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.  

Small US Banks at Greatest Risk of Commercial Real Estate Losses: Fitch Ratings

Originally published on August 31, 2021, on MBA Newslink.

Fitch Ratings, Chicago, said the U.S. commercial real estate market will likely see deteriorating credit metrics once stimulus measures wind down and forbearance programs expire, with smaller CRE-concentrated banks more susceptible to elevated losses, which are expected to peak below levels seen in the past.

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FHFA Extends Length of Time Investors Prevented from Buying Foreclosed Homes

Originally published on September 1, 2021, by Adam Russell for FFHA. 

Washington, D.C. – Today, through the First Look Program, the Federal Housing Finance Agency (FHFA) extended from 20 to 30 days, the period during which owner-occupants, public entities, and nonprofits will have exclusive ability to buy Fannie Mae and Freddie Mac (the Enterprises) real estate owned (REO) properties before they are available for investor purchase. Launched in 2009, the First Look Program promotes owner occupancy and neighborhood stabilization. Providing individuals, families, and nonprofits with a longer amount of time to find adequate financing should help keep owner-occupants living in these homes.

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Cap Rates in Quick-service Sector at Historic Low: Report

Cap rates in the net lease quick-service sector reached a historic low of 5.26% during the second quarter, down 39 basis points from last year, according to the Q2 2021 Net Lease QSR Market Report released Sept. 1 by The Boulder Group. Cap rates for corporate-leased QSR properties dropped 20 basis points to 5%, while properties leased to franchisees dropped 43 basis points to 5.4%.

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White House Seeks Immediate Increase in Affordable Housing

Originally published on September 1, 2021, by the White House. 

Since President Biden took office, the economy has created more than 4 million jobs, with an average of more than 830,000 new jobs over the last three months. In the first half of the year, the economy grew at the fastest rate seen in nearly 40 years.

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Discussion with Robin Boylan & More Upcoming Events

September Events Coming Up!

Next Week!
Commercial Real Estate Discussion with Robin Boylan
September 15 | 6:00pm | Asheville, NC  

Next week, Robin Boylan, CCIM, SIOR, Commercial Broker Associate at NAI Beverly-Hanks will provide commercial real estate insights and updates on the local Western Carolina commercial market including the retail, office, and industrial sectors. The event will be held in an outside covered pavilion at Wild Wing Café. This event is hosted by the NCAI’s Western Carolina Branch Chapter.
 
Send RSVPs to Western Carolina Branch Chair, Laura Gourlay, MAI, [email protected].
 
NCAI continues to monitor the ongoing global health pandemic and reserves the right to make necessary changes to Chapter events event based on federal, state, and/or local restrictions & guidelines.

Q3 Chapter Business Meeting
September 23 | 2:00pm | Virtual

Join fellow members and guests later this month to congratulate newly designated members, hear committee updates about the Chapter’s summer activities and find out what lies ahead for the Fall/Winter!

Make sure to register prior to joining the meeting to receive the 2 AI credits. 

Register Here

Existing-home Sales Rose 2% in July as Most Regions Reported Gains: NAR

Originally published on August 23, 2021 by Quintin Simmons for the National Association of Realtors.

WASHINGTON (August 23, 2021) – Existing-home sales rose in July, marking two consecutive months of increases, according to the National Association of Realtors®. Three of the four major U.S. regions recorded modest month-over-month gains, and the fourth remained level. Figures varied from a year-over-year perspective as two regions saw gains, one witnessed a decline and one was unchanged.

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3D-printed Homes Appeal to Two-thirds of Consumers: Report

Originally published on August 20, 2021, by Nicole Murphy for Realtor.com.

Three Quarters of Millennials Would Consider a 3D Printed Home, According to Realtor.com® Survey

Major selling points include affordability, energy efficiency and resistance to natural disasters

SANTA CLARA, Calif.Aug. 20, 2021 /PRNewswire/ -- 3D printed home technology has hit the mainstream, with builders claiming these homes can be built in half the time and for half the cost. But will people actually buy them? A new survey from Realtor.com® found that 66% of all consumers and 75% of millennials would consider living in a 3D printed home. The survey also found that 30% of all respondents and 43% of millennials think that 3D printed homes will replace traditional methods of homebuilding.

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Growing Sales, New Stores to Boost Retail Loans: Outlook

Originally published on August 24, 2021, by Michael Tucker for Mortgage Bankers Association.

Moody’s Investors Service, New York, said rebounding retail sales and new store openings should boost retail property loan performance.

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People Moving to Areas with High Disaster Risk: Redfin

Originally published on August 25, 2021, by Angela Cherry for Redfin.

More People Are Moving In Than Out of Areas Facing High Risk From Climate Change

Redfin analysis finds that the U.S. counties with the largest share of homes facing high heat, drought, fire, flood and storm risk saw their populations grow from 2016-2020

SEATTLE, Aug. 25, 2021 /PRNewswire/ -- (NASDAQ: RDFN) — America's disaster-prone areas are becoming more populous as new residents move in, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. The U.S. counties with the largest share of homes facing high heat, drought, fire, flood and storm risk saw their populations grow from 2016-2020 due to migration, while the counties with the smallest share of homes facing climate risk largely saw their populations decline.

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2021 Real Estate Valuation Conference is next Thursday!

Register now for next week’s Real Estate Valuation Conference! Industry experts from CBRE, NewRez, Flagship Healthcare Properties, and Lee & Associates will discuss the appraisal industry’s current market trends and critical focus areas in real estate valuation. View the full list of speakers and their session descriptions here

The conference has been approved by the
NC Appraisal Board for 7 credit hours

Registration will close at 5pm ET on 9/1.

Register Now

Meet the Member: Vanessa Hall

  • Where do you live and who do you work for?
    Charlotte, NC  - Colliers International
  • How long have you been appraising?
    22 years in July
  • Who was your supervisor as a Trainee and how did you meet them?
    I began as a trainee (in 1999 it wasn’t required in Illinois to formally identify as a trainee) with John O’Dwyer of JSO Valuation Group. I applied through a recommendation/suggestion from my Uncle, Don Hall. 
  • What is the most unique property you’ve appraised?
    Edenmoor, a partially developed residential subdivision that included recreational ballfields, park facilities, a landfill, a building for the local EMS, and a commercial site.  The property was also developed using municipal bonds.
  • What is a fact about you, outside of work-life, that people would be surprised to know?
    That I taught dance fitness and as recently as June 2020 owned my own dance fitness company.
  • What is the biggest benefit you’ve seen from your involvement in the NCAI?
    Social and work connections.  I’ve made friends in the Chapter and have met appraisers from across the state which is helpful when I have an assignment in different markets for many reasons including the need for area data and an understanding of that market.  

Home Prices Climb in Nearly all Metro Areas During Q2: NAR

Originally published on August 12, 2021, by Quintin Simmons for Mortgage Association of Realtors.

WASHINGTON (August 12, 2021) – Continued low levels of housing inventory, combined with record-low mortgage rates spurring housing demand, have caused an increase in median sales prices for existing single-family homes in all but one of 183 measured markets during the second quarter of 2021. That is according to the National Association of Realtors®' latest quarterly report, which reveals that 94% of 183 metro areas also experienced double-digit price increases (89% in the first quarter of 2021).

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Back-to-office Delays Should Not Adversely Affect Office REITs, Fitch Ratings Forecasts

Originally published on August 17, 2021, by Michael Tucker for Mortgage Bankers Association.

Fitch Ratings, New York, said long-term office leasing plans will not likely be affected even if U.S. corporations continue to delay their return-to-office plans.

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CRE Construction, Completions Decline: Moody’s Analytics

Originally published on August 10, 2021 by Michael Tucker for Mortgage Banker's Association.

Moody’s Analytics REIS, New York, reported commercial real estate completions fell in the second quarter from an already record low first quarter.

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REVC Pricing Increases Next Thursday (8/19) | Register Now

Register now for this year’s virtual REVC which features industry leaders who will highlight market trends and valuation issues in a variety of sectors including commercial, retail, residential, office, industrial, healthcare, finance, hospitality, and more! 

You won't want to miss hearing from speakers Arpit Shah, CBRE; Adam Johnston, Genworth Financial; Gerald Quattlebaum, Flagship Healthcare Properties; and Christina Coffey, Lee & Associates who will be discussing the hospitality, finance, healthcare, and retail sectors. View the full list of speakers and their session descriptions (including AM sessions) here.

NC Appraisal Board Approved for 7 Hours

Register Now

In Memoriam: Norman William Burgess II

With great sadness, we report the passing of Norman William Burgess II, husband of NCAI Past President & member Susan M. King, MAI, SRA.

The family will receive friends for a "Celebration of Life at the House that Norm Built" on Saturday afternoon, August 14, 2021, from 3:00 pm to 5:00 pm, 3275 Nottingham Road, Winston-Salem, NC (near Forsyth CC). There will be a private Graveside Service for the family only and the interment will be at Forsyth Memorial Park, Winston-Salem, NC.

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Investor Demand Returning to Retail Sector

Originally published on July 12, 2021, by Michael Tucker for MBANewslink.

Consumer retail spending now exceeds pre-COVID levels; investor confidence in retail real estate is also growing, reported JLL, Chicago.

The retail sector–especially non-essentials goods and services–was among the hardest-hit CRE sectors early in the pandemic, but as vaccinations increase and restrictions ease, investor interest is nearly back to pre-pandemic levels. The sector captured an 11-percent share of transaction volume year-to-date in 2021, nearly where it was before the 2020 lockdowns.

“Consumer shopping patterns have bounced back due to pent-up demand over the past 12 months,” said Danny Finkle, JLL Senior Managing Director. “People are spending money across the spectrum of retail locations.”

Finkle noted this increased spending goes “hand-in-hand” with investor sentiment, “so as consumers spend more on food and beverage, apparel and other non-essentials and spend time in malls, departments stores and lifestyle centers, capital will follow,” he said.





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Urban Flight is a Myth, Freddie Mac Report Shows

Originally published on July 12, 2021 by The Economic & Housing Research Group for Freddie Mac.

As we noted in a previous report, there was an observed shift of home purchases in the last decade, even before the onset of COVID-19, from urban areas to suburbs and rural towns. We went on to link several possible socioeconomic factors driving the ongoing trend of household migration away from urban areas. The present study extends those findings using MLS data collected from January 2000 to May 2021 to address additional changes taking place pre- and post-COVID in the residential environmental preferences of households. While the rising trend of suburbanization and movement to rural areas still holds true, the new data also refutes the notion that urban revival is over—at least not in all cities—by illustrating the heterogeneity of the U.S. housing market across its regions.

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Sentiment Regarding CRE, Cap Rates Improves: Survey

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

CRE executives’ market sentiment has improved dramatically from a year ago, reported RCLCO, Washington, D.C.

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