TOPIC: Short-Term Rentals (STRs) – Analysis and Valuation
Join George Paquette, SRA and Charles Baker, SRA as they discuss their Short-Term Rental journey. They will provide insight into the unique challenges and opportunities involved with valuing Short-Term Rentals (STRs). Learn about STR data sources and analysis, and market studies. Compare Long-Term versus Short-Term income streams, expenses, and going concern. They also will provide their unique perceptive on how to identify potential STR investment opportunities.
SPEAKERS: Charles Baker, SRA, AI-RRS; George Paquette, SRA
Established in 1988 by Charles Baker, SRA, AI-RRS, AppraisalPros provides appraisal, review, litigation support, tax appeal and consulting services on residential property throughout the Southern California area, including Catalina Island. Clients include domestic and international financial institutions, law firms, consulting firms, developers, employee relocation companies, condo boards, real estate firms and individuals.
He has appraised the homes of countless celebrities and who’s-who in finance, design, business, entertainment, legal, sports, health care, hoteliers, etc. with over $26 billion in aggregate residential valuations since 2002.
George is the Chief Operating Officer of Valligent, a Veros Software company. George Paquette is a certified appraiser with the SRA designation and has nearly two decades of leadership experience in appraisal and asset management companies. Previously, he worked as a collateral default reviewer for a nationwide lender and owned a staff appraisal office.
George owns and operates full-time vacation and monthly rentals on Catalina Island.
Event Information
Veros Real Estate Solutions
2333 N. Broadway
Huntington Room-Floor 1
Santa Ana, CA 92706
Check In: 5:30 PM
Dinner and Program: 6:00 PM – 8:00 PM
TOPIC: Short-Term Rentals (STRs) – Analysis and Valuation
Join George Paquette, SRA and Charles Baker, SRA as they discuss their Short-Term Rental journey. They will provide insight into the unique challenges and opportunities involved with valuing Short-Term Rentals (STRs). Learn about STR data sources and analysis, and market studies. Compare Long-Term versus Short-Term income streams, expenses, and going concern. They also will provide their unique perceptive on how to identify potential STR investment opportunities.
SPEAKERS: Charles Baker, SRA, AI-RRS; George Paquette, SRA
Established in 1988 by Charles Baker, SRA, AI-RRS, AppraisalPros provides appraisal, review, litigation support, tax appeal and consulting services on residential property throughout the Southern California area, including Catalina Island. Clients include domestic and international financial institutions, law firms, consulting firms, developers, employee relocation companies, condo boards, real estate firms and individuals.
He has appraised the homes of countless celebrities and who’s-who in finance, design, business, entertainment, legal, sports, health care, hoteliers, etc. with over $26 billion in aggregate residential valuations since 2002.
George is the Chief Operating Officer of Valligent, a Veros Software company. George Paquette is a certified appraiser with the SRA designation and has nearly two decades of leadership experience in appraisal and asset management companies. Previously, he worked as a collateral default reviewer for a nationwide lender and owned a staff appraisal office.
George owns and operates full-time vacation and monthly rentals on Catalina Island.
Apartment Market Update – 2024
Two experts in the So Cal Apartment Market will give us their insights and analysis on current market conditions, including:
-Trends in rents, vacancy, and operating expenses, noting significant changes since last year
-What’s happening to sales – who is buying, and who is selling?
-Residential land values – the challenges of coming up with a value
-Capital market conditions – who is lending…and at what terms?
Plus – time for questions and discussion
George Koiso: Managing Director
George Koiso, MAI, is a Principal and Senior Managing Director for Worth Valuations. With over 18 years of valuation experience and having managed the production of thousands of appraisals, Mr. Koiso has established a reputation for being one of the most trusted appraisers in the Southern California region.
Prior to co-founding Worth Valuations, Mr. Koiso spent 14 years with CBRE’s Valuation and Advisory Services department. He began his career as a trainee and was eventually promoted to the head of the Los Angeles apartment team. Under his leadership, the team was regularly the fastest growing in the region and eventually grew to be the largest team nationwide, a status it maintained for many years.
Mr. Koiso specializes in multifamily residential properties. He has significant experience with Class A institutional-quality assets, both existing and proposed, having worked on many of the highest-profile assets in Southern California. Mr. Koiso also specializes in affordable housing, Small Balance Loan (SBL) apartments (including value-add/bridge loan assignments), and has an exceptional record for managing very large portfolio assignments. He has also served as an expert witness for property tax appeal purposes, having been involved with over 100 tax appeal cases. Mr. Koiso also conducts external appraisal reviews for various financial institutions and was previously a Review Appraiser for JP Morgan Chase, where he achieved the highest internal employment rating. He has been a frequent guest speaker to various financial institutions on topics ranging from current apartment market trends to valuation methodologies for large versus small apartment assets.
Pedro Chin: Managing Director, Principal
Pedro K. Chin, the former co-head of the Multi-Housing Valuation Practice for CBRE’s Los Angeles Valuation & Advisory Services group, has left the firm in 2022 to start-up Worth Valuations. Mr. Chin graduated from the University of Southern California with a Bachelor of Science in Business Administration with an emphasis in Real Estate. He has been a practicing appraiser for the past 30 years, and his experience includes the valuation of a variety of income-producing property types, including multifamily, retail, office, industrial, mixed-use and land proposed for all asset types.
Mr. Chin has narrowed his practice over the past 10 years to specialize in complex valuation assignments, both existing and proposed, and has appraised some of Southern California’s most complex and high-profile assets. Mr. Chin regularly provides consultation services to owners, developers, brokers, attorneys, and other appraisers throughout Southern California, particularly as it relates to land, residual land valuation, and feasibility problems.
Mr. Chin has appraised Oceanwide Plaza, 9900 Wilshire, The Century, 10000 Santa Monica, Hollywood Palladium, Beverly Hills Hilton (redevelopment), Queen Mary, Dodger Stadium (land), Columbia Square (former CBS Studios), Los Angeles Center Studios (land), The Village at Santa Monica, the House of Blues redevelopment, The Lorenzo student housing, LEVEL Furnished Living, and several multi-use master-planned communities. Mr. Chin also has extensive experience with adaptive reuse conversions to mixed-use multifamily (rental and for-sale) with ground floor commercial or to creative office, ground-leased assets, properties with boat slips, properties impacted by regulatory restrictions (i.e. LIHTC’s, HUD, Mills Act, Coastal Commission, split-zones, conservation land, etc.), and valuing for-sale condominium projects.
Event Information
CHECK IN AT 8:00 AM
CLASS STARTS AT 8:30 AM
NO BREAKFAST OR REFRESHMENTS WILL BE SERVED.
LUNCH: ON YOUR OWN
PARKING: FREE
TEMPERATURES IN CLASS ROOMS VARY. PLEASE DRESS ACCORDINGLY.
COMPLEX VALUATION COURSE OVERVIEW:
Complex Valuation is a new course developed to give appraisers the skills to value both detrimental and beneficial conditions. The field of “complex valuation” involves the real estate characteristics that are “atypical.” (Federal Regulations Part 34.42.).
Many, if not most, valuation assignments involve a straightforward application of the cost, income and sales comparison approaches to value. However, frequently complex issues arise that involve either beneficial or detrimental conditions that can influence the value of real estate. For example, beneficial conditions might result in an increase in value, such as discovering minerals or oil on grazing land. Detrimental conditions could result in a diminution in value, such as natural disasters or environmental contamination.
As real estate appraisers, understanding these complexities helps in developing a credible opinion of value in these types of assignments. Although many complex issues are addressed throughout appraisal literature and coursework, they are not presented as a single framework. The purpose of the Complex Valuation course is to provide real estate appraisers with a comprehensive understanding of the topic and focus on these various property conditions and the valuation methodologies to address them. Instructors present with a comprehensive PowerPoint presentation.
Instructors: Randall Bell, PhD, MAI or Michael Tachovsky, PhD
Duration: 7-hours
Course Description
TITLE: PLANNED RIVERSIDE COUNTY TRANSPORTATION IMPROVEMENTS – ROADS, RAIL AND AIR
Join us and our colleagues with the IRWA for a luncheon and informative presentation about planned transportation improvements in Riverside County. The topics will include Riverside County population forecasts and anticipated growth areas, current transportation challenges and needs for expanded capacity, descriptions of planned road, rail and air transportation projects, including estimated project costs and schedules, and anticipated right-of-way acquisition requirements. Our speaker will be Ariel Alcon Tapia, public Affairs Manager, Riverside County Transportation Commission.
SPEAKER: ARIEL ALCON TAPIA – PUBLIC AFFAIRS MANAGER
As the Public Affairs Manager for the Riverside County Transportation Commission (RCTC), Ariel Alcon Tapia is responsible for administering communications programs for the agency’s capital projects, marketing campaigns, and community outreach efforts. He assumed this pivotal role in 2023, bringing his wealth of experience and expertise to the position.
Ariel’s career in transportation communications began in Washington, D.C. in 2012, when he interned for the National Transportation Safety Board’s (NSTB) Public Affairs Department, followed by a return to southern California to intern for the Southern California Regional Rail Authority (Metrolink) in their Legislative Affairs Department. After his internships, Ariel became a public outreach consultant working with the High-Speed Rail Authority, RCTC, OCTA, LA Metro, and various cities on transportation planning and capital programs.
In 2019, Ariel began working at RCTC in the Multimodal Department focusing on passenger rail and transit planning programs. Ariel was then promoted to Senior Management Analyst in the External Affairs Department and began working on agency-wide projects, including the RCTC/Western Riverside County Regional Conservation Authority (RCA) merger, 15 Express Lanes and Express Lanes Connector projects, and the Traffic Relief Plan.
Ariel earned his bachelor’s degree in political science/international affairs from the University of California, Riverside, and a master’s degree in public science with an emphasis on American institutions from California State University, Fullerton. Ariel grew up in Riverside and now lives in Claremont with his wife and their cat.
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TOPIC: The Project Influence Rule: What, Where, When, and Why?
A case study on the proper application of the Project Influence Rule in estimating the value of the larger parcel and the remainder. The case study will present a public project and specific impacts on a retail property. The presentation will include a discussion of appropriate market data and analysis for the valuation of the property in the “before” and “after” conditions.
SPEAKER BIO: Alison Arms, MAI, SRA
Alison Arms, MAI, SRA has over 15 years of experience in real estate appraisal and consulting and has been a co-owner of Jones, Roach, & Caringella, Inc., since 2023. She has experience in a diverse set of appraisal assignments, including trust, title claims, mitigation, special use properties, complex partial acquisitions, and litigation support. Ms. Arms has appraised a wide variety of property types from individual homes to large mixed-use projects and a wide array of commercial property types, including unique assets.
PLEASE NOTE: ZOOM LOG IN INFORMATION WILL BE EMAILED OCTOBER 4TH AT 10 AM.
SPEAKER:
Michele Kauffman, MAI
Executive Managing Director
Chief Growth Officer
Valuation & Advisory
The Southern California Chapter of the Appraisal Institute is proud to announce the launch of its Women’s Initiative Committee (WIN).
The purpose and objective of this newly formed committee is to promote the advancement of women within the appraisal profession. In monthly Zoom meetings, we will host discussions of relevant topics, invite special guest speakers, network, and assess the unique challenges and opportunities we face. All are welcome to attend. Appraisal Institute membership is not required, and the Zoom meetings are free of charge.
Meetings will be held the first Friday of the month, from 12-1pm via Zoom. Our next meeting is scheduled for October 4, 2024
For more information, please contact:
Ariana Arredondo, MAI at [email protected] or
Linda Whittlesey, SRA at [email protected]
Jennifer Hsu, MAI at [email protected]
Disclaimer Information
THERE IS NO CE FOR THIS EVENT
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This important course provides information about standards and ethics requirements for valuers in general and, more specifically, for valuers who belong to the Appraisal Institute. Through discussion questions and examples, you’ll identify behavior and actions that illustrate violations of the Code of Professional Ethics, and you’ll learn how referrals can be made. You’ll get an introduction to the Appraisal Institute Guide Notes to the Standards of Professional Practice and see how the Guide Notes can be used to resolve everyday appraisal practice problems. Finally, you’ll learn about common errors in appraisal reports and review reports, and they respond to questions about challenges that arise in appraisal practice such as requests for updates and requests to change or add intended users.
The content emphasizes:
- Business practices issues, such as how to respond to seemingly unreasonable requests, how to address client pressure, and how to approach a complex assignment
- Which standards apply to Appraisal Institute Designated Members, Candidates for Designation, Practicing Affiliates, and Affiliates, and when they apply
- The key principles of the Standards of Valuation Practice
- How to identify and avoid behavior that violates the Standards of Valuation Practice
- The correct way to use the Appraisal Institute designations, emblems, and logo
- Understanding of the Appraisal Institute enforcement process
Course Objectives
- Identify the purpose of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and recognize how those documents apply to Appraisal Institute Affiliates, Practicing Affiliates, Candidates for Designation, and Designated members.
- Recognize how to apply better appraisal business practices, especially regarding client relationships.
- Identify the major steps in the enforcement of the Appraisal Institute peer review system.
- Recognize the guidance offered by the Guide Notes to the Standards of Professional Appraisal Practice of the Appraisal Institute.
- Identify opportunities for improving professionalism.
- Recognize common ethical dilemmas and identify strategies for resolving them.
Event Information
ENROLLMENT
Enrollment is on a first-come, first served basis. If the event is filled, a waiting list will be retained. The Southern California Chapter reserves the rights to cancel, limit, or reschedule this event if the minimum enrollment level is not reached, and to change faculty assignments and facility locations at any time. Prospective students should confirm their registration before making any non-refundable airline reservations. There are NO transfers; you must cancel out of the offering.
ATTENDANCE
The Appraisal Institute enforces attendance requirements mandated by state licensing and certification regulatory agencies. The Appraisal Institute issues certificates for state certification/licensing or state continuing education credit that verify successful completion and attendance of 100%, with your grade notification letter for courses, or at the conclusion of seminars. One hundred percent (100%) attendance is required for all Appraisal Institute education programs. This follows Appraiser Qualification Board minimum criteria requirements.
PREREQUISITES
Some classes have prerequisites. Be sure to read the course description to find out if there are any prerequisites for this course.
REQUIRED TEXTBOOKS
Some classes have required textbooks. Be sure to read the class description to find out if there are any required textbooks for this course. There will not be any textbooks for purchase at the class. You must buy them ahead of time. If you arrive for a class without the required textbook credit for the class cannot be given and there will be no refund.
REQUIRED EQUIPMENT
Some classes require you bring a laptop and or other equipment. Be sure to read the class description to determine if any equipment is required. You are responsible for bringing your own extension cord(s). None will be provided. Please safeguard your equipment and personal belongings at all times. The Appraisal Institute, the Southern California Chapter, the Instructor or the facility will not be responsible for any loss of your personal belongings.
CLASS MATERIALS TO DOWNLOAD
Some classes are now available with downloadable materials. If you opted to download class materials instead of having them shipped to you, you will be required to bring the materials with you on a laptop or as a hard copy. If you do not have the materials with you credit for the class cannot be given and there will be no refund. Copies will not be available to you in the class. You are responsible for bringing your own extension cord(s). None will be provided.
ADA COMPLIANCE
It is the policy of the Appraisal Institute to provide reasonable accommodations for qualified persons with disabilities who are participating in Appraisal Institute educational programs. If you need accommodations to participate because of a disability, please notify us in writing at least two weeks in advance of the program and we will arrange for reasonable accommodation. Without two weeks’ notice, accommodation may not be available.
ATTENDANCE CERTIFICATE:
With the recent transition to the Appraisal Institute’s NetForum registration system, attendance certificates will be available for download directly through the AI’s national website. The procedure to obtain your certificate is:
Go to www.appraisalinstitute.org
Log into Your AI Account
Select Education/Events on the right sidebar
See List of All Offerings
Scroll to the specific offering which shows Registered and click
At the very bottom of the screen, click Retrieve Certificate
NOTE: Allow a minimum of ten business days for certificates to be available. The Chapter office cannot view, nor can we retrieve copies of your attendance certificate. Anyone having difficulty accessing their certificate should contact the Education Delivery Services Dept. directly at [email protected].
Program materials can be downloaded by the student.
CHECK IN AT 8:00 AM
CLASS STARTS AT 8:30 AM
NO BREAKFAST OR REFRESHMENTS WILL BE SERVED.
LUNCH: ON YOUR OWN
PARKING: FREE
TEMPERATURES IN CLASS ROOMS VARY. PLEASE DRESS ACCORDINGLY.
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