Monday, November 28, 2016

Launching SkylineValue.com – A Revolutionary 60-Sec Web Solution for Office Valuation

Press Release
https://www.prlog.org/12604227.html

ORLANDO, Fla. - Nov. 28, 2016 - PRLog -- Homequant, Inc. is pleased to announce the launch of SkylineValue.com, a revolutionary 60-Second web solution to value office properties. Its internal algorithm can be applied to a lone property or en masse to produce excellent "First/Quick Look" values – from Trophy to Class A, B or C office classes – without having to enter any accounting data leading to the Net Operating Income or Cap Rates. All one needs to know is the sub-market the property is located in, an approximate rentable area and a few general characteristics that can easily be gathered by looking at the property online.

The SkylineValue web portal is also mobile-friendly, thus negating the need for separate mobile apps. As usual, it's totally free and no login or registration of any sort is required. Therefore, their invention is productive to users, either way – whether one needs to value a single subject property on-the-go or one who needs to value a group of similar or dissimilar properties quickly on a desktop.

The introduction of the SkylineValue solution makes it now possible to value an entire skyline of any major city in the world in matter of days, not years. Of course, their invention does more than just city skylines; it's equally equipped to value CBD peripheries and immediate suburbs.

They also understand that all Class-A, B and C Offices even in a given sub-market are not monolithic; instead, each class is highly diverse within its own universe causing wide variations in valuations. Consequently, they break down each Office Class into three sub-classes: Max, Mid and Min. The users are, therefore, required to specify if their subject is the Best in Class (Max), Mid-range (Mid) or Lower-end of the Class (Min), thus helping define each property more precisely, resulting in more accurate and uniform values. Additionally, ten property characteristics variables are provided to further fine-tune all subject values.

In short, their invention first helps specify the subject at the Sub-market and Office sub-class level, leading to the property-specific Rentable SF as well as the aforesaid ten property characteristics, thereby producing a highly accurate value at the property level.

The efficiency lies in the uniform implementation of their underlying valuation algorithm. In fact, their tests show an Office property – whether Trophy or A or B or C, with the aforesaid data available – can be valued in less than 60 seconds, making it the greatest "First/Quick Look" individual and mass office valuation system ever.

The SkylineValue solution is currently available for 75 major US and Canada Office markets (as of this release), including Manhattan, Boston, Chicago, Cleveland, Dallas, DC, Los Angeles, Miami, Minneapolis, Portland, San Francisco, Seattle, Toronto and Vancouver and many more markets around the world will soon be covered. In fact, any major market with a skyline is their perfect target market.

While no learning curve is involved to use this solution, help is always right there in the form of a tutorial ('TRY IT') simulating the actual valuation process. Of course, everything is still in plain English, presented in an easy-to-understand format, without the usual appraisal jargon.

The SkylineValue solution will immensely help potential investors – who are evaluating competing properties – get quick values from their system, thus narrowing their choices down to the finalists requiring professional appraisals. It will help commercial researchers, portfolio managers, appraisers and assessors to sample portfolio pricing, without having to resort to full work-ups and/or outside appraisals. It will help the commercial real estate attorneys representing clients on assessment-related grievances as they can quickly evaluate the merit of each case, a priori.=

Since their solution works uniformly across all major markets, national investors, attorneys, hedge funds, REITs and appraisal houses will increasingly depend on their system as the go-to "First/Quick Look" valuation system due to its speed, consistency, accuracy and uniformity.

In a nutshell, the SkylineValue solution will revolutionize the office valuation market by adding the "First/Quick Look" valuation piece hitherto missing. Moreover, the fact that the user-inputted subject data and the resulting valuations are not stored anywhere in their system will provide high level of confidence and relief to the users in the sense that their activities are not being watched, nor are their values secretly warehoused.

Last but not least, they are considering several paid customizations, potentially allowing individual clients to redefine and customize their own markets, leading to their own internal and independent valuations.

The President of Homequant, Inc. recently explained this addition to their product suite: "With the launch of the SkylineValue Office Valuation web solution, we are proving our commitment to the property valuation industry as a whole.  We continue to show the valuation world how to achieve more with less. For instance, unlike the competition, we do not store the subject population data; instead, we let our users simulate their subjects considering that they know their subjects the best. Anyway, as we add more international markets to our repertoire, I have no doubt that professionals around the world will be depending on our system as the go-to first-look office valuation system."

For more information about their custom applications, or to schedule a phone interview, please email them at: Homequant@gmail.com.



Built in America. 100%. Proudly.

What the Experts are Saying:

“I checked out SkylineValue.com and I have to say that its awesome.  This is a classic case of good things come in small packages.  I was excited to see that the Long Island market is included.  I could see this being a very handy tool for investors, appraisers, portfolio managers or just average Joe’s who like to dabble in Commercial real estate.   For my own purposes, I selected different parts of Long Island and different sub groups of properties and I was astonished at how much flexibility and how quickly I was able to retrieve accurate values without the need for full blown work ups.  The fact that I can get a valuation right on my device in about 60 seconds is a breath of fresh air.  I will be using SkylineValue regularly!”     

Monday, November 21, 2016

Homequant Expands Into 75 US-Canada OFFICE Markets

To Download the Office Valuation App ... Search 'CRE Office' in Google Play

PRESS RELEASE
http://prlog.org/12565491

PRLog -- Homequant, Inc. is pleased to announce the expansion into 75 US-Canada Office markets, including Manhattan, Boston, Chicago, Cleveland, Dallas, DC, Los Angeles, Miami, Minneapolis, Portland, San Francisco, Seattle, Toronto and Vancouver, and many more markets around the world will soon be covered. In fact, any major market with a skyline is their perfect target market.

All of these markets can be accessed via their revolutionary Office Valuation App "CRE-Office."
 It can be applied to a lone property or en masse to produce excellent "Quick/First Look" values - from Trophy to Class A, B or C offices - without having to enter any accounting data leading to the Net Operating Income or Cap Rates. All one needs to know is the sub-market the property is located in, an approximate rentable area and a few general characteristics that can easily be gathered by looking at the property online.

The introduction of Homequant's CRE-Office App makes it now possible to value an entire skyline of any of these major cities in matter of days, not years Of course, the App does more than just city skylines; it's equally equipped to value CBD peripheries and immediate suburbs.
They also understand that all Class-A, B and C Offices even in a given sub-market are not monolithic; instead, each class is highly diverse within its own universe causing wide variations in valuations. 
Consequently, they break each Office Class down to three sub-classes: Max, Mid and Min. The users are, therefore, required to specify if their subject is the Best in Class (Max), Mid-range (Mid) or Lower-end of the Class (Min), thus helping define each property more precisely, resulting in more accurate and uniform values. Additionally, nine property characteristics variables are provided to further fine-tune all subject values.

In short, their invention first helps specify the subject at the Sub-market and Office sub-class level, leading to the property-specific Rentable SF as well as the aforesaid nine property characteristics, thereby producing a highly accurate value at the property level.

Even if all nine characteristics questions are unknown to a user, s/he will be able to value the subject as long as the sub-market, office sub-class and rentable area are supplied. Of course, their system will produce more accurate values if more characteristics questions are meaningfully answered. Obviously, someone who answers all nine questions will receive more reliable and accurate values than someone answering only three characteristics questions randomly. For example, since mid and high-rise buildings in CBDs are often more valuable with retail components at the ground level than their counterparts without the retail, simply specifying the proper answer to the binary 'Retail' question would produce a more realistic value.

No doubt, the fact that the user-inputted subject data and the resulting valuations are not stored anywhere in their system will provide high level of confidence and relief to the users - in the sense that their activities are not being watched, nor are their values secretly warehoused.

The efficiency lies in the uniform implementation of their underlying valuation algorithm. In fact, their tests show an Office property - whether Trophy or A or B or C, with the aforesaid data available - can be valued using the App in less than 60 seconds, making it the most efficient "Quick/First Look" (individual and mass) office valuation system ever.

Their App is currently available in Android (in Google Play, search CRE Office) and soon in Apple iOS. A web portal is in works too. Needless to say, their invention is productive to users, either way - whether one needs to value a single subject property on-the-go or one who needs to value a group of similar or dissimilar properties quickly on desktop.

Their invention will immensely help potential investors - who are evaluating competing properties - get quick values from their system, thus narrowing their choices down to the finalist's requiring professional appraisals. It will help commercial researchers, portfolio managers, appraisers and assessors to sample portfolio pricing, without having to resort to full work-ups and/or outside appraisals. It will help the commercial real estate attorneys representing clients on assessment-related grievances as they can quickly evaluate the merit of each case, a priori. Last but not least, since their invention works uniformly across all major markets, national investors, attorneys, hedge funds, REITs and appraisal houses will increasingly depend on their system as the go-to "Quick/First Look" valuation system due to its speed, consistency, accuracy and uniformity.

In a nutshell, their invention will revolutionize the office valuation market by adding the "Quick/First Look" valuation piece hitherto missing.

The President of Homequant recently explained this addition to their product suite: "With the launch of the Office Valuation system, we are proving our commitment to the property valuation industry as a whole.  We continue to show the valuation world how to achieve more with less. For instance, unlike the competition, we do not store the subject population; instead, we let our users simulate their subjects considering they know their subjects the best. Anyway, as we add more international markets to our repertoire, I have no doubt that professionals around the world will be depending on our system as the go-to quick and first-look office valuation system."

If you'd like more information about their products and services, or to schedule an interview, please email them at: Homequant@gmail.com.


Homequant Introduces A Revolutionary 30-Sec Home Valuation App

To Download ... In Google Play Search 'Homequant'


PRESS RELEASE
https://www.prlog.org/12552108.html

Homequant Introduces A Revolutionary 60-Sec Office Valuation App

Homequant Introduces a Revolutionary Office Valuation App


To Download ... In Google Play, search 'CRE Office' 

Sunday, November 20, 2016

Need a Movement along the Lines of CA’s Prop 13 to Save American Home Ownership

Need a Movement along the Lines of California’s Proposition 13 to Save American Home Ownership

During the last recession, the real meltdown in the housing market occurred in the Sunbelt. The market then came roaring back, eclipsing the pre-recession price levels. Was this due to the strengthening of the market internals or was this due to the unprecedented improvements in the overall economy? The answer is neither.

The lax credit which contributed to the meltdown took a 180 degree turn during the recession, making it extremely difficult for the normal folks to buy homes – even the highly credit-worthy were given a significant run-around. The reason was very simple: Banks preferred the all-cash buyers, including Wall Street raiders and speculators, foreign nationals and flippers and bundlers.

Tapping into the Fed’s zero interest loans the Wall Street raiders and speculators took full advantage of the rock-bottom prices in the Sunbelt – from San Francisco to LA to Vegas to Dallas to Miami and everywhere in between – creating a whole new REO-to-Rental market which later came to be known as the SFR Rentals. Foreign buyers, sensing the high returns in the rental market as well as the lure of free green cards, took a plunge. Flippers and bundlers were the usual scavengers.

In a normal market, where everyone gets to participate, a normal (fair and equitable) assessment roll is in order. But when the market gets hijacked by certain raiders and speculators, it is inherently immoral to distribute the tax burden equally on all, particularly on the “real” homeowners who had nothing to do with the sky-high speculative prices – eventually the assessment roll would be based off.

Undeniably, this untenable property tax burden pushes the real homeowners, especially the totally defenseless seniors – who live off their limited retirement incomes – off the cliff. Sadly, due to the ever-escalating property taxes, seniors are increasingly being uprooted from their homes and neighborhoods every day, everywhere.

We need a nationwide movement along the lines of California’s Proposition 13 to change this unfair and inequitable assessment practice, forcing the raiders and speculators to contribute their fair share of the taxes by anchoring their sales activities into the roll. We need to re-index assessment rolls at the 2010 price level when the speculative activity came into the forefront, thus sparing and differentiating the real homeowners from the raiders and speculators.

The universe of so-called non-arms length sales must also be retested; for example, sales between family members and intra company transfers must be construed as non-arms length sales for this purpose and remarked to the market as such. Since the vast majority of home sales between 2010 and 2015 were controlled by the raiders and speculators, the underlying sales universe becomes a double-edged knife from the research point of view – from the automated valuation modeling to sales ratios to equalizations, etc.  

While real homeowners would still be responsible for the statutory 1 or 2% annual hike, the new sale prices would substitute the market values on the rolls, leading to a two-tier (real homeownership vs. speculative trading) assessment system and the resulting taxes. Since the new sale prices would be in line with the current market, those assessments and taxes would be commensurately higher than those of real homeowners who did not participate in the speculative trading.

Needless to say, speculative home purchases give rise to unwarranted land speculations forcing vacant lands to be warehoused. Therefore, the land speculators must also be subjected to the same two-tier assessment system as their SFR-speculating counterparts. 

Of course, some reasonable and non-speculative exceptions (e.g., first-time home-buyers) - limited to US Citizens and Permanent Residents - must be built into the system. Minimum holding periods for homestead exceptions and IRS Schedule D short-term gains/losses must also be revisited. 

Just the way the banks preferred the all-cash speculators during the last recession, perhaps they may be forced to align with the first-time home-buyers in disposing of their future (in future downturns) REO inventories, hopefully recreating opportunities for those who have sadly been left out of the current ownership loop.   

Commercial properties will follow the same algorithmic path as well, with one exception: When sale prices exceed income values, those sale prices will stand, disregarding the age-old all-income approach.  It’s an open secret that the values generated by the income approach will not even come close to the vast majority of those sale prices.   

An independent index like Case-Shiller home price index could be used in building the base and establishing the period levels, to avoid having to deal with conflicting ratio and equalization studies. Establishing the commercial valuation charts (and the underlying valuation parameters) must be a private-public endeavor.  

Now, let’s consider the following Case-Shiller (seasonally adjusted) table:
(Click on the image to enlarge)

By implementing the aforesaid two-tier assessment system we will force the speculators in San Francisco to be assessed, on average, at the 226-level while the real non-speculative homeowners would still be assessed at the 139-level (plus the statutory 1 to 2% annual hikes). Granted, this will allow two homes side-by-side on the block to be assessed at vastly different levels (age-old argument), but that’s the system we chose. While most Assessors – as individual homeowners – will agree with me on this front, they will disagree upon wearing the Assessors’ hats – obviously!   THEREFORE, THIS IS FAIR AND EQUITABLE. THIS IS THE NEW NORMAL.

Ideally, we should re-institute the annual reassessment (avoiding unnecessary gyrations like time adjusting sales / incomes), ending the ongoing experiments like the 4 or 5 year assessment cycles with a frozen valuation date in between re-assessments. I was in favor of the 3-year cycle before but after having seen how the Sunbelt markets got easily hijacked by the raiders and speculators, I had to change my outlook about the fairness of our assessment practices and property taxes. Again, if we have to move to one of those cycles, the 3-year cycle is preferable as it prevents total politicization of the system, while staying close to the realities of the marketplace. 

Though this change, in most cases, will require changing the jurisdictional Charter, the referendum will comfortably pass considering that the real homeowners comprise the majority. This will make valuations a mere algorithmic event. In addition to entrusting central ITs with the management of those algorithms, they must also be tasked with the data collection and management (existing inventory = to be technologically updated and new inventory = as originated by the building and zoning).

It’s time that we recognize and differentiate between the real home ownership and trading our neighborhoods. The raiders and speculators must be reminded that their profit-making on the backs of the real homeowners would carry a hefty social premium.

Let the movement begin!  

Case-Shiller Index is a trademark of S&P CoreLogic

PS - If you like the proposal, please post it to your Facebook page. Thank you.