieved higher rents compared to their non-LEED counterparts. 

    • Attaining ESG commitment through LEED certification does come at higher cost through construction or renovation.  

    • LEED-certified assets outperform during recession-recovery periods. 

    • The pandemic accelerated tenant demand for ESG assets. 

    • LEED-certified assets held a 21.4% higher average market sales price per square foot over non-LEED buildings during the past three years. 

    • Sustainable assets are still fairly niche, with LEED certification accounting for just 2.5% of the total urban office inventory in the United States.   
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    HUD Disproportionately Sells Homes in Flood Zones: NPR

    Originally published on September 13, 2021, by Huo Jingnan, Rebecca Hersher, Tegan Wendland, Steve Newborn and Daniel Rivero for NPR.

    The first thing Larry McCanney fell in love with was the tree in the front yard. It cast shade on the porch of a house that, if he were honest, needed some work. But McCanney is handy, the price was right and the location was perfect, just a couple of miles from his childhood home in Burlington, N.J.

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    Black And Latino Homeowners Are About Twice As Likely As Whites To Get Low Appraisals

    Originally published on September 23, 2021, by Joe Hernandez for NPR.

    Home appraisers are more likely to undervalue homes in Black and Latino areas than those in white ones, a new report by Freddie Mac has found.

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    Meet the Member: Rocky McElhannon

    Where do you live and who do you work for?
    I live in south Charlotte. I am employed by Colliers International Valuation & Advisory Services

    How long have you been appraising?
    I started as a residential appraiser in 1985 and moved to a commercial in 1987.
     
    Who was your supervisor as a Trainee and how did you meet them?
    Jeff Parkhouse, MAI with Indian Valley Appraisal Company in Harleysville, PA. I met him through a family friend. I lived in Greensboro, NC at the time. He was willing to give me a chance, so I moved to PA and learned the commercial side of appraising for eight years before moving to Charlotte in 1995 to go to work for T.B. Harris, Jr., & Associates.
     
    What is the most unique property you’ve appraised?
    Rockingham Speedway, the Epi-Center, and the Charlotte Convention Center
     
    What is a fact about you, outside of work-life, that people would be surprised to know?
    That I am a Bonsai enthusiast
     
    What is the biggest benefit you’ve seen from your involvement in the NCAI?
    The key to this question is “AI”. The Appraisal Institute is the world leader in Appraisal Education. The North Carolina Chapter of AI is one the most active, strongest, and respected Chapters in the Country. If you get involved with this chapter you will be rewarded in ways you can’t imagine. You will make friends that you have a common bond for the rest of your life. When we get back to normal and you can attend a quarterly chapter meeting you will understand what I mean.