Real Estate AppraisersReal Estate AppraisersReal Estate AppraisersReal Estate Appraisers
"When The Valuation Matters"
"When The Valuation Matters"
Sammartino, Stout & Lo Presti, Inc., Real Estate Appraisers and Consultants, is headquartered in Erie, Pennsylvania. We are committed to providing commercial, retail, industrial, multi-family and special use real estate appraisal and consulting expertise throughout Pennsylvania, Ohio, and New York. We are the only regional real estate appraisal office with MAI designated appraisers who regularly service the immediate tri-state market. The MAI designation requires education, training and experience well beyond what is required for state certification. As a result, we are able to exceed our clients' expectations in a timely, concise, and reliable manner.
In 1991, Raymond J. Sammartino and Harry E. Mueller, Jr. founded Sammartino & Mueller, Inc., Real Estate Valuation Services, in Erie, Pennsylvania. Mr. Mueller retired in January 2006 and Sammartino & Stout, Inc., was formed by partners Raymond J. Sammartino, and Robert G. Stout, Jr. Sammartino, Stout & Lo Presti, Inc., Real Estate Appraisers and Consultants, was formed in 2016 with the addition of Sergio S. Lo Presti.
Our designated (MAI), state certified real estate appraisers abide by the Code of Professional Ethics (CPE) and Standards of Professional Practice (SPP) of the Appraisal Institute, and all of our reports are prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) promulgated by the Appraisal Standards Board of the Appraisal Foundation. This assures our clients of the highest standards in valuation and consulting services.
November 2020: The effect of the order is to reduce the assessed value of the property for real estate tax purposes from $938,970 to $459,980. That result is consistent with the expert report by Bob Stout of Sammartino, Stout & Lo Presti. This decision will have the effect of substantially reducing the real estate tax bills for the tax year 2021 and future years. Clearly, the cost of Bob Stout's appraisal and expert testimony was a wise investment. - Attorney
October 2020: After negotiations, the school district has decided to withdraw their Appeal of the Real Estate Taxes on the property. It is shocking news but I believe it is the result of their analysis of the Lo Presti appraisal. - Attorney
October 2020: A huge thank you to both of you for your incredible talent and Sergio's team on this appraisal on such short notice. We are very grateful for your work! - Property Owner
November 2019: Thank you very much for your help with the appraisal and appeal! This is wonderful news and we greatly appreciate your entire involvement in this case! - Property Owner
September 2019: The board determined that the value of the property is $53,000, as we had requested. If an appeal is filed, your testimony will be needed at trial. My thanks to you for your excellent work. - Attorney
By Franz Ross, MAI & Sergio Lo Presti, MAI
Abstract: Changing buying patterns for retail goods and the impact of Amazon and other e-commerce have made retail perhaps the riskiest property type. Predicting which properties will “go dark” necessitates thorough market analysis. For owner-occupied properties, appraisers should ideally analyze the store’s financial statements but at a minimum analyze historical revenues. In appraising hotels, nursing homes, convenience stores, and other property types, revenues are the primary measure of captured demand, and going concern appraisals are the accepted practice. The profession should be consistent in using the financial information of the going concern (at the store level) particularly in analyzing freestanding retail properties, and to the extent possible, all retail properties. This will improve the reliability of the highest and best use analysis and the forecast of durability of the current use. In this article, the “durability of the current use” relates to the likelihood of vacancy under the current highest and best use of the real estate, not the brand name occupying the space, with vacancy caused by deficiencies in location, functional aspects, or demand.
The Appraisal Journal, Volume LXXXVI, Number 4, Fall 2018, Pg. 265 -278