Greenfield Advisors Celebrates Productive First Half of 2017

The first half of 2017 has been a busy one for Greenfield Advisors. We’ve expanded not only our main team, but we have also opened new avenues of business. Below are just a few of the highlights of the first half of this year.

Our valuation expertise has for a […]

Greenfield Advisors Adds Principal Data Scientist to Its Staff

SEATTLE, Washington and CARTERSVILLE, Georgia – Greenfield Advisors is excited to announce the return of Dr. Andy Krause to the firm.  His primary role will be to expand the real estate valuation product offerings of the firm.

Dr. Krause is known in the real estate industry as an expert on […]

Inventory Tight as Homes Being Sold in Under a Month

Sellers are not having to wait very long before their homes are under contract. Nearly half of the homes sold in March were off the market in less than a month. The housing market has been going strong this year, and the speed at which homes are being sold […]

Inman Connect Recap

Greenfield Advisors Co-Managing Director Dr. Clifford Lipscomb and I recently had the opportunity to attend Inman Connect in New York City. For four days, we were connecting, learning, and growing alongside the real estate industry’s top players. Inman Connect was a four-day gathering for real estate practitioners, entrepreneurs, and […]

By |February 1st, 2017|Categories: Blog, News|Tags: , , |0 Comments

Looking Back: The 2016 Economy By The Numbers

It’s been nearly a decade since the economic downturn in late 2007 and early 2008 sent the unemployment rate soaring and negatively impacted the housing market for years afterward. Over the last few years, real estate, especially the residential side, has regained its momentum. In the first months following […]

Celebrating a Successful 2016

It’s been quite a year for us. It started with us celebrating our 40th anniversary and ended with us successfully launching a new subsidiary focused on investment banking and capital raising. Perhaps what we are most proud of is the new partnerships we created while we continued to strengthen […]

Homeownership Rate Remains Low, Despite Strong Market

The housing market’s recovery from the economic downturn eight years ago is going well. Home prices are up and homes are not sitting long on the market before ending up under contract. While all of that is good news, analysts and economists note that the homeownership rate is still […]

Home Sales Up As Millennials Look to Buy First Homes

In the first years after the housing market crash, recent college graduates had a hard time finding jobs as the economy went downhill. The unemployment rate rose, and millennials who couldn’t find a job were forced to put on hold their plans of owning their own home.

Now that the […]

ATTOM Data and Greenfield Advisors: Oklahoma Foreclosure Activity Increased 19 Percent Over Past Two Years Along With Spike In Earthquake Activity and Drop in Oil Prices

IRVINE, Calif. – Oct. 6, 2016 — ATTOM Data Solutions, the nation’s leading source for comprehensive housing data, and Greenfield Advisors (www.greenfieldadvisors.com), a leading economic and real estate research firm, today released an analysis of housing market trends in Oklahoma following the recent spike in earthquake activity in that […]

Greenfield Advisors to Present at PASS Summit

SEATTLE, Washington and CARTERSVILLE, Georgia – Greenfield Advisors is excited to be part of one of the data industry’s biggest conferences, PASS Summit. Dr. Clifford A. Lipscomb, Vice Chairman and Co-Managing Director of Greenfield Advisors, is serving as a panelist on the “Early Customer Experiences with SQL Server R […]

Builders Confident As Housing Starts Slip

First, the bad news: housing starts saw a substantial drop last month. August’s seasonally adjusted rate of 722,000 groundbreakings was below the rate from the same period last year. August also broke a streak of three straight months of increasing housing starts.

At first blush, it would appear August was […]

By |September 22nd, 2016|Categories: Blog, News|Tags: , , |0 Comments

Weekly News Roundup for July 8, 2016

These are some of the stories we’ve been following this week.

Beaches in Haifa, Israel reopened after officials cleaned up an oil spill that occurred Tuesday. A ship that was working on an oil pipeline ruptured an old fuel line, sending thousands of gallons of oil into the water.

[…]

Greenfield Looking to Expand Operations to Middle East

SEATTLE, Washington and CARTERSVILLE, Georgia – Greenfield Advisors is utilizing its award-winning analytical team and is expanding its operations into the Middle East and North Africa (MENA) region. The move comes on the heels of what has already been a busy year for the economic and financial analysis firm […]

Millennials Finding it Hard to Enter the Housing Market

The housing market has been booming as of late. A tight housing supply paired with buyers motivated to either purchase their first home or upsize has pushed prices upward. While the overall market is doing well during the summer buying season, there is one group that is less able […]

Weekly News Roundup for March 25, 2016

These are some of the stories we’ve been following this week.

Commercial property sales dropped sharply in February. Economic uncertainty and volatile financial markets may have weakened demand, and prices have started to drop in some sectors.

Foreign investors have been putting a lot of money into buying U.S. real estate. […]

Up, Up, and Away—Drone Use in the Real Estate Industry Takes Off

Last January we wrote about how drones could soon be changing the way that real estate professionals do their job. At the time, the National Association of Realtors released a statement that unmanned aerial vehicles (UAVs) (also referred to as unmanned aircraft systems or UAS)were not allowed for commercial […]

Weekly News Roundup for February 26, 2016

These are some of the stories we’ve been following this week.

Last year acid mine drainage from the Gold King Mine rushed into the nearby Animas River, contaminating it with heavy metals. The mine is one of 46 mines that could soon be designated as Superfund sites to be cleaned […]

2016 Real Estate Capital Markets Conference Recap

I recently had the pleasure of attending the 10th annual Goodwin Procter Real Estate Capital Markets Conference, held January 29 at the Waldorf Astoria Hotel in New York City. The half-day program featured an investment banker, two panels, and a leading economist presenting their views of current trends in […]

Weekly News Roundup for February 5, 2016

These are some of the stories we’ve been following this week.

The tax assessor for Porter Ranch is looking into tax relief for the thousands of property owners affected by the methane leak that was discovered in October.

The methane gas leak near Porter Ranch, California has made headlines. However, it […]

Weekly News Roundup for January 29, 2016

These are some of the stories we’ve been following this week.

A new study published in American Economic Review examined how hydraulic fracturing can negatively affect property values of nearby homes.

A new study will look at whether recent earthquakes in Texas are caused by fracking-related wastewater injection wells. Texas is […]

Weekly News Roundup for September 11, 2015

These are some of the stories we’ve been following this week.

A new Federal Housing Administration (FHA) Single Family Housing Policy Handbook (HUD Handbook 4000.1) takes effect on September 14. FHA will be hosting a number of trainings and webinars to help lenders, appraisers, and borrowers understand policy changes and […]

Strategies for Neighborhood Stabilization and Redevelopment

In previous posts, we’ve discussed some of the problems posed by vacant properties and the challenges of redeveloping distressed neighborhoods. However, municipal governments are increasingly improving their data and using a wide range of strategies and tools to better manage these problems. In this post, we examine some of […]

The Challenges of Neighborhood Redevelopment

In a previous post, we discussed how vacant lots and abandoned properties create complex challenges for many municipalities and noted that the lack of consistent definitions and reliable tracking systems is one hindrance to solving the problem. In this post, we delve into why it can be so difficult […]

Vacant and Abandoned Properties Pose Complex Challenges

Vacant lots and abandoned properties negatively affect adjacent properties, neighborhoods, municipal and school district budgets, and the local economy. The professional and academic literature shows that vacant properties are correlated with increased crime rates and property value diminution, potentially leading to blighted neighborhoods. They reduce property tax collections and […]

Real Estate Capital Markets Conference Recap

The real estate conferences for the year have kicked off. I started the year off by attending the Goodwin Proctor Real Estate Capital Markets Conference held at the beautiful Waldorf Astoria Hotel in New York City on January 30.

The first session was on real estate fundamentals and included panelists […]

Crowdfunding Real Estate

As we’ve discussed previously, crowdfunding is rapidly expanding around the world and across multiple markets. Hundreds of crowdfunding platforms are now operating across Europe, North America, South America, the Middle East, Africa, Asia, and Oceania. While our previous post outlined how crowdfunding developed as an alternative to obtaining funding […]

Use of Drones in the Real Estate Industry

Ever since Amazon CEO Jeff Bezos appeared on CBS’s 60 Minutes on December 1, 2013, to inform viewers that Amazon was testing drones to deliver packages, there has been increased interest in the private use of drones. However, the Federal Aviation Administration (FAA) seems unlikely to approve such a […]

SEC Approves Rule Changes to Help Investors in Nontraded REITs

In January 2014, the Financial Industry Regulatory Authority (FINRA) proposed revised rules regarding disclosures and valuations of unlisted real estate investment trust (REIT) and direct-participation program (DPP) securities. On October 10, the Securities and Exchange Commission (SEC) approved the revised rules, which are expected to increase the accuracy and […]

Do Survey Results Systematically Differ From Hedonic Regression Results? Evidence From a Residential Property Meta-Analysis

In this paper, we evaluate the effect of environmental contamination situations on residential property values. Using the meta-analysis technique, conclusions are drawn about the effect of location, type of study conducted, empirical technique used, and economic conditions on various outcomes. Using observations extracted from 40 peer-reviewed articles, meta-regression analysis […]

3 Factors in the Certification of Real Estate Class Actions and How an Expert Can Help

While our work here at Greenfield Advisors is often varied, we tend to work on many class action real estate cases. That’s partially because we do a lot of complicated statistical modeling (known as regression analysis, a type of mass appraisal) that many firms won’t tackle, but it’s also […]

Corporate Investment—Much ado about… something

I can’t believe it’s been a month since I posted—I’ve been traveling almost constantly the past few weeks, and between that and the elections, my dance card has been fairly full.
The trigger for today’s post was a recent article in The Wall Street Journal, “Investment Falls off a Cliff,”[1] with obvious homage […]

High-Tech Real Estate Investment Trusts

There has been a fair amount of conversation in the last several weeks regarding companies choosing to convert to real estate investment trusts (REITs). Most recently, the debate has been seasoned by American Tower, an owner and operator of wireless communication data towers, identifying as a REIT. While, on […]

By |October 22nd, 2012|Categories: Blog|Tags: , , |0 Comments

REIT 101

The investment world is filled with a variety of vehicles in which to stow one’s wealth. Generally, stocks, bonds, and real property are the primary investment assets that can be purchased with cash and held for income and capital gains purposes. In 2012, talking babies during the Super Bowl […]

EB-5 Immigrant Investor Visa Program

The Employment-Based Immigration Program is one of the United States’ citizenship and immigration services administered by the U.S. Department of Homeland Security. EB-1 through EB-4 each provide a method for foreign workers, with particular skills and education, to obtain permanent work visas in the United States. EB-5, created in […]

Advanced Statistical Modeling in Real Estate Appraisal

This presentation provides a basic familiarity with the use of hedonic regression modeling (i.e., mass appraisal), survey research, meta-analysis, and expert systems in real estate appraisal. It discusses how these methods fit in the appraisal body of knowledge and comport with the Uniform Standards of Professional Appraisal Practice (USPAP) […]

Valuation of Brownfield Properties

This chapter examines the valuation considerations for brownfields and other contaminated real estate, including issues such as stigma, appraisal standards and methods, and incorporates the impacts of the 2002 Brownfields Amendments on valuation practice. Additionally, this chapter presents examples of value-added opportunities in brownfield development, with a focus on […]

An Iterative Approach to Minimizing Valuation Errors Using an Automated Comparable Sales Model

This paper describes a method for automating sales comparison valuations by choosing a small sample of comparable sales from a submarket of similar properties and adjusting their prices based on differences between sale and subject property characteristics. This logic is similar to that used in a traditional sales comparison […]

Contingent Valuation and Real Estate Damage Estimation

Real estate appraisal practice stresses three traditional approaches (cost, sales comparison, and income) to value contaminated properties. This paper discusses a fourth approach: the contingent valuation method (CVM). This method is useful in the estimation of losses for contaminated properties when market data are not available or market failure […]

Using Contingent Valuation to Measure Property Value Impacts

Purpose – The purpose of this paper is to measure the impact of a proposed biomass facility on prospective property values using the contingent valuation method. Design/methodology/approach – The paper uses a web-based survey approach to measure respondents’ reactions to two scenarios: one that describes the study area currently and another that […]

The Gulf Oil Spill – Updated

Greenfield Advisors produced a June 15, 2010, white paper on the valuation issues stemming from the April 20, 2010, Deepwater Horizon explosion, fire, and subsequent oil spill. Since that time, significant new issues have arisen. Greenfield has been asked to take the lead in valuation issues, and has responded with several […]

Commercial and Residential Real Estate Analysis for Lowndes County, Georgia, Summer 2010

This paper analyzes the commercial and residential real estate markets in Lowndes County, Georgia. Both market analyses include factors such as sales, average days on the market, absorption rates, and building permit activity. The commercial market analysis also examines hotel occupancy rates and vacancy and rental rates, while the […]

Realtors® Land Institute Land University Course: Subdivision Development

In Subdivision Development, sub-dividing is more than a marketing technique—it is a development process, and as such the course will focus on the production and the marketing of the product. The ultimate objective of sub-dividing is to buy by the acre and sell by the square foot. Therefore, the marketing […]

The Gulf Oil Spill

The Gulf oil spill issue is rapidly unfolding, and Greenfield Advisors has been tracking the situation since news of the explosion first hit. The following is based on the best information available to date, which is believed to be reliable. For more up-to-date information, please keep track of updates […]

Using Quantile Regression in Hedonic Analysis to Reveal Submarket Competition

In this paper, we use quantile regression analysis to explore the role submarket competition plays in setting housing prices in those price ranges where different submarkets occupy homes of similar price. We find evidence of direct competition between submarkets with different preferences for at least some homes in a […]

Valuing Brownfields

The appraisal adds significantly to the overall brownfield evaluation and potential adaptive reuse in numerous ways. The appraisal can and should be viewed as a decision-making tool to optimize financial decisions regarding brownfields. This chapter illustrates key elements of the appraisal analysis, thus highlighting important impacts on brownfield redevelopment […]

Inconsistency in Welfare Inferences from Distance Variables in Hedonic Regressions

In hedonic analysis, a common approach for eliciting information regarding the welfare significance of some landmark or (dis)amenity is to control for its distance from each observation. Unfortunately, the effects of distances to amenities on housing prices are generally not consistent indicators of the true price impact of that […]

Preservation Easements

Preservation easements should play an important role in managing real estate holdings by creating a family legacy, generating substantial tax advantages, and facilitating other real estate investments. Unfortunately, portfolio and family office advisors are often unaware of these opportunities. After first describing the two main easement categories—cultural heritage preservation […]

Certifying the Real Estate Damages Class – An Appraiser’s Perspective

This article reviews the basic underpinnings of real estate valuation and appraisal methods as they are applied in mass tort. It then summarizes the appraisal perspective on six categories of questions addressed in recent, successful class certifications:

Do individual property idiosyncrasies cause mass appraisal methods to violate Daubert?
Can the mass […]

The Impact of Transit Corridors on Residential Property Values

Most of the literature on transit corridors, such as superhighways and tunnels, focuses on the positive externality of transit access (e.g., interstate access, transit station) and fails to isolate the negative externality of the corridor itself. This empirical study examines two situations: one with both access benefits and negatives, […]

The Aftermath of Katrina: Recommendations for Real Estate Research

This paper provides an overview of government and independent research conducted in the wake of Hurricane Katrina in an effort to highlight additional areas in need of study. In addition to the overview of natural disasters and their impact on the United States, the aftermath of the San Francisco […]

Highlights from Valuation of Brownfield Properties

The January 2006 update to Lexis-Nexis Matthew Bender’s Valuation Law and Practice saw a wholesale revision of Chapter 29, “Valuation of Brownfield Properties.” This article summarizes some of the highlights of that revision.
Author: John A. Kilpatrick
Originally published in the ABA Environmental Transactions and Brownfields Committee Newsletter, Vol. 9, No. 1 (2006)
Click here […]

Household Diversity and Market Segmentation within a Single Neighborhood

Housing hedonic studies typically assume that individuals or households are similar enough to aggregate into a single demand equation for analysis, usually relying on ordinary least squares (OLS) or some other single-line equation estimator. Diversity itself is managed by non-spherical disturbance corrections, typically spatial autocorrelation or heteroskedasticity in the […]

Appraising Real Estate in Complex Environmental Class Actions: An Expert’s View

Class actions dealing with real property contamination often require some method of valuing the properties. Individual appraisals on those properties are not required; mass appraisal methods meet both the Frye and Daubert tests and can be superior to individual methods in class actions or mass torts. Professional appraisal standards […]

Real Estate Issues in Class Certification

Class actions dealing with real estate matters often require some method of valuing the properties in question. Individual appraisals on those properties are not required, according to John A. Kilpatrick, Ph.D., an expert in real estate appraisal and analysis. Kilpatrick says that professional appraisal standards provide standard rules for […]

Valuation of Impaired Property

There are a variety of disciplines that address various aspects of the real estate valuation problem, including land planning, accounting, and business consulting. This chapter focuses on the appraisal model, since it is most widely accepted and understood in the U.S., particularly by the courts. However, while noting that […]

Windfall Lien Guidance

In 2003, Congress passed the Small Business Liability Relief and Brownfields Revitalization Act, Public Law 107-118 (Brownfield Amendments), to promote the redevelopment and beneficial reuse of brownfield sites in the U.S. Congress provided for liability protection for bona fide prospective purchasers, but provided that these properties may be subject […]

Looking Backward and Forward: Economic Restructuring and United States Real Estate Markets

Two interconnected trends with far-reaching implications for the real estate industry have evolved in the United States over the last 50 years. First, the nation has steadily moved away from its traditional manufacturing base to become more specialized in services and information-producing industries, creating a demand for new kinds […]

Appraisal of Contaminated Real Estate in the United States

In the United States, contaminated property may be appraised for several reasons other than traditional property tax assessment: litigation (both tort and criminal), brownfield redevelopment, preservation/conservation easements, or financing. The Uniform Standards of Professional Appraisal Practice, adopted for use throughout the United States, outline the minimum standards in a […]

Construction Defects and Stigma

Properties suffering from construction defects exhibit a diminution in value resulting from both the actual cost to cure as well as the residual stigma losses. In the unremediated state, the sum of these should equal the diminution in market value, while post-remediation there is significant evidence of continued stigma. […]

Valuation Implications of EIFS

John A. Kilpatrick is an analyst with Mundy & Associates, a Seattle-based firm of economic, market, and valuation analysts. The firm performs valuation services for litigators in various areas of law. This commentary is an excerpt of a presentation Kilpatrick made at Mealey’s Construction Defects Conference in December 2000 […]

Factors Influencing CBD Land Prices

In rapidly moving but thinly traded real estate markets, attempts at valuation using traditional or ‘first generation’ approaches can be problematic. Fortunately, other valuation models are available. This manuscript demonstrates the use of an economic model, including unemployment rates and vacancy rates, to value downtown land over time.
Authors: Bill […]

Summation of Evidentiary Rules for Real Estate Experts Mandated by Daubert v. Merrell Dow Pharmaceuticals, Inc.

Real estate professionals who are prospective expert witnesses face a new set of rules in gaining admissibility of their evidence and opinion into court. For many years, the credentials of the real estate expert were the primary criterion to qualification as an expert, and a single testimony often “validated” […]

The Brownfield Challenge

Most appraisers can agree on four key points about valuing brownfields:

Contamination poses an issue that must be considered in the appraisal process.
Proximate contamination significantly impairs property values.
Multiple impairment mechanisms are at work, including actual cost-to-cure, increased ongoing maintenance costs, and stigma.
The valuation process is complex, often requiring advanced valuation approaches […]

House Price Impacts of School District Choice

Prior studies indicate that school quality has a significant impact on house prices in surrounding neighborhoods. However, the mechanism for that impact is clouded in simultaneous equations complexity and causality issues. This study approaches the matter from the perspective of choice variables available to local school administrators and citizens. […]

Economic Methods in Historic Preservation

In this presentation, Dr. Kilpatrick discusses various economic studies measuring the economic effects of historic preservation. Collectively, the studies are used to illustrate the variety of methodologies available to measure the impacts of historic preservation. The methods discussed include traditional appraisal approaches and more academic methods of economic valuation, […]