Worth Valuations

Last week, our Principal George Koiso, MAI spoke at the CALIFORNIA ALLIANCE OF TAXPAYER ADVOCATES (CATA) 2024 Annual conference at the The Ritz-Carlton in Laguna Niguel. Thanks again to CATA and James DePasquale for inviting Mr. Koiso to be a part of their annual conference!   Mr. Koiso's presentation at CATA comes one month after also being a guest speaker at the 2024 International Association of Assessing Officers (IAAO) Fall Conference.   Whether we represent tax payers or County Assessors, our professionals are here to help provide you with valuation solutions you can rely on.   Have questions about a property tax appeal or complex valuation issue? Reach out to our Principal George Koiso, MAI Koiso.   #CATA #PropertyTaxAppeals #CRE

New #appraisal job: Commercial Valuation Intern at Worth Valuations in Los Angeles, California - Worth Valuations seeks Commercial Valuation Intern in Los Angeles, CA. Learn from industry experts with hands-on property real estate appraisal experience. See the full job post here: https://lnkd.in/eMjpBFBc

On Friday the 13th, our Principals George Koiso, MAI and Pedro Chin will be speaking at the 2024 California Alliance of Taxpayer Advocates (CATA ) annual conference at the The Ritz-Carlton Hotel Company, L.L.C. in Laguna Niguel. They are looking forward to sharing their insights and connecting with you at the conference.   Don't miss out on this great learning opportunity and sign up today! Just click on the link below.   https://lnkd.in/grRikRVF   Thanks again to CALIFORNIA ALLIANCE OF TAXPAYER ADVOCATES for inviting George and Pedro to be a part of their annual conference.   #CATA #construction #markettrends

Key Takeaways from the 2024 Freddie Mac Multifamily Appraisal Webinar Conference   Earlier this month, Freddie Mac hosted this year's Multifamily Appraisal Conference, emphasizing for a 2nd straight year their commitment to quality appraisals. Panelist provided feedback on new underwriting guidelines (Gabrielle Riedy), discussed fair lending hot spots (Brent Koenig), provided insight into unusual activity and/or fraud detection (Lindsey Bass), and went into detail about appraiser independence expectations (Jacinto Munoz).   In 2023, we reported (https://t.ly/wF3n7) that the panelists at last year's conference delivered a unified message that marked a distinct shift in tone and direction from previous years. Chris Alfaro, MAI, AI-GRS, Freddie Mac’s Chief Appraiser, emphasized the importance of appraiser independence. All of the discussions highlighted the need for reliable appraisal reports, especially amid challenging market conditions, with panelists referring to appraisers as their "eyes and ears."   While not directly addressed, the themes discussed last year appeared directly tied to subsequent cases relating to high-profile cases that have since become public (see articles https://t.ly/uzF-d & https://t.ly/Q69l7).     Notably Lindsey Bass, Senior Director of Fraud, reported that there has been a staggering 200% increase in cases referred to her team over the past 24 months. While various reasons have contributed to the increase, she put into context that these cases still represent a very small fraction of Freddie Mac's loan activity. Yet, she provided examples of how appraiser's can be part of their due diligence process.        Finally, during the Q&A session, a question was asked about the perception by lenders that Freddie Mac would prefer the use of large, national firms. Mr. Alfaro noted that he is aware of this narrative, that their staff knows many competent independent and small firms, and alluded to possible changes on this topic in 2025. This change could be linked to the FHFA's own report to Congress that the Enterprises and the FHLBanks are required by law to promote diversity and ensure inclusion in all business activities, including contracting, in accordance with FHFA standards and requirements.   At Worth, we participate in these discussions, thereby empowering us to provide all of our clients with not just compliance, but also forward-thinking insights that align seamlessly with Freddie Mac's expectations. For additional insights, our conference notes, or to discuss how we can help you, reach out to our Principal George Koiso, MAI.   About Worth: The Principals of Worth Valuations have appraised over 5,000 apartments in the Southern California market, including hundreds of assignments for Agency purposes. We have engaged with 80+ clients to date, so come see why more lenders are choosing Worth Valuations for their valuation requirements and let us know how we can help!   #cre #multifamily #apartments #freddiemac

This Veteran's Day, we extend our deepest gratitude to all those who have served and continue to serve in the Armed Forces. Their courage, sacrifice, and commitment allow us to enjoy freedoms and opportunities that make our work and lives possible.   At Worth Valuations, we feel privileged to recognize the families of our team members who have a proud legacy of military service. Their contributions are a powerful reminder of what it takes to safeguard the values we hold dear as a nation.   #veterans #usa #military

Worth Valuations is grateful for the opportunity to contribute to the conversation on Los Angeles Apartment Trends at the 2024 International Association of Assessing Officers (IAAO) Fall Seminar, thanks to an invitation from Jesse Zhu, President of the Los Angeles County Chapter of the IAAO. Our principals, George Koiso, MAI, and Pedro Chin, presented to an audience of over 100 appraisers from the Los Angeles County Assessor's Office, sharing insights on Measure ULA, factors impacting NOI, regulatory challenges, investment trends, and the increased complexities surrounding land valuations/new construction dynamics.   We believe that transparency and collaboration with the Assessor’s office help foster efficient and fair outcomes for all parties involved, benefiting tax payers, the Assessor's office, as well as our community.   Our firm has been involved with over 150 tax appeal cases and have testified over 25 times. If you are involved in a tax appeal and looking to enhance your tax appeal strategy, check out our "10 Crucial Insights on Expert Testimony" in this article: https://lnkd.in/g2PBbnfv #commercialrealestate #cre #multifamily #appraiser #IAAO #appraisalinstitute #MeasureULA #WeLoveLA

Congratulations to the Los Angeles Dodgers on winning the 2024 World Series last week!   At Worth Valuations, we're celebrating not only this exciting win but also a unique connection to the iconic Dodger Stadium. Fun fact: our very own Principal, Pedro Chin, had the honor of appraising the place! Pedro has tackled many obscure assignments, but this was one of the most memorable.   #losangeles #appraisal #commercialrealestate

Spooky Appraisal Stories – Why Hiring the Right Appraiser Matters!   Not all horror stories come from haunted houses…some come from the appraisal reports themselves! Here are four tales of appraisal gone wrong that will have you thinking twice about who you hire for your next valuation:   The Case of the Wrong Address 🏚️: An appraiser accidentally valued the wrong property! The client only discovered the mistake after closing. Imagine expecting a detailed appraisal for your property and receiving one for a different property!   Trusting the Untrustworthy 📜: Some appraisers relied on forged purchase agreements and rent rolls without verifying the information, leading to severe consequences. Not only were the reports inaccurate, but these appraisers were banned from working with major agencies.   The Overlooked Site Improvements 🧱: In a real horror story, an appraiser did a drive by inspection of a 10+ acre site of a proposed development, but never actually walked the site. The appraiser described the site as raw, even though portions of the site were graded and a 3MM wall was constructed, all of which were obstructed from the street view due to the topography. Needlessly rushing an inspection can lead to an embarrassing and potentially inaccurate appraisal.   Square Footage Scare 📏: An appraiser mismeasured the square footage on a commercial building, significantly inflating its value. After the buyer noticed discrepancies, they sued for negligence, claiming the appraiser cut corners during the inspection.   The Takeaway: While these appraisal horror stories are memorable, they’re rare. The vast majority of appraisers are diligent professionals committed to high-quality, accurate work. However, even in an industry of skilled experts, mistakes can happen—sometimes with costly consequences. With Worth Valuations, you can trust that our team brings experience, attention to detail, and integrity to every assignment. Don’t let a “horror story” haunt your next transaction!   Happy Halloween! 🎃👻   #commercialrealestate #appraisers #halloween

Worth Valuations Principals to Present at the 2024 IAAO Fall Seminar   We are happy to announce that George Koiso, MAI and Pedro Chin, Principals at Worth Valuations, will be speaking at the 2024 International Association of Assessing Officers (IAAO) Fall Seminar. With nearly 100 appraisers from the Los Angeles County Assessor's Office expected to attend, they will discuss key multifamily real estate topics, focusing on Southern California's apartment market regulations and trends, including the ULA Mansion Tax, permissible density development sites, and market trends. We have been involved in over 100 property tax appeal cases and have testified dozens of times in front of the LA County Assessment Appeals Board.   For more information about the IAAO and this event, please visit the following link: https://lnkd.in/gDYWU9rT #networking #apprasial #commercialrealestate #thoughtleadership