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"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.
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