New to Bigger Pockets - Commercial Real Estate Appraiser

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Good Morning!

My name is Cam and I am new to Bigger Pockets. I am a commercial real estate appraiser (MAI) in the Phoenix area and I specialize in multifamily. I am also very interested in becoming an investor at any level - starting small is fine with me. I see a wealth of information here and I am excited to learn my way around the site.

I also want to contribute and share my perspective (where applicable and appropriate) and be an active member on the forums, helping anyway I can. I would like to write a few articles that answer questions investors have for appraisers, keeping the investor's needs and interests central to the topics.

Are there any questions anybody has that I can help with? I typically appraise properties with 100 units or more, but I am willing to learn about smaller multifamily properties too. I can also field general appraisal questions.

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Joel, thanks for the direction - I will check out the blog and make sure I post articles there.

Giovanni, thanks for the question. The general consensus is that we are in expansion mode. But in the multifamily sector, most of the big players have already made their moves. Most of the deals right now are on Class B and Class C "Value Add" projects, especially ones that have been mismanaged. Multifamily land values are increasing, and we are expecting several high-end projects to come on line this year in the Scottsdale or North Phoenix area where high rents (up to $2.00 PSF/Month) are supported. That is not being duplicated anywhere else in the valley, and honestly, some market participants wonder if its sustainable with all the product in the pipeline. While most are outwardly hoping rents will increase like they have recently, the rumor is that they will be flat.

Understand, I'm painting this picture with a broad brush. Individual pockets within the Phoenix MSA will most likely vary.

Since you are from Washington, maybe you are familiar with Weidner? They came in here a few years ago and started acquiring as the market was heating up. We appraised several properties they purchased. Great people to work with.

Here is a link to the latest Broker Forum's Report generated by ASU. While it covers the market in general, there are portions dedicated to the multifamily sector:

http://wpcarey.asu.edu/sites/default/files/uploads/center-real-estate-research-and-practice/q1-2014-brokers-forum-report.pdf

Let me know if this answers your question or if there is anything else I can do for you.

Thanks!