Fair market value
From Wikipedia, the free encyclopedia
Fair market value (FMV) is an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the market. An estimate of fair market value may be founded either on precedent or extrapolation. Fair market value differs from the intrinsic value that an individual may place on the same asset based on their own preferences and circumstances.
Since market transactions are often not observable for assets such as privately held businesses and most personal and real property, FMV must be estimated. An estimate of Fair Market Value is usually subjective due to the circumstances of place, time, the existence of comparable precedents, and the evaluation principles of each involved person. Opinions on value are always based upon subjective interpretation of available information at the time of assessment. This is in contrast to an imposed value, in which a legal authority (law, tax regulation, court, etc.) sets an absolute value upon a product or a service.
An eminent domain taking, in lieu of a property sale, would not be considered a fair market transaction since one of the parties (in this case, the seller) was under undue pressure to enter into the transaction. Other examples of sales that would not meet the test of fair market value include a liquidation sale, deed in lieu of foreclosure, distressed sale, and similar types of transactions.
The term fair market value is used throughout the Internal Revenue Code among other federal statutory laws in the USA including Bankruptcy, many state laws, and several regulatory bodies. In litigation in many jurisdictions in the United States, the fair market value is determined at a hearing. In certain jurisdictions, the courts are required to hold fair market hearings, even if the borrowers or the loans guarantors waived their rights to such a hearing in the loan documents.
Fair market value is not explicitly defined in the Income Tax Act. That said, Mr. Justice Cattanach in Henderson Estate, Bank of New York v. M.N.R., (1973) C.T.C. 636 at p. 644 articulates the concept as follows:
In concert with this decision, the Canada Revenue Agency (CRA) lists the following working definition in its on-line dictionary:
As the definition indicates, the Canadian and American concepts of fair market value are very similar. One obvious difference is that the Canadian working definition refers to “the highest price” whereas the American definition merely mentions “the price.” It is debatable whether or not the presence of the word “highest” distinguishes the Canadian from the American definition.
Real estate appraisal
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their location, a key factor in valuation), unlike corporate stocks, which are traded daily and are identical (thus a centralized Walrasian auction like a stock exchange is unrealistic). Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property.
Most, but not all, countries require appraisers to be Licensed or Certified. Appraisers are often known as “property valuers” or “land valuers”; in British English they are “valuation surveyors”. If the appraiser’s opinion is based on market value, then it must also be based on the highest and best use of the real property. In the United States, mortgage valuations of improved residential properties are generally reported on a standardized form like the Uniform Residential Appraisal Report. Appraisals of more commercial properties (e.g., income-producing, raw land) are often reported in narrative format and competed by a Certified General Appraiser.
- 1 Types of value
- 2 Three approaches to value
- 3 Further considerations
- 4 Mass appraisal and automated valuation models
- 5 Governing authorities and professional organizations
- 6 See also
- 7 Further reading
- 8 References
Types of value
There are several types and definitions of value sought by a real estate appraisal. Some of the most common are:
- Market value – The price at which an asset would trade in a competitive Walrasian auction setting. Market value is usually interchangeable with open market value or fair value. International Valuation Standards (IVS) define:
- Market value – the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.
- Value-in-use, or use value – The net present value (NPV) of a cash flow that an asset generates for a specific owner under a specific use. Value-in-use is the value to one particular user, and may be above or below the market value of a property.
- Investment value – is the value to one particular investor, and may or may not be higher than the market value of a property. Differences between the investment value of an asset and its market value provide the motivation for buyers or sellers to enter the marketplace. International Valuation Standards (IVS) define:
- Investment value – the value of an asset to the owner or a prospective owner for individual investment or operational objectives.
- Insurable value – is the value of real property covered by an insurance policy. Generally it does not include the site value.
- Liquidation value – may be analyzed as either a forced liquidation or an orderly liquidation and is a commonly sought standard of value in bankruptcy proceedings. It assumes a seller who is compelled to sell after an exposure period which is less than the market-normal time-frame.
Price vs value
There can be differences between what the property is really worth (market value) and what it cost to buy it (price). A price paid might not represent that property’s market value. Sometimes, special considerations may have been present, such as a special relationship between the buyer and the seller where one party had control or significant influence over the other party. In other cases, the transaction may have been just one of several properties sold or traded between two parties. In such cases, the price paid for any particular piece is not its market “value” (with the idea usually being, though, that all the pieces and prices add up to market value of all the parts) but rather its market “price”.
At other times, a buyer may willingly pay a premium price, above the generally accepted market value, if his subjective valuation of the property (its investment value for him) was higher than the market value. One specific example of this is an owner of a neighboring property who, by combining his own property with the subject property, could obtain economies-of-scale. Similar situations sometimes happen in corporate finance. For example, this can occur when a merger or acquisition happens at a price which is higher than the value represented by the price of the underlying stock. The usual explanation for these types of mergers and acquisitions is that “the sum is greater than its parts”, since full ownership of a company provides full control of it. This is something that purchasers will sometimes pay a high price for. This situation can happen in real estate purchases too.
But the most common reason for value differing from price is that either the buyer or the seller is uninformed as to what a property’s market value is but nevertheless agrees on a contract at a certain price which is either too expensive or too cheap. This is unfortunate for one of the two parties. It is the obligation of a real property appraiser to estimate the true market value of a property and not its market price.
Market value definitions in the United States
In the United States, appraisals are for a certain type of value (e.g., foreclosure value, fair market value, distressed sale value, investment value). The most commonly used definition of value is Market Value. While Uniform Standards of Professional Appraisal Practice (USPAP) does not define Market Value, it provides general guidance for how Market Value should be defined:
A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal.
Thus, the definition of value used in an appraisal or Current Market Analysis (CMA) analysis and report is a set of assumptions about the market in which the subject property may transact. It affects the choice of comparable data for use in the analysis. It can also affect the method used to value the property. For example, tree value can contribute up to 27% of property value.
Three approaches to value
There are three traditional groups of methodologies for determining value. These are usually referred to as the “three approaches to value” which are generally independent of each other:
- The sales comparison approach (comparing a property’s characteristics with those of comparable properties that have recently sold in similar transactions).
- The cost approach (the buyer will not pay more for a property than it would cost to build an equivalent).
- The income approach (similar to the methods used for financial valuation, securities analysis or bond pricing).
However, the recent trend of the business tends to be toward the use of a scientific methodology of appraisal which relies on the foundation of quantitative-data, risk, and geographical based approaches. Pagourtzi et al. have provided a review on the methods used in the industry by comparison between conventional approaches and advanced ones.
As mentioned before, an appraiser can generally choose from three approaches to determine value. One or two of these approaches will usually be most applicable, with the other approach or approaches usually being less useful. The appraiser has to think about the “scope of work”, the type of value, the property itself, and the quality and quantity of data available for each approach. No overarching statement can be made that one approach or another is always better than one of the other approaches.
The appraiser has to think about the way that most buyers usually buy a given type of property. What appraisal method do most buyers use for the type of property being valued? This generally guides the appraiser’s thinking on the best valuation method, in conjunction with the available data. For instance, appraisals of properties that are typically purchased by investors (e.g., skyscrapers, office buildings) may give greater weight to the Income Approach. Buyers interested in purchasing single family residential property would rather compare price, in this case the Sales Comparison Approach (market analysis approach) would be more applicable. The third and final approach to value is the Cost Approach to value. The Cost Approach to value is most useful in determining insurable value, and cost to construct a new structure or building.
For example, single apartment buildings of a given quality tend to sell at a particular price per apartment. In many of those cases, the sales comparison approach may be more applicable. On the other hand, a multiple-building apartment complex would usually be valued by the income approach, as that would follow how most buyers would value it. As another example, single-family houses are most commonly valued with greatest weighting to the sales comparison approach. However, if a single-family dwelling is in a neighborhood where all or most of the dwellings are rental units, then some variant of the income approach may be more useful. So the choice of valuation method can change depending upon the circumstances, even if the property being valued does not change much.
The sales comparison approach
The sales comparison approach is based primarily on the principle of substitution. This approach assumes a prudent (or rational) individual will pay no more for a property than it would cost to purchase a comparable substitute property. The approach recognizes that a typical buyer will compare asking prices and seek to purchase the property that meets his or her wants and needs for the lowest cost. In developing the sales comparison approach, the appraiser attempts to interpret and measure the actions of parties involved in the marketplace, including buyers, sellers, and investors.
Data collection methods and valuation process
Data is collected on recent sales of properties similar to the subject being valued, called “comparables”. Only SOLD properties may be used in an appraisal and determination of a property’s value, as they represent amounts actually paid or agreed upon for properties. Sources of comparable data include real estate publications, public records, buyers, sellers, real estate brokers and/or agents, appraisers, and so on. Important details of each comparable sale are described in the appraisal report. Since comparable sales are not identical to the subject property, adjustments may be made for date of sale, location, style, amenities, square footage, site size, etc. The main idea is to simulate the price that would have been paid if each comparable sale were identical to the subject property. If the comparable is superior to the subject in a factor or aspect, then a downward adjustment is needed for that factor.[clarification needed] Likewise, if the comparable is inferior to the subject in an aspect, then an upward adjustment for that aspect is needed.[clarification needed] The adjustment is somewhat subjective and relies on the appraiser’s training and experience. From the analysis of the group of adjusted sales prices of the comparable sales, the appraiser selects an indicator of value that is representative of the subject property. It is possible for various appraisers to choose different indicator of value which ultimately will provide different property value.
Steps in the sales comparison approach
- Research the market to obtain information pertaining to sales, and pending sales that are similar to the subject property
- Investigate the market data to determine whether they are factually correct and accurate
- Determine relevant units of comparison (e.g., sales price per square foot), and develop a comparative analysis for each
- Compare the subject and comparable sales according to the elements of comparison and adjust as appropriate
- Reconcile the multiple value indications that result from the adjustment (upward or downward) of the comparable sales into a single value indication
The cost approach
The cost approach was once called the summation approach. The theory is that the value of a property can be estimated by summing the land value and the depreciated value of any improvements. The value of the improvements is often referred to by the abbreviation RCNLD (for “reproduction/replacement cost new less depreciation”). Reproduction refers to reproducing an exact replica; replacement cost refers to the cost of building a house or other improvement which has the same utility, but using modern design, workmanship and materials. In practice, appraisers almost always use replacement cost and then deduct a factor for any functional dis-utility associated with the age of the subject property. An exception to the general rule of using the replacement cost, is for some insurance value appraisals. In those cases, reproduction of the exact asset after a destructive event like a fire is the goal.
In most instances when the cost approach is involved, the overall methodology is a hybrid of the cost and sales comparison approaches (representing both the suppliers’ costs and the prices that customers are seeking). For example, the replacement cost to construct a building can be determined by adding the labor, material, and other costs. On the other hand, land values and depreciation must be derived from an analysis of comparable sales data.
The cost approach is considered most reliable when used on newer structures, but the method tends to become less reliable for older properties. The cost approach is often the only reliable approach when dealing with special use properties (e.g., public assembly, marinas).
The income approach
The income capitalization Approach (often referred to simply as the “income approach”) is used to value commercial and investment properties. Because it is intended to directly reflect or model the expectations and behaviors of typical market participants, this approach is generally considered the most applicable valuation technique for income-producing properties, where sufficient market data exists.
In a commercial income-producing property this approach capitalizes an income stream into a value indication. This can be done using revenue multipliers or capitalization rates applied to a Net Operating Income (NOI). Usually, an NOI has been stabilized so as not to place too much weight on a very recent event. An example of this is an unleased building which, technically, has no NOI. A stabilized NOI would assume that the building is leased at a normal rate, and to usual occupancy levels. The Net Operating Income (NOI) is gross potential income (GPI), less vacancy and collection loss (= Effective Gross Income) less operating expenses (but excluding debt service, income taxes, and/or depreciation charges applied by accountants).
Alternatively, multiple years of net operating income can be valued by a discounted cash flow analysis (DCF) model. The DCF model is widely used to value larger and more expensive income-producing properties, such as large office towers or major shopping centres. This technique applies market-supported yields (or discount rates) to projected future cash flows (such as annual income figures and typically a lump reversion from the eventual sale of the property) to arrive at a present value indication.
When homes are purchased for personal use the buyer can validate the asking price by using the income approach in the opposite direction. An expected rate of return can be estimated by comparing net expected costs to the asking price. This return can be compared to the home owner’s other investing opportunities.
UK valuation methods
1. Comparative method. Used for most types of property where there is good evidence of previous sales. This is analogous to the sales comparison approach outlined above.
2. Investment method. Used for most commercial (and residential) property that is producing future cash flows through the letting of the property. If the current estimated rental value (ERV) and the passing income are known, as well as the market-determined equivalent yield, then the property value can be determined by means of a simple model. Note that this method is really a comparison method, since the main variables are determined in the market. In standard U.S. practice, however, the closely related capitalizing of NOI is confounded with the DCF method under the general classification of the income capitalization approach (see above).
3. Residual method. Used for properties ripe for development or redevelopment or for bare land only.[clarification needed]
4. Profit method. Used for trading properties where evidence of rates is slight, such as hotels, restaurants and old-age homes. A three-year average of operating income (derived from the profit and loss or income statement) is capitalized using an appropriate yield. Note that since the variables used are inherent to the property and are not market-derived, therefore unless appropriate adjustments are made, the resulting value will be value-in-use or investment value, not market value.
5. Cost method. Used for land and buildings of special character for which profit figures cannot be obtained or land and buildings for which there is no market because of their public service or heritage characteristics. Both the residual method and the cost method would be grouped in the United States under the cost approach (see above).
Under the current RICS Valuation Standards, the following bases of value are recognized:
- Market value (see PS 3.2);
- Market rent (see PS 3.3);
- Worth (investment value) (see PS 3.4); and
- Fair value (see PS 3.5)
Scope of work
While the Uniform Standards of Professional Appraisal Practice (USPAP) has always required appraisers to identify the scope of work needed to produce credible results, it became clear in recent years[when?] that appraisers did not fully understand the process for developing this adequately. In formulating the scope of work for a credible appraisal, the concept of a limited versus complete appraisal and the use of the Departure Rule caused confusion to clients, appraisers, and appraisal reviewers. In order to deal with this, USPAP was updated in 2006 with what came to be known as the Scope of Work Project. Following this, USPAP eliminated both the Departure Rule and the concept of a limited appraisal, and a new Scope of Work rule was created. In this, appraisers were to identify six key parts of the appraisal problem at the beginning of each assignment:
- Client and other intended users
- Intended use of the appraisal and appraisal report
- Definition of value (e.g., market, foreclosure, investment)
- Any hypothetical conditions or extraordinary assumptions
- Effective date of the appraisal analysis
- Salient features of the subject property
Based on these factors, the appraiser must identify the scope of work needed, including the methodologies to be used, the extent of investigation, and the applicable approaches to value. Currently, minimum standards for scope of work are:
- Expectations of the client and other users
- The actions of the appraiser’s peers who carry out similar assignments
The scope of work is the first step in any appraisal process. Without a strictly defined scope of work, an appraisal’s conclusions may not be viable. By defining the scope of work, an appraiser can properly develop a value for a given property for the intended user, and for the intended use of the appraisal. The whole idea of “scope of work” is to provide clear expectations and guidelines for all parties as to what the appraisal report does, and does not, cover; and how much work has gone into it.
Types of ownership interest
The type of real estate “interest” that is being valued, must also be known and stated in the report. Usually, for most sales, or mortgage financings, the fee simple interest is being valued. The fee simple interest is the most complete bundle of rights available. However, in many situations, and in many societies which do not follow English Common Law or the Napoleonic Code, some other interest may be more common. While there are many different possible interests in real estate, the three most common are:
- Fee simple value (known in the UK as freehold) – The most complete ownership in real estate, subject in common law countries to the powers reserved to the state (taxation, escheat, eminent domain, and police power)
- Leased fee value – This is simply the fee simple interest encumbered by a lease. If the lease is at market rent, then the leased fee value and the fee simple value are equal. However, if the tenant pays more or less than market, the residual owned by the leased fee holder, plus the market value of the tenancy, may be more or less than the fee simple value.
- Leasehold value – The interest held by a tenant. If the tenant pays market rent, then the leasehold has no market value. However, if the tenant pays less than market, the difference between the present value of what is paid and the present value of market rents would be a positive leasehold value. For example, a major chain retailer may be able to negotiate a below-market lease to serve as the anchor tenant for a shopping center. This leasehold value may be transferable to another anchor tenant, and if so the retail tenant has a positive interest in the real estate.
If a home inspection is performed prior to the appraisal and that report is provided to the appraiser, a more useful appraisal can result. This is because the appraiser, who is not expert home inspector, will be told if there are substantial construction defects or major repairs required. This information can cause the appraiser to arrive at a different, probably lower, opinion of value. This information may be particularly helpful if one or both of the parties requesting the appraisal may end up in possession of the property. This is sometimes the case with property in a divorce settlement or a legal judgment.
Real estate appraisal and data entry
Appraisers provide all the data needed to input in appraisal reports. A data entry team does the rest; it searches, consolidates and types the data into reports, such as subject data and comparable grid prior sales history. Most data entry organizations work 24 hours a day, 7 days a week, 365 days a year. The appraiser sends empty reports, and the data entry team works all day and night, even while the appraiser is sleeping. This process increases the appraiser’s efficiency, and frees up his/her time.
Mass appraisal and automated valuation models
Automated valuation models (AVMs) are growing in acceptance. These rely on statistical models such as multiple regression analysis or geographic information systems (GIS). While AVMs can be quite accurate, particularly when used in a very homogeneous area, there is also evidence that AVMs are not accurate in other instances such as when they are used in rural areas, or when the appraised property does not conform well to the neighborhood.
The various U.S. appraisal groups and international professional appraisal organizations have started collaborating in recent years towards the development of International Valuation Standards. This will facilitate global real estate appraisal standards, a much-needed adjunct to real estate investment portfolios which cross national boundaries. Some appraisal groups are already international organizations and thus, to some extent, already incorporate some level of global standards.
The International Valuation Standards Council (IVSC) is a non-governmental organization (NGO) member of the United Nations with membership that encompasses all the major national valuation standard-setters and professional associations from 41 different countries (including the Appraisal Institute, the American Society of Appraisers, the RICS, the [Practising Valuers Association of India] and the Appraisal Institute of Canada). IVSC publishes the International Valuation Standards (IVS), now in its 8th edition.
In Germany, real estate appraisal is known as real estate valuation (Immobilienbewertung). Real estate appraisers (Immobilienbewerter or Gutachter) can qualify to become a Öffentlich bestellter und vereidigter Sachverständiger (officially appointed and sworn expert). However, this formerly very important title has lost a lot of its importance over the past years, but still is of some value in court procedures. The title is not generally required for appraisals.
Real estate appraisal in Germany is partly codified by law. The federal Baugesetzbuch (abbr. BauGB, “German statutory code on building and construction'”) contains guidelines on governing authorities, defines the term market value and refers to continuative rules (chapter 3, articles 192 ff.). Each municipality (city or administrative district) must form a Gutachterausschuss (appraisal committee), consisting of a chairman and honorary members. The committee gathers information on all real estate deals (it is mandatory to send a copy of each notarial purchase contract to the Gutachterausschuss) and includes it in the Kaufpreissammlung (purchase price database). Most committees publish an official real estate market report every two years, in which besides other information on comparables the land value is determined. The committees also perform appraisals on behalf of public authorities.
The BauGB defines the Verkehrswert or Marktwert (market value, both terms with identical meaning) as follows: “The market value is determined by the price that can be realized at the date of valuation, in an arm’s length transaction, with due regard to the legal situation and the effective characteristics, the nature and lay of the premises or any other subject of the valuation” (non-official translation). The intention, as in other countries, is to include all objective influences and to exclude all influences resulting from the subjective circumstances of the involved parties.
This federal law is supported by the Wertermittlungsverordnung (abbr. WertV, “regulation on the determination of value”). The WertV defines the codified valuation approaches and the general valuation technique. German codified valuation approaches (other approaches such as DCF or residual approach are also permitted, but not codified) are the:
- Vergleichswertverfahren (sales comparison approach) – used where good evidence of previous sales is available and for owner-occupied assets, especially condominiums and single-family houses;
- Ertragswertverfahren (German income approach) – standard procedure for property that produces future cash flows from the letting of the property;
- Sachwertverfahren (German cost approach) – used for specialised property where none of the above approaches applies, e. g. public buildings.
WertV’s general regulations are further supported by the Wertermittlungsrichtlinie (abbr. WertR, “directive on the determination of value”). The WertR provides templates for calculations, tables (e.g., economic depreciation) and guidelines for the consideration of different influences. WertV and WertR are not binding for appraisals for nonofficial use, nonetheless they should be regarded as best practice or Generally Accepted (German) Valuation Practice (GAVP).
Comments on German GAVP
In most regards Generally Accepted (German) Valuation Principles is consistent with international practice. The investment market weighs the income approach most heavily. However, there are some important differences:
- Land and improvements are treated separately. German GAVP assumes that the land can be used indefinitely, but the buildings have a limited lifespan; This coincides with the balancing of the assets. The value of the land is determined by the sales comparison approach in both the income and cost approaches, using the data accumulated by the Gutachterausschuss which is then added to the building value.
- In order to account for the usage of the land, the net operating income is reduced by the Liegenschaftszins (interest paid to the land-owner by the owner of the building, i.e., ground rent). The Liegenschaftszins is the product of the land value and the Liegenschaftszinssatz (interest rate for land use). The Liegenschaftszinssatz is the equivalent of the yield—with some important differences—and is also determined by the Gutachterausschuss.
- Unlike the All Risks Yield (ARY) in UK practice, the Liegenschaftszinssatz (abbr. LZ) does not include an allowance for default (not to be confused with structural vacancy), therefore this needs to be subtracted from gross operating income. As a result, the Liegenschaftszinssatz will usually be lower than the All Risks Yield.
- Based on the assumption that the economic life of the improvements is limited, the yield and remaining economic life determine the building value from the net operating income.
- Contracts in Germany generally prescribe that the landlord bears a higher portion of maintenance and operating costs than their counterparts in the United States and UK.
Mathematically the distinction between land and improvements in the income approach will have no impact on the overall value when the remaining economic life is more than thirty years. For this reason it has become quite common to use the Vereinfachtes Ertragswertverfahren (simplified income approach), omitting the land value and the Liegenschaftszins. However, the separate treatment of land and buildings leads to more precise results for older buildings, especially for commercial buildings, which typically have a shorter economic life than residential buildings.
An advantage of the comparatively high degree of standardization practiced by professional appraisers, is the greater ability to check an appraisal for inconsistency, accuracy and transparency.
The Federal German Organisation of Appointed and Sworn Experts (Bundesverband Deutscher Sachverständiger und Fachgutachter, abbr. BDSF) is the main professional organization encompassing the majority of licensed appraisers in Germany. In recent years, with the move towards a more global outlook in the valuation profession, the RICS has gained a foothold in Germany, somewhat at the expense of the BDSF. Another German Organisation of Appointed and Sworn Experts is the (Deutsche Sachverständigen Gesellschaft, abbr. DESAG) This organization also includes a large number of licensed appraisers in Germany.
With special focus on hypothetical value, in 1996, German banks with real estate financing activities formed the HypZert GmbH, an association for the certification of real estate valuers. A HypZert qualification is regarded as mandatory by many German banks.
In Israel, the real estate appraisal profession is regulated by the Council of Land Valuers, an organ of the Ministry of Justice; the largest professional organization, encompassing the majority of appraisers/land valuers is the Association of Land Valuers. Valuers must be registered with the Council, which is a statutory body set up by law, and which oversees the training and administers the national professional exams that are a prerequisite for attaining registration. In 2005 the Council set up a Valuation Standards Committee with the purpose of developing and promulgating standards that would reflect best practice; these have tended to follow a rules-based approach.
Historically, most valuations in Israel were statutory valuations (such as valuations performed for purposes of Betterment Tax, a tax administered on any gains accruing to the property by way of changes to the local planning) as well as valuations performed for purposes of bank lending. Since Israel implemented the International Financial Reporting Standards (IFRS) in 2008, the profession has been engaged in performing valuations for purposes of financial reporting.
In the UK, real estate appraisal is known as property valuation and a real estate appraiser is a land valuer or property valuer (usually a qualified chartered surveyor who specializes in property valuation). Property valuation in the UK is regulated by the Royal Institution of Chartered Surveyors (RICS), a professional body encompassing all of the building and property-related professions. The RICS professional guidelines for valuers are published in what is commonly known as the Red Book. The 2011 version was the RICS Valuation Standards 7th Edition (2 May 2011), superseding an edition published in 2007 with later amendments. The RICS Valuation Standards contains mandatory rules, best practice guidance and related commentary. Changes to the standards are approved by the RICS Valuation Professional Group Board, and the Red Book is updated accordingly on a regular basis. While based in the UK, RICS is a global organization and has become very active in the United States in recent years through its affiliation with the Counselors of Real Estate, a division of the National Association of Realtors.
Appraisal practice in the United States is regulated by state. The Appraisal Foundation (TAF) is the primary standards body; its Appraisal Standards Board (ASB) promulgates and updates best practices as codified in the Uniform Standards of Professional Appraisal Practice (USPAP), while its Appraisal Qualifications Board (AQB) promulgates minimum standards for appraiser certification and licensing.
The federal government regulates appraisers indirectly because if the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) finds that a particular state’s appraiser regulation and certification program is inadequate, then under federal regulations all appraisers in that state would no longer be eligible to conduct appraisals for federally chartered banks. The ASC oversees the TAF. Banks make widespread use of mortgage loans and mortgage-backed securities, and would be unable to do so without appraisals.
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) demanded all the states to develop systems for licensing and certifying real estate appraisers. To accomplish this, the Appraisal Subcommittee (ASC) was formed within the Federal Financial Institutions Examination Council (FFIEC), with representatives from the various Federal mortgage regulatory agencies. Thus, currently all the real estate appraisers must be state-licensed and certified. But prior to the 1990s, there were no commonly accepted standards either for appraisal quality or for appraiser licensure. In the 1980s, an ad-hoc committee representing various appraisal professional organizations in the United States and Canada met to codify the best practices into what became known as the Uniform Standards of Professional Appraisal Practice (USPAP). The U.S. Savings and Loan Crisis resulted in increased federal regulation via the Financial Institutions Reform, Recovery and Enforcement Act of 1989, which required federal lending regulators to adopt appraisal standards. A nonprofit organization, The Appraisal Foundation (TAF), was formed by the same organizations that had developed USPAP, and the copyright for USPAP was signed over to TAF. Federal oversight of TAF is provided by the Appraisal Subcommittee, made up of representatives of various federal lending regulators. TAF carries out its work through two boards: the Appraisal Standards Board promulgates and updates USPAP; the Appraisal Qualifications Board (AQB) promulgates minimum recommended standards for appraiser certification and licensure. During the 1990s, all of the states adopted USPAP as the governing standards within their states and developed licensure standards which met or exceeded the recommendations of TAF. Also, the various state and federal courts have adopted USPAP for real estate litigation and all of the federally lending regulators adopt USPAP for mortgage finance appraisal.
In addition, there are professional appraisal organizations, organized as private nonprofit organizations that date to the Great Depression of the 1930s. One of the oldest in the United States is the American Society of Farm Managers and Rural Appraisers (ASFMRA), which was founded in 1929. Others were founded as needed and opportunity arose in specialized fields, such as the Appraisal Institute (AI) and the American Society of Appraisers (ASA) founded in the 1930s, the International Right of Way Association and the National Association of Realtors which were founded after World War II. These organizations all existed to establish and enforce standards, but their influence waned with increasing government regulation. In March 2007, three of these organizations (ASFMRA, ASA, and AI) announced an agreement in principle to merge. NAIFA (National Association of Independent Fee Appraisers), a charter member of The Appraisal Foundation, helped to write Title XI, the Real Estate Appraisal Reform Amendments. It was founded in 1961.
One of the most recognized professional organizations of real estate appraisers in America is the Appraisal Institute (AI). It was formed from the merger of the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers. Founded along with others in the 1930s, the two organizations merged in the 1990s to form the AI. This group awards two professional designations: SRA, to residential appraisers, and MAI, to commercial appraisers. The Institute has enacted rigorous regulations regarding the use and display of these designations. For example, contrary to popular belief, “MAI” does not stand for “Member, Appraisal Institute”. According to the institute, the letters “do not represent specific words”, and an MAI may not use the words “Member, Appraisal Institute” in lieu of the MAI mark. The primary motive for this rule is to prevent trademark dilution.
The National Association of Appraisers (NAA) is the fastest growing appraiser organization in the United States and was formed with a purpose of uniting ALL those engaged in the appraisal profession for the purpose of exerting a beneficial influence upon the profession and to advocate appraiser interests. The NAA has established an advisory group consisting of leadership at the state organizations and coalitions called the Board of Governors where those states can help guide the NAA in acting in the best interest of all appraisers. The NAA also has a designated membership, MNAA (Member of the National Association of Appraisers, who is an individual who holds an appraisal license, certification or similar appraisal credential issued by a governmental agency; and who accepts the membership requirements and objectives of the National Association of Appraisers.
Other leading appraisal organizations include the National Association of Independent Fee Appraisers and the National Association of Master Appraisers, which were also founding sponsor-members of the Appraisal Foundation. The Massachusetts Board of Real Estate Appraisers (MBREA), founded in 1934, is the only state appraisal association that has been named a sponsor of the Appraisal Foundation. In recent years, the Royal Institution of Chartered Surveyors (RICS) has become highly regarded in the United States, and has formed a collaboration with the Counselors of Real Estate, a division of the National Association of Realtors. RICS, which is headquartered in London, operates on a global scale and awards the designations MRICS and FRICS to Members and Fellows of RICS. The Real Estate Counseling Group of America is a small group of top U.S. appraisers and real estate analysts who have collectively authored a disproportionately large body of appraisal methodology and, the National Association of Real Estate Appraisers (NAREA), founded in 1966, with the goal to elevate the professionalism and success of the Appraisal Industry.
The leading appraisal organization for personal property valuation is the American Society of Appraisers which is a sponsor member of the Appraisal Foundation and awards the ASA (Accredited Senior Appraiser) designation to candidates who complete five years of documented appraisal experience, pass a comprehensive exam along with required commercial and/or residential appraisal coursework, and submit two appraisal reports for review.
In Russia, on par with many other former Soviet Union economies, the profession emerged in the first half of 1990, and represented a clean break with the former practice of industry-specific pricing specialists and with activities of statutory price-setting authorities in the Soviet Union. Currently, property valuation, as it is called, is a specialism within general-purpose “valuation profession”, which functions in a self-regulatory mode overseen by “self-regulated professional organizations” of valuers (SROs),i.e. public supervisory entities established under provisions of special legislation (which very loosely can be likened to trade unions). The principal among those is Russian Society of Appraisers, established in 1993 and presently exercising oversight over about half of the valuation profession membership. Among its 6000+ members a sizeable majority are real property valuers, rubbing shoulders with business and intangible assets appraisers. The latter categories of valuers are also allowed to value property, though valuation professionals tend to specialize. Valuers in Russia, including real property valuers, are individuals maintaining their SRO membership and bearing unlimited property liability for the result of their services, that is their professional status is modeled on the organization of public notaries. Regardless of the fact, over 80% of valuers tend to be employed by valuation or consulting companies, and thus do not enter practice as stand-alone individual entrepreneurs. High-end appraisal services are principally represented by valuation arms of the International “Big-four” consultancies in the country, but there also exist reputable national corporate valuation brands. Most of valuations in the country tend to be performed for statutory purposes envisaged by the Federal Valuation Law (latest amendment in 2013) and other related laws, such as the Joint Stock Companies Law. Such pieces of legislation provide for more than 20 so-called “mandatory cases of valuation”, including valuations for privatization purposes, lending purposes, bankruptcy and liquidation etc. Valuations for corporate accounts used to be much more prominent before 2000, when the national accounting regulator ceased to incentivize the accounting fair value option. At present, the mass appraisal of property for taxation purposes is also starting to be outsourced by the Government to the institution of professional valuers. Adjudication of valuer-certified estimates of value in case of the onset of disputes is conducted through the Experts Councils of valuers’ SROs. Official courts tend to concur with the resolutions of such Councils. In some rare instances the imprimatur of SRO’s Experts Councils is also required for a valuation done by a particular valuer to enter into effect. The technical details of practice of real estate valuers in Russia are aligned with the international pattern. Members of the Russian Society of Appraisers formerly were bound by the observance of the International Valuation Standards. There also exists a set of 11 general-purpose government-developed “Federal Valuation Standards” (FSOs 1,2,3 –are the general valuation standards fist adopted in 2007 (and revised 2015) and covering Terms of engagement and Valuation report content requirements, FSOs 7-11 are asset-specific standards adopted in 2015, while FSO 9 is currently the only purpose-specific standard in the set dealing with valuations of property for loan security purposes). In view of the international conformity drive in the latest round of FSO standards setting, general requirements im the new FSO standards are close to those in the International Valuation standards set, however they can be more specific on occasion and mandate compulsory disclosure of uncertainty in valuation reports using the interval/range format.
The Hong Kong Institute of Surveyors (HKIS) regulates property surveyors in Hong Kong. Established in 1984, Institute is the only professional organisation representing the surveying profession in Hong Kong. The HKIS was statutorily incorporated by virtue of the Hong Kong Institute of Surveyors Ordinance in January 1990 (Cap. 1148). In July 1991, the Surveyors Registration Ordinance (Cap. 417) was passed to set up a Registration Board to administer the registration of surveyors. In May 2006, the number of members had reached 6,723. A general practice surveyor advises on the best use of the land, assesses the feasibility and viability of the proposed development project as well as the valuation, marketing, sale, leasing and management of completed developments. It also has a website to provide real-time propertys’ value estimate across whole Hong Kong.
The Australian Property Institute (API) was formed in 1926 as the Commonwealth Institute of Valuers. The Institute has undergone several name changes over the last century as the array of services offered by its members expanded. It serves to regulate the profession of property valuers throughout Australia.
Today the API represents the interests of more than 8,600 property professionals throughout Australia. API members include residential, commercial and plant and machinery valuers, property advisers, property analysts, property fund and asset managers, property facility managers, property lawyers and property researchers and academics. The Institute’s primary role is to set and maintain the highest standards of professional practice, education, ethics and professional conduct for its members and the broader property profession.
Real estate valuation in New Zealand is regulated by the New Zealand Institute of Valuers (‘NZIV’) and the Valuers Registration Board of New Zealand (‘VRB’), both of which are statutory bodies established under the Valuers Act 1948 (NZ). The NZIV remains the statutory professional body for valuers in New Zealand, with perpetual succession under the Act (which is under review as at 2015). The NZIV can make Rules as lower level legislation and has a Code of Ethics. The NZIV Rules were last changed in 2012 and remain current. The VRB has jurisdiction in relation to serious matters affecting the registration of a valuer including discipline where a valuer has acted in such a way as to meet the threshold. The Valuers Act 1948 sets the threshold under s31 as matters where a valuer could be struck off the register of valuers. The NZIV has power for discipline for relatively more minor matters. The NZIV governs NZIV members and has power to discipline members and fine them up to $500, admonish members or terminate their membership. The designations “Registered Valuer” and “Public Valuer” are legally protected under the legislation, being reserved for Valuers Registered under the Act. The NZIV, under the Act, can admit non-valuer members (such as non-valuer land economists).
There are also voluntary professional bodies for real estate valuation such as the Royal Institute of Chartered Surveyors (‘RICS’) and the Property Institute of New Zealand (‘PINZ’). Both of these bodies have a wider membership, beyond real estate valuers. PINZ has over 2,500 members in New Zealand and overseas (such as ex-pats in the UK, Asia and Australia). PINZ has a service level agreement with the NZIV, whereby PINZ contracts to perform tasks for the statutory professional body, NZIV. PINZ was formed in 2000 to act as the voice of the property professions. There have been ‘political divisions’ within the valuation profession in New Zealand, expressed at AGMs and through ‘proxy wars’ over the last 20 years or so. Many valuers are supportive of amalgamation of the NZIV functions under the multi-disciplinary voluntary body PINZ, whilst many others wish to retain a separate statutory professional body for valuers (the NZIV). There are various reasons in the debate and the governing legislation is under review and amendments or repeal is being considered. At present, the Act remains in force and the NZIV is legally a distinct body with statutory functions, powers and duties.
PINZ incorporated much of the membership of the NZIV, the Institute of Plant & Machinery Valuers (IPMV) and the Property & Land Economy Institute of New Zealand (PLEINZ). PINZ now represents the interests of valuers, property and facilities managers, property advisors and plant and machinery valuers. PINZ has developed into one of the largest professional bodies for standards, qualifications and ethics across all facets of the property profession within New Zealand. It works with government, industry and other professional associations, education stakeholders and the media to promote its standards and views.
In New Zealand, the terms “valuation” and “valuer” usually relates to one who undertakes that professional role in terms of the Valuer Act 1948 requirements or the unregulated or voluntarily self-regulated (if members of PINZ) plant and machinery, marine or art valuers. Whereas, the term “appraisal” is usually related to an estimate by a real estate sales person or licensed agent under the Real Estate Agents Act 2008. The Real Estate Institute of New Zealand includes many valuer members, but the governing legislation for sales and agency (disposal of interests of land on behalf of others) does not extend to include provision for that role by valuers regardless of membership of NZIV, RICS or PINZ.
There is a key distinction between the role of a real estate agent and a valuer, as an agent may advocate for its principal’s interests, whereas a valuer must impartially and independently provide opinion as to value. Lawyers, Conveyancers and Real Estate Agents are permitted to act in the sale of real estate under quite different legislation from that which governs valuers. The provision for the role in relation to Lawyers and Conveyancers is the Lawyers and Conveyancers 2006.
In 2011 to 2015, the number of Registered Valuers in New Zealand has generally between only around 900 to 950 each year. This is an ageing ‘top heavy’ professional with difficulty retaining new and young members due to pay, work stress and the recent advent of ‘clearing houses’ for banks to order valuations for mortgage purposes. The clearing houses have largely ended the long-standing local practice of members of the public seeking advice directly from a valuer. The use of electronic estimates based on Rating Values (Local Government mass appraisal for levies) is also leading to a reduction in standard valuation work and is significantly affecting the viability of small valuation businesses. The profession is in the process of a wider corporate re-structuring of the valuation market due to these factors with various perceptions within profession as to the merits of the events of the last five years.
- Auditing Standards Board
- Building inspection
- Climate appraisal
- German income approach
- Home inspection
- Investment rating for real estate
- List of real estate topics
- Verification and validation
- American Measurement Standard
- Royal Institution of Chartered Surveyors
- Antipov, Evgeny A.; Pokryshevskaya, Elena B. (2012). “Mass appraisal of residential apartments: An application of Random forest for valuation and a CART-based approach for model diagnostics”. Expert Systems with Applications. 39 (2): 1772–1778. doi:10.1016/j.eswa.2011.08.077.
- Barris, J. (2008) An expert system for appraisal by the method of comparison. PhD Thesis, UPC, Barcelona
- Barris, J., & Garcia-Almirall, P. (2011) A density Function of the Appraisal Value. European Real Estate Society 2011 – Eindhoven, The Netherlands, Best Paper on Real Estate Valuation
- Baum, A., Nunnigton, N., & Mackmin, D. (2011) The Income Approach to Property Valuation (6th Edition). Estates Gazette, London
- Brown, G., & Matysiak, G. (1999) Real Estate Investment: A Capital Market Approach. Financial Times, London
- Isaac, D., & O’Leary, J. (2012) Property Valuation Principles (2nd Edition), Palgrave MacMillan, London
- Kane, S., Linne, M. and Johnson, J. (2004) Practical Applications in Appraisal Valuation Modeling. Appraisal Institute, Chicago
- Hayward, R. (ed.) (2008) Valuation: Principles into Practice (6th edition). Estates Gazette, London
- Maliene, V. (2011). “Specialised property valuation: Multiple criteria decision analysis”. Journal of Retail & Leisure Property. 9 (5): 443–50. doi:10.1057/rlp.2011.7.
- Maliene, V., Deveikis, S., Kirsten, L. and Malys, N. (2010). “Commercial Leisure Property Valuation: A Comparison of the Case Studies in UK and Lithuania”. International Journal of Strategic Property Management. 14 (1): 35–48. doi:10.3846/ijspm.2010.04.
- Simons, Robert (2007) When Bad Things Happen to Good Property Environmental Law Institute, Washington, DC
- The Appraisal Foundation, Uniform Standards of Professional Appraisal Practice. Updated and published annually through the 2006 edition; henceforth, updated editions are to appear biannually.
- The Appraisal Institute, The Appraisal of Real Estate (13th Edition). An industry-recognized textbook.
- The Appraisal Services in Middle East and North Africa, www.landsterling.com. RICS certified Valuation services.
- Italian Property Valuation Standard – Codice delle Valutazioni Immobiliari, Third edition – English version (2006)
- Uniform Residential Appraisal Report (Form 1004): PDF
- International Valuation Standards 2011
- Joseph F. Schram, Jr. (January 2006). Real Estate Appraisal. Rockwell Publishing. pp. 36–. ISBN 978-1-887051-25-5. Retrieved 7 January 2012.
- Finn Helles; Niels Strange; Lars Wichmann; Scandinavian Society of Forest Economics. Meeting (2003). Recent accomplishments in applied forest economics research. Springer. pp. 20–. ISBN 978-1-4020-1127-6. Retrieved 7 January 2012. Cite uses deprecated parameter
- “Protecting Existing Trees on Building Sites” p.4 published by the City of Raleigh, North Carolina, March 1989, Reprinted February 2000
- “How Valuable Are Your Trees” by Gary Moll, April 1985, American Forests Magazine.
- Lins, Marcos Pereira Estellita; Novaes, Luiz Fernando de Lyra; Legey, Luiz Fernando Loureiro; et al. (2005). “Real Estate Appraisal: A Double Perspective Data Envelopment Analysis Approach”. Annals of Operations Research. Springer. 138 (1): 79–96. doi:10.1007/s10479-005-2446-1.
- Adair, Alastair; Norman Hutchison (2005). “The reporting of risk in real estate appraisal property risk scoring”. Journal of Property Investment & Finance. Emerald Group Publishing. 23 (3): 254–268. doi:10.1108/14635780510599467.
- Chica-Olmo, Jorge. “Prediction of Housing Location Price by a Multivariate Spatial Method: Cokriging”. Retrieved 15 September 2008.
- Pagourtzi, Elli; Assimakopoulos, Vassilis; Hatzichristos, Thomas; French, Nick; et al. (2003). “Real estate appraisal: a review of valuation methods”. Journal of Property Investment & Finance. Emerald Group Publishing. 21 (4): 383–401. doi:10.1108/14635780310483656.
- “Calculate the Return Before You Buy”
- Maliene, V., Deveikis, S., Kirsten, L. and Malys, N. (2010). “Commercial Leisure Property Valuation: A Comparison of the Case Studies in UK and Lithuania”. International Journal of Strategic Property Management. 14 (1): 35–48. doi:10.3846/ijspm.2010.04.
- Jennifer Saranow Schultz (October 27, 2010). “Home Inspections During Divorces”. The New York Times. Retrieved October 30, 2010.
- http://www.prweb.com/releases/2013/11/prweb11298311.htm Appraisal Data Entry
- “Valuation”, RICS Organization
- Article 192 BauGB
- Definition of market value in German
- German text of the WertV
- German text of the WertR
- German Homepage of the BDSF
- German Homepage of the DESAG
- German page of HypZert GmbH
- The Department of the Treasury Blueprint for a Modernized Financial Regulatory Structure (PDF). United States Department of the Treasury. 2008. pp. 79–80. ISBN 978-016080645-2.
- Penny Singer, “Reappraising the Appraisal Industry”, New York Times, Aug 19, 1990 Retrieved 14 February 2008
- The Appraisal Foundation
- American Society of Farm Managers and Rural Appraisers Homepage (ASFMRA)
- 2006 “USPAP Online”, Appraisal Foundation
- Massachusetts Board of Real Estate Appraisers (MBREA)
Appraisal may refer to:
|Look up appraisal, appraisals, appraise, or appraisement in Wiktionary, the free dictionary.|
- Appraisal (decision analysis), a decision method
- Project appraisal, comparing options to deliver an objective
- Economic appraisal, an appraisal based on comparison of monetary equivalents
- Real estate appraisal, the practice of determining the value of real property
- Business valuation, the process of determining the value of businesses
- Art valuation, the process of determining the value of works of art
- Domain appraisal, the act of evaluating the worth of a specific domain name
- Archival appraisal the appraisal of archival collections in libraries
- Appraisal (discourse analysis), the ways that writers or speakers express approval or disapproval for things or ideas
- Appraisal theory, a psychological theory of emotion and cognition
- Appraisal Institute, an international association of professional real estate appraisers
- Appraisal value, the value of a company based on a projection of future cash flow
- Archival appraisal, process for determining which records need to be kept, and for how long
- Performance appraisal, a method to evaluate an employee
|This disambiguation page lists articles associated with the title Appraisal.
If an internal link led you here, you may wish to change the link to point directly to the intended article.
Florida’s west coast features some of the most beautiful, pristine beaches in the country. The Tampa Bay area is home to several beaches that have achieved world-renowned fame, including Fort DeSoto, which offers a rare look at Florida’s unadulterated natural scenery and wildlife. It’s the perfect place for nature lovers to explore as they vacation.
Fort DeSoto Park is made up of five small islands, or keys: Madelaine Key, St. Jean Key, St. Christopher Key, Bonne Fortune Key, and Mullet Key, which is the mainland. It can only be accessed via of boat or Highway 679, which moves through St. Petersburg and Tierra Verde, near Pass-A-Grille and St. Pete Beach.
With hotels, resorts, and condos spanning nearly every inch of coastline, it’s extremely rare to find a place in Florida that has not succumbed to development. These 3 miles of coast line and 7 miles of waterfront do just that. Fort DeSoto Park is made up of five small islands, or keys: Madelaine Key, St. Jean Key, St. Christopher Key, Bonne Fortune Key, and Mullet Key, which is the mainland.
Here you can witness all types of wildlife, including rare species of birds, dolphins, fish, manatees, shrubs, sea grass, and mangroves. Visitors can kayak and canoe or snorkel, exploring every inch of the area’s waterways.
You can also enjoy the Barrier-Free Nature Trail that puts you within inches of trees that have populated the area since the Tocobaga Indians inhabited it from 1,000 A.D. to 1,500 A.D. Small pieces of pottery, animal bones, and shell tools have been found on the grounds, which offering camping to visitors.
Those who enjoy lots of activity will appreciate paved trails for running and cycling. In fact, roads that go through Fort DeSoto Park are frequently shut down to accommodate dozens of 5k races, triathlons, and cycling races.
There are ferry services that offer some great sightseeing on the water and a scenic path to your destination. You have the choice of jumping on a ferry boat from Fort DeSoto and visiting nearby Egmont Key, which can only be accessed by boat.
You’ll love Egmont Key’s historic lighthouse, which was built between 1857 and 1858 and used by the military. If you’re a snorkeler or scuba diver, you’ll love exploring the U.S.S. Narcissus, which sank just off the coast of Egmont Key January 4, 1866 with no loss of life. It has been declared an Underwater Archeology Site.
Find More Tierra Verde Articles
Tampa Bay’s beaches are home to some of the most beautiful year-round weather in the world. Nowhere else can you enjoy the outdoors virtually 365 days-a-year, with sunny skies and plenty of fresh, clean air to fill your lungs. It’s why people who live here year-round enjoy a highly-active lifestyle, especially when it comes to water recreation. Luckily for visitors, you too can enjoy some fun-in-the-sun on the water too!
Kayaking is a great way to explore the natural scenery in places like Fort DeSoto. You can also do some exploring on the intracoastal of Boca Ciega Bay, which encompasses St. Pete Beach, South Pasadena, Treasure Island, Madeira Beach, Redington Beach, Indian Rocks, and Belleair Beach before feeding into Clearwater Harbour. While this article isn’t intended for marathon kayakers, there certainly is no shortage of waterways to explore!
You can rent single and tandem kayaks for anywhere from $ 40 to $ 60, depending on whether you want a single kayak, tandem, half-day or full-day rental. As with all activities on the water…safety is important. Be sure you understand how to maneuver your kayak and wear a life jacket, which is typically included in your rental. Be sure to bring water with you as well, and know the route you’re taking, including places to stop, so you don’t encounter any surprises or get lost.
Stand-Up Paddle Boarding
Stand-Up Paddle Boarding has been around in the U.S. since the 1960s but it wasn’t until the early 2000s that it became popular among surfers and eventually made its way into the mainstream world. Surfers used it as a way to enjoy surfing when there was no surf. It offers a scenic view of the area and provides a great core workout. It’s far easier to pick up and less demanding on the body than surfing, and it’s low-impact, so older adults can enjoy it too.
You can think of it as a combination of surfing and kayaking. There are several companies offering stand-up paddle board lessons and rentals. Usually you can choose from a half-day rental to a full-day rental. Rentals are typically around $ 40 for a half-day and 2 hours of instruction plus play-time costs around $ 60. If you’re experienced, you can enjoy up to 8 hours on the water for $ 60.
Talk about a rush! Riding a waverunner is one of the most invigorating recreational activities on the water. It requires some skill and likely a tutorial before use, and you have to know what you’re doing, but once you have that down, you will love it. You can go by yourself, or use a two or three-seater! You’ll just have to determine who drives (or take turns!)
Waverunners are more expensive to rent than paddle boards or kayaks. You can expect to pay around $ 45 for a half hour, but you can also score a pretty good deal for $ 115 and ride for 2 hours. Be sure to wear a life jacket and follow the instructions you’re given, including following the speed limit and paying attention to signs designating shallow wakes. Waverunner accidents do happen and can be very dangerous, even fatal when there’s carelessness.
Find More Belleair Beach Articles
When you look at relocation destinations in Florida, you tend to be longing for one amongst two things: either you wish a place that may be marvellous to measure in, otherwise you need a location that has all of the thrills and excitement you would like in an exceedingly resorts area. Indian Rocks Beach, FL satisfies both.
This lovely community is little enough to grasp your neighbours, and shut enough to the key attractions of the realm to stay you excited. Take a brief trip outside of city and end up at Busch Gardens, filmmaker World, Universal Studios, or ocean World or maybe forget the journeys to amusement parks and keep home on the beach. Get pleasure from yourself surfboarding, sailing, skin diving, or simply lying within the sun on one amongst the numerous, several beaches.
Indian Rocks Beach is truly a island on the geographic region of Florida, which means that each home or condo is walking distance from the water and everybody will get pleasure from the special advantages of living close to the Gulf of Mexico. Feast on fresh fish from native fishermen or maybe leave and catch your own!
When finding out property on Indian Rocks Beach it is best to begin with a worth point mind. Greenhorn condos, like Bella Capri start at upwards of $ 1,000,000 and provide luxurious residences with exclusive ground read. These Italian impressed condos have unaltered Mediterranean design, spacious floor plans, and also the upmarket life you’d expect during this worth vary. But, do not dismay you’ll be able to still get a more modern dwelling simply steps to the beach for beneath $ 500,000. Look into Beach Paradise and you’ll be able to have the simplest of Indian Rocks Beach living and one amongst the simplest buys on the beach. Beach Paradise options massive floor plans, outsized garages, and beautiful kitchens with granite countertops. There are several different choices in addition for single family homes here in Indian Rocks Beach.
In addition to the gorgeous homes and condos that are out there everywhere the realm, there are rental cottages for the vacationers and also the restaurants and gift retailers that are distinguished in any vacation space. simply forty five minutes from port of entry International, this wonderful very little community (less than one sq. mile!) is each simple to access and in an exceedingly world of its own. You will see on your 1st visit that Indian Rocks Beach may be a place to remain.
Website – Website – http://www.floridagulfbeachrealestate.com
Put away your thick trench coat and boots and trade them in for a pair swim trunks (or a bikini if you’re a girl), and flip flops! You don’t have to stay up north and endure another snowstorm – it’s already beach weather on Florida’s west coast, giving you a great excuse to get away and enjoy one of the most beautiful year-round climates in the U.S.
An early spring is one of St. Pete Beach’s best-kept secrets. Locals start going to the beach as early as February, enjoying crowdless beaches with plenty of room to wiggle their toes in the sand. The water is still fairly, cold, but resorts offer heated pools, should you wish to cool off, and you can enjoy plenty of activities in the sand and nearby outdoor areas.
You’ll always find a game of pick-up beach volleyball, and plenty of people who will play with you, whether it’s at a resort or one of the area’s beachfront bars. Locals enjoy an active lifestyle and are friendly with vacationers. Ask to join in on the fun!
The St. Pete Beach area is filled with avid runners and cyclists. There are running groups that run nearly every morning on the beach, and you can find a 5k race or road race nearly every weekend. Plenty of these races offer fun runs and fun rides too, so you and the family can get together and get some great exercise in while on vacation.
Markets are always popular in St. Pete Beach. Historic Corey Avenue always has a great Sunday Market. It also has arts and crafts festivals and art shows that feature the work of local artisans, with some exquisite jewelry, paintings, clothing, pottery, free music, spices, and more.
This is a great time of year for boating. You can usually score some off-season deals on boat rentals, including cruisers, wave runners, Jetskii rentals, stand-up paddleboards, kayaks, and more. You can also go on sightseeing and fishing excursions, enjoying a rare glimpse of Florida’s spectacular west coast.
Visit Fort DeSoto and Shell Key, enjoying Florida’s majestic wildlife in its purest form. You’ll be mesmerized by a colorful array of birds, sea turtles, manatees, dolphins, and even alligators in the fresh waters.
Snorkeling is always a great way to explore shallow waters – just not in the fresh water where the alligators are. If you do visit Fort DeSoto, be sure to watch for signs where there is no swimming allowed. Sharp currents can be dangerous.
No matter how you choose to explore Florida’s outdoors, there is never a shortage of things to do or fresh air to invigorate your lungs. It’s just the type of retreat you need!
With its stunning homes, quality schools, low crime rate and idyllic tree-lined streets, the City of South Pasadena consistently boasts a scorching hot real estate market.
Nestled between Pasadena and Downtown Los Angeles, the City of South Pasadena is located in the furthest West region of the San Gabriel Valley. So picturesque is South Pasadena that it has been, and remains, a favorite location for shooting motion pictures and television shows. Homes for sale in South Pasadena are very much in demand and the city itself has become one of the San Gabriel Valley’s most desirable locations to live.
South Pasadena, once a part of Pasadena, is a small city, taking up only three and one half square miles and has a population of only 26,000. It seceded from Pasadena and became incorporated in 1888. Nicknamed “the City of Trees”, it is a quaint and beautiful community. But charming and old-fashioned doesn’t mean that homes in South Pasadena aren’t extremely pricey and sought after. In 2015, the median home value is just over $ 864,000 and there’s good reason for it.
South Pasadena has a lot going for it. It is known for it’s outstanding public schools that are consistently ranked among California’s best. Its tree-lined streets are populated with historic homes designed by noted architects as well as a unique mix of custom-built homes dating back to the turn of the century. Its business district features unique small businesses, coffee houses, bookstores and artisan shops. It has more than 100 acres of parks and playgrounds. All of these features together make South Pasadena extremely “family friendly”.
Situated only ten miles from Downtown Los Angeles, the small city is convenient to both the 110 Pasadena Freeway (the historic Arroyo Seco Parkway) and the California 10 Freeway. The Los Angeles Metro Gold Line travels through South Pasadena.
South Pasadena is steeped in rich history. The city has cultivated its unique “small town” character as a result of tireless and dedicated efforts by residents to preserve its historic quality.
When choosing a South Pasadena real estate agent … experience matters
Because demand for homes in South Pasadena are typically high and inventory is typically low, real estate in South Pasadena has become a seller’s market. Both buyers and sellers, then, are advised to work only with a South Pasadena real estate agent who is experienced and intimately familiar with South Pasadena’s real estate market to represent them in the transaction.
A little history: According to legend, it is thought that Pass-a-Grille derives its name from the French Passe aux Grilleurs, which means “the passageway of the grillers” in honor of the fisherman who used to grill their catch of the day on the shore when the island was still a post for pirates. Pass-a-Grille Beach, the Southernmost of Pinellas County’s barrier beaches, was the first beach community on the Gulf of Mexico to develop as a weekend residential spot for successful Tampa and St. Pete Beach, Pass-a-Grille Beach has long been considered the jewel in the crown of west coast beaches. Situated on the southern tip of Pinellas County, Pass-a-Grille is home to the famous “Hurricane” restaurant which overlooks the sparkling waters of the Gulf of Mexico.
St Pete Beach, on the central gulf coast of Florida, has a small town atmosphere with plenty of vacation amenities within walking distance. St Pete Beach vacation rentals are just a few miles from St Petersburg, FL, and about 35 miles from Tampa, FL. St Pete Beach is just minutes away, and the area is renowned for spectacular rivers, nature preserves, state forests, world-class fishing and championship golf. St Pete Beach ranks as one of the best beaches in Florida, especially on the West Coast of Florida
The Gulf beaches are known for warm, white sands, pristine waters, palm trees, and dolphins.day and night activities. St Pete Beach Hotels and St Pete Beach Resorts offer accommodations on some of the best beaches directly on the Gulf of Mexico. St Pete Beach is not as populated with tourists as Clearwater Beach but still offers beautiful sunsets, popular nightlife, great restaurants & plenty of St Pete Beach Wave runners offer a riding experience unlike any in the Tampa Bay Area.
The Tadewinds Hotel/Resort is a tropical haven where guests can find peace and relaxation in style and comfort with superior service reflecting the spirit of American Samoa. Tradewinds Hotel offers a range of business and recreational facilities including a restaurant, bar, internet caf, conference facilities, gymnasium. St Pete Beach Florida has a great assortment of hotels and resorts. Don Cesar Is the hotel resort known as Florida’s Legendary Pink Palace since 1928, the luxury resort is revered internationally for its sprawling, sugar-white beach, unparalleled dining, rejuvenating Beach Club & Spa, fabulous fishing, children’s program, nearby tennis and golf. The Don Cesar has a long list of famous guests and has hosted every president since Gerald Ford (excluding Ronald Reagan) and also Franklin D. St Pete Beach is also know for hotels and resorts like the Tradewinds Hotel/Resort.
Another Place that is a great party hot spot restaurant on St Pete Beach is Jimmy B’s. Jimmy B’s Beach Bar caters to the upscale crowd so you better make sure you’re ready to roll. If you are looking for good food and good times on the water n St Pete beach you may consider the Sloppy Pelican. The Sloppy Pelican is one of St. Pete Beach’s newest waterfront bar & grill. A favorite for locals and visitors alike, our menu offers a wide variety that everyone is going to enjoy; from fresh seafood and pasta prepared from scratch, to the biggest burgers and tastiest nachos on the beach. Out of all the restaurants in St Pete Beach the Hurricane restaurant is one of the most popular. The Hurricane Restaurant: a landmark multi-storied restaurant/bar/entertainment complex is situated across the street from the beach right in the middle of Pass a Grille and keeps the hungry and thirsty beachgoers happy late into the evening.
Treasure Island Resort and Casino offers an outstanding Las Vegas experience for anyone. Whether you are single or are vacationing with your family, Treasure Island Resort and Casino has everything you need for the vacation of your dreams. Even if you live in Las Vegas, a getaway to Treasure Island Resort and Casino will make you feel as if you are in another world!
Treasure Island Resort and Casino offers the Ultimate Overnight Experience
Whether you want a standard room, a sophisticated suite, a marvelous marina stay or a place to park your RV, Treasure Island has just what you need. You will feel as if you are in four different worlds. Discover the phenomenal perks for each area!
Upgrade from a standard room to a luxurious suite. Experience the life of luxury in your suite that includes a sofa sleeper, two TV’s and a guest and master bath. Relax in your room or venture down to the waterfall and pool.
Treasure Island Tickets for Popular Las Vegas Shows
Treasure Island Resort and Casino is well known for its Las Vegas shows, particularly Mystere, which is found exclusively at Treasure Island Resort and Casino. Mystere is an experience of a lifetime. It is full of energetic acrobatics and breathtaking mid-air acts that will leave you feeling uplifted and astonished! Make sure to purchase your Mystere tickets today.
Another Las Vegas show is the Sirens of TI, located in Sirens Cove at the front of Treasure Island Resort and Casino. This show has it all-music, dancing, temptation, excitement, seduction, sensuality and excessive energy. Get your Las Vegas show tickets for free today! Hotel guest have VIP viewing.
More Fun in Treasure Island Resort and Casino
Not only does Treasure Island offer Las Vegas show tickets, it also offers a variety of casino style games, as well as bowling and golfing, for entertainment. The gaming floors are not crowded together, and you can sit down on a plush stool. There are non-smoking areas and the range runs from a penny to $ 25. Treasure Island literally gave out over 450 jackpots between $ 1,200 and $ 20,000 in one week’s time.
If Blackjack is your game of choice, Treasure Island Resort & Casino has betting circles of $ 1, $ 5, $ 25, $ 100 and $ 500 chips. Maybe Poker is more your style. Try your hand at Texas Hold’em, Omaha Hi-Low and Seven Card Stud. Limits range from $ 2-$ 4 to $ 30-$ 60. Be sure to call ahead to reserve your table, as they tend to fill up fast!
If the casino life is not up your alley, you can bowl at Xtreme Bowl, which also includes an arcade, lounge and deli snack bar. Your kids will have a blast bowling at Xtreme Bowl. Mount Frontenac is an 18-hole golf course that offers a stunning view of Lake Pepin and the Hiawatha Valley. Enjoy the beautiful scenery during your golfing game at Mount Frontenac.
Get your Treasure Island tickets and enjoy the many different options available for your Las Vegas getaway.
St. Petersburg also called Petrogad and Leningrad is one of the largest cities in Russia. It is a chief cultural center in Europe and is a very important Russian port. It is often considered as the most western city with a big population and the center of trade and industry. St. Petersburg houses most buildings with historical architecture influenced by 18th and 19th centuries hundreds of museums parks and theaters.
All in all St. Petersburg has contributed much in terms of literature music sports and arts and it made people from all over the world recognize this beautiful city. There are also hundreds of schools and universities but they all properties of the federal government.
Some hotels in St. Petersburg are:
Nevsky Hotel Grand
Nevsky Hotel Grand is conveniently situated very near to Nevsky Prospect only a few minutes from the subway and a few minutes walk going to Hermitage Museum. The hotel is complete with exceptional services and amenities very much ideal for business travelers or for pleasure trip.
It is considered to be of international standards. It has a lobby of modern designs and with an elegant atmosphere. There is a front desk restaurants offering international dishes snack bars and breakfast room serving complimentary breakfast. Also included are parking services and elevators.
This hotel features 116 rooms and suites designed in modern fashion providing the guests with the amenities and services making their stay wonderful and enjoyable.
Room amenities are as follows: a twin and queen beds (for doubles) TV telephone free wireless Internet connection a safety box air conditioning system bath and shower (private) hairdryer mini bar sauna whirlpool bath (for suites) and non-smoking rooms.
The hotel has a meeting room that can hold up to 25 people convenient for conferences workshops trainings and other social events. It is equipped with a projector computers wireless Internet PDP and screen.
Other services are provided for upon request like airport transportation shuttle service to train station city tours and laundry service.
Other facilities inside are ATM machines 24 hour cameras on surveillance coffee shops baggage porters and newspapers and magazines.
Corinthia Nevsky Palace Hotel
Corinthia Nevsky Palace Hotel located in the center of St. Petersburg is composed of 2 splendid buildings that resemble the 19th century historical architecture. It is surrounded with all the local attractions such as the Hermitage Alexander Nevsky Monastery St. Isaacs Cathedral and many more. It is also accessible to almost all business centers.
Hotels guestrooms are completely refurbished elegant and spacious with first-class amenities and facilities that are very ideal to people traveling on business and leisure. Guests can actually feel comfortable and warm atmosphere. There are 285 guestrooms with views overlooking the city.
Each room is comfortably equipped with an air conditioning system a mini bar satellite telephone (direct dial) satellite TV radio alarm hair dryer luxurious bathroom and king-sized bed (except in twin rooms). The Executive Room is located at the 7th floor.
When it comes to dining guests can experience the luxury of eating in one of the most favorite in St. Petersburg. These restaurants offer the best in culinary dishes satisfying the guests gastronomical desire.
First is the Imperial Restaurant. It is very spacious and stylish and guests can enjoy the views of the Nevsky Prospect. They serve breakfast lunch and dinner everyday. They mostly serve international dishes.
The second dining option is the Beerstube Restaurant. They serve lunch buffets of German specialties. Meanwhile the Cafe Vienna serves light snacks coffee and pastries in Viennes style.
The Lobby Bar serves superb cognac and cocktail. Soon to open is the Nevsky Bar and Lounge. It will give live entertainment every night a good place to relax and to unwind after a tiring day.
Other hotel amenities are fully equipped meeting and banquet rooms a business center health club with complete facilities a beauty salon limousine service and shopping arcade. The Samoilov Memorial Museum features Russian culture and may be visited on the 2nd floor.
Any number of events may be responsible for an individual filing for personal bankruptcy; loss of employment, mismanagement of money, unexpected medical bills, or divorce. It is a serious decision that may affect your financial status, but it is also an acceptance of your present financial situation and declaration of your debts. Personal bankruptcy should be seen as a step towards mending your financial problems.
No matter what options you decide upon to get your finances under control, it is important to do so before your situation becomes worse. If you are even considering personal bankruptcy then you are already in trouble and need to get help. Personal bankruptcy may turn out to be your best recourse in giving you debt relief, and that is what it was created for.
It is a good idea to hire St. Petersburg bankruptcy lawyers who know how to navigate through the current federal and state laws. The personal bankruptcy process is a complicated one and there is a chance that you will lose property or other rights if you do not properly adhere to the bankruptcy laws. It is in your best interest to find St. Petersburg bankruptcy lawyers who want to meet with you individually, answer your questions, and take into account your personal situation. Your lawyer will have the knowledge and expertise to assist you with all the necessary paperwork and will give you the quality legal advice and representation you need to successfully file personal bankruptcy.
There are two types of personal bankruptcy: Chapter 7, which erases most of your debts, and Chapter 13, which creates a debt repayment plan. Your records and paperwork will be reviewed and your St. Petersburg bankruptcy lawyers will decide exactly what path is right for your situation. Once the decision of filing for personal bankruptcy is made, many of your worries will become a thing of the past.
Your creditors and collection agencies will be notified that you’ve taken the proper steps and the process of filing for personal bankruptcy has begun. Threatening and harassing calls from creditors will immediately stop once your St. Petersburg bankruptcy lawyers have filed your petition with the federal court. Filing for personal bankruptcy will provide you with peace of mind and will allow you to continue with your day-to-day life. It is the first step to a fresh start with your finances.
Find More St Petersburg Articles
St. Petersburg’s a dream destination for visitors all over the world. Stylish architecture, well-off heritage, & a mass of activities for each visitor does make the metropolis a must visit. There’re such a lot that those on a St Petersburg Travel are able to do aside from merely exploring the regal heritage. St. Petersburg hotels make arrangements for customized travel plans for making your Vacation in St Petersburg memorable. Reserve your housing online and get excellent deals all through the year. There’re abundance of luxury hotels & villas across the city’s central frontier. Numerous budget hotels happen to also be available in the event of you being with friends & don’t wish to spend a lot.
Quite a lot of hotels have been able to make online booking a pleasant experience for you. Also the payment procedure is clear and extremely expedient for those on St. Petersburg Russia Tours. Different categories refer to the no. of persons giving you company and your favored place if any. Also the facilities to be had at diverse hotels are moreover considered to be a matter here. You may get unique tariff plans throughout festivals / complimentary breakfast on arrival. You’ll also catch glimpses of main tourist attractions of this city on the luxury hotels’ websites.
Saint-Petersburg hotels happen to be well-known for their outstanding service, avant-garde gadgets, & wonderful interiors. A few of the hotels moreover offer wireless web facilities within the premises, swimming pools & gymnasiums. Private Jacuzzis within the suites, massage parlors & sauna stations. Automobile facilities are accessible at any time that you trip a palace / a museum. Also the budget hotels indulge their boarders with lavish food and astonishing lodging. Such hotels are situated close to the vital traveler destinations. Thus you do not require traveling much. You moreover experience the homely comfort in the event of staying in a few of the guest houses offering lesser amenities.
Canal cruises, stopover at heritage places, cooking classes, and additional attractive things happen to be hosted entirely for the travelers. Brochures on the art galleries, timetable of music concerts & operas are to be had at hotels. Staff members would be guiding you in planning the trips & additional sources of amusement. Franchises of main world renowned hotels are situated in & about St. Petersburg. Don’t forget to explore the lavish local cooking at restaurants & the many eateries alongside the roads. You have to do much home work before you arrive at St. Petersburg. Or else you may miss the most preferred traveler places inside the city.
St Petersburg Beach vacation rentals are just a few miles from St Petersburg, FL, and about 35 miles from Tampa, FL. St Petersburg Beach is just minutes away from downtown St Petersburg, and the area is renowned for spectacular rivers, nature preserves, state forests, world-class fishing and championship golf. St Petersburg Beach ranks as one of the best beaches in Florida, especially on the West Coast of Florida. St Petersburg Beach, on the central gulf coast of Florida, has a small town atmosphere with plenty of vacation amenities within walking distance.
The weather in many ways is on of the biggest attractions. Florida is nicknamed ‘The Sunshine State’ due to its reputation for good weather and tourists flock to holidays in Florida year round along with Americans from colder states who want to avoid the harsh winters at home. St Pete Beach has so much to offer year round that unless you are only interested in sun-bathing, you cannot fail to find something fun and interesting to do.
The Beach is not as populated with tourists as Clearwater Beach but still offers beautiful sunsets, popular nightlife, great restaurants & plenty of day and night activities. Wave runners offer a riding experience unlike any in the Tampa Bay Area. The Gulf beaches are known for warm, white sands, pristine waters, palm trees, and dolphins. St Petersburg Beach Hotels and Resorts offer accommodations on some of the best beaches directly on the Gulf of Mexico.
The Pier Hotel is located in the heart of Florida’s premier downtown waterfront district, within walking distance to many local museums and attractions, and along the same road as the world famous St. Petersburg Pier. The Renaissance Vinoy Resort & Golf Club is the only luxury Florida hotel on the West Coast with the combination of a private marina,’-hole golf course and 12-court tennis complex. The Vinoy is a fine example of’20’s Mediterranean Revival architecture that has earned it a place in the National Register of Historic Places. St Pete Beach Florida has a great assortment of hotels and resorts. Don Cesar Is the hotel resort known as Florida’s Legendary Pink Palace since’28, the luxury resort is revered internationally for its sprawling, sugar-white beach, unparalleled dining, rejuvenating Beach Club & Spa, fabulous fishing, children’s program, nearby tennis and golf. The Don Cesar has a long list of famous guests and has hosted every president since Gerald Ford (excluding Ronald Reagan) and also Franklin D. The Beach is also know for hotels and resorts like the Tradewinds Hotel/Resort. The Tadewinds Hotel/Resort is a tropical haven where guests can find peace and relaxation in style and comfort with superior service reflecting the spirit of American Samoa. Tradewinds Hotel offers a range of business and recreational facilities including a restaurant, bar, internet cafe, conference facilities, gymnasium.
If you are looking for good food and good times on the water n St Petersburg beach you may consider the Sloppy Pelican. The Sloppy Pelican is one of St. Pete Beach’s newest waterfront bar & grill. A favorite for locals and visitors alike, our menu offers a wide variety that everyone is going to enjoy; from fresh seafood and pasta prepared from scratch, to the biggest burgers and tastiest nachos on the beach. Out of all the restaurants in St Petersburg Beach the Hurricane restaurant is one of the most popular. The Hurricane Restaurant: a landmark multi-storied restaurant/bar/entertainment complex is situated across the street from the beach right in the middle of Pass a Grille and keeps the hungry and thirsty beachgoers happy late into the evening. Another Place that is a great party hot spot restaurant on St Pete Beach is Jimmy B’s. Jimmy B’s Beach Bar caters to the upscale crowd so you better make sure you’re ready to roll.
Find More St Petersburg Articles