Vernon Martin has physically appraised/valued properties on every continent except Antarctica and provides independent, unsponsored investment and valuation advice.
Sunday, February 18, 2024
The Effect of Chinese Government Policy on the Failures of High-rise Residential Towers in Los Angeles and Other World Cities
Friday, December 24, 2021
Appraisal in Panama
This was a litigation situation in Panama in which 3 different Panamanian appraisers had already appraised a group of agrarian properties which were near each other, with the highest appraised value more than 5 times the lowest appraised value. I was asked to make an independent appraisal.
Two appraisals had been done for the respective litigants, and one had been done by the Panamanian government. One of the litigant’s appraisals and the government appraisal quickly became suspect when it became obvious that these appraisers had not visited the properties. One property was actually a revenue-producing rice farm, and another was a residential property, but two of the three appraisers did not know this, casting doubt upon their inspections of the properties. If they had just consulted Google Earth, they would have seen the rice cultivation and the residence.
My appraised value came in second highest because I was only one of the two appraisers to notice a rice farm instead of a vacant agricultural parcel. I elected to use local comps (from the same “corregimiento” which translates as “township”) rather than use superior locations outside of town.
Thursday, October 21, 2021
Appraisal of Coastal Land on a Pacific Island
Saturday, March 28, 2020
A Recent Appraisal in Costa Rica's Zona Maritima
The remaining 15% is leasehold land known as “concession properties”. Concession properties are considered desirable because they are at the beachfront, where titled land is not available.
Thursday, December 20, 2018
Revisiting Jinbao Place and Beijing's Luxury Retail District
Wednesday, November 14, 2018
Update on the Eminent Domain Case in Seoul
https://www.internationalappraiser.com/2017/05/another-appraisal-in-seoul-eminent.htmlMy previous post on this matter spoke of a naturalized U.S. citizen who was having her home seized by the Seoul Municipal Government for a private development project. She was one of a few holdouts who insisted that she was not being properly compensated for her home in downtown Seoul. Both the U.S. and Republic of Korea constitutions and a treaty between the two nations guarantee “just compensation” for citizens who have their properties condemned for beneficial public projects, such as highways and public railways, in a system commonly known as “eminent domain”.
Sunday, October 21, 2018
Why I Don’t Appraise in Antarctica
Saturday, September 1, 2018
An Industrial Building Appraisal Done to both USPAP and RICS Red Book Standards
Because no detailed inspection was made, and because such knowledge goes beyond the scope of this appraisal, any observed condition or other comments given in this appraisal should not be taken as a guarantee that a problem does not exist. Specifically, no guarantee is made as to the adequacy or condition of the foundation, roof, exterior walls, interior walls, floors, heating system, air conditioning system, plumbing, electrical service, insulation, or any other detailed construction matters. If any interested party were concerned about the existence, condition, or adequacy of any particular building or site component, we would strongly suggest that a construction expert be hired for a detailed investigation."
Although I found 5 industrial property sales in Torrance in 2018, the other appraiser failed to find any of these sales and instead used older local sales and sales from other communities.