1004MC to describe Rental Market ?

[ZZGAMAZZ]

Assignment requires an Opinion of Market Rent of a VERY upscale, new construction residential condo in a market where the population of potential buyers is enhanced by thousands of VERY upscale individuals recently dispossed by LA. Consequently the market environment is a critical factor; and I wish to use the 1004MC to document changes during the past 12 months.

Not too difficult to populate the 1004MC manually but I'm wondering whether MLS in general, especially CRMLS, can provide 12-month rental data that can be uploaded "electronically" into the 1004MC, with explanations to be included.

Thanks.

 

[glenn walker]

Assignment requires an Opinion of Market Rent of a VERY upscale, new construction residential condo in a market where the population of potential buyers is enhanced by thousands of VERY upscale individuals recently dispossed by LA. Consequently the market environment is a critical factor; and I wish to use the 1004MC to document changes during the past 12 months.

Not too difficult to populate the 1004MC manually but I'm wondering whether MLS in general, especially CRMLS, can provide 12-month rental data that can be uploaded "electronically" into the 1004MC, with explanations to be included.

Thanks.

Yes but why becauss nobody cares and your assuming the people who lived in the Palisades are running out to your market to live and their not anymore than their $200 k car got burned up and now their headed to a Toyota dealer to buy a Corolla. You have to know your markets and who lives and won't live in your County. Just don't create more work and stips by over thinking it.....lol

 

[ZZGAMAZZ]

Yes but why becauss nobody cares and your assuming the people who lived in the Palisades are running out to your market to live and their not anymore than their $200 k car got burned up and now their headed to a Toyota dealer to buy a Corolla. You have to know your markets and who lives and won't live in your County. Just don't create more work and stips by over thinking it.....lol

Granted. But as always you are presuming the very worst--like a new USPAP definition is required, of the Nephew Glenn Assumption, AKA "NGA" to describe an assumption elevated to the extent that no possibility exists of any alternative outcome--although you're spot on about 95% of the time. That having been said, the subject of my assignment is a new construction condominium fronting Santa Monica Blvd, Beverly Hills, with pending monthly residential lease of $70,000. Various business publications, each if which will be referenced in my 1007 narrative, describe 4,000 dispossesed individuals as potential renters who affect the supply-demand ratio that supports my Opinion of Market Rent above the highest existing, competing comp. My competitive advantage is the interal quality control analysis that is based upon a hypothetical premise that you, personally, will review each of my reports!!!

 

[glenn walker]

The question is why create extra work when it only leads to more problems for the reviewers and underwriters who don't want or need the additional problem of having to try to make this fit into the loan they may sell to a GSEs or investor.

You may get the hypothetical but they won't and then you get push back.

Keep it simple and don't create extra work that nobody appreciates. The GSEs and lenders will create enough scope creep to keep apprasers miserable we dont need to assist them.

 

[Dublin ohio]

Granted. But as always you are presuming the very worst--like a new USPAP definition is required, of the Nephew Glenn Assumption, AKA "NGA" to describe an assumption elevated to the extent that no possibility exists of any alternative outcome--although you're spot on about 95% of the time. That having been said, the subject of my assignment is a new construction condominium fronting Santa Monica Blvd, Beverly Hills, with pending monthly residential lease of $70,000. Various business publications, each if which will be referenced in my 1007 narrative, describe 4,000 dispossesed individuals as potential renters who affect the supply-demand ratio that supports my Opinion of Market Rent above the highest existing, competing comp. My competitive advantage is the interal quality control analysis that is based upon a hypothetical premise that you, personally, will review each of my reports!!!

So you are going to base your opinion of market rent on a hypothetical, that should go over well, So are you also going to base your GRM on a hypothetical?

 

[glenn walker]

So you are going to base your opinion of market rent on a hypothetical, that should go over well, So are you also going to base your GRM on a hypothetical?

A hypothetical that people who lived in Mostly expensive beach community are going to move out 50 miles to a lower income. .hot weather and no ocean views and from a Dark Blue Politically to a Red Maga area. Those folks will go West into the San Fernando Valley before they will ever rent in deep MAGA country....lmao

 

[glenn walker]

I suggest a Hypothetical and a. double Extraordinary Assumption with. a explanation to the reader and user
that either one could be proven to be wrong.. but you just felt a compelling need to try to prove a point that new thinking has to be considered in these one time 100 year natural disasters.

 

[Tom D]

MLS can give you any data you want in a cvs export file, but you need a program to put it into. Realtors don't use or care about the 1004mc. So why would the MLS go beyound showing you a 1004mc from your data.

 

[glenn walker]

If i could have only found a way to sell extra scope creep to appraisers that feel there's not enough and the reports need to add a few more pages of something.

I had one yesterday and he said he needs a way to use graphs to paint a better visual for reviewer and users. I responded with easy i used to use scatter charts that look like someone put millions of dots going up...down...like a work if art done with a paint ball gun. I said the beauty is nobody can read it but if they question you just say more dots on top means a increasing trend and if the dots are all clumped in a tite small circle that's a extremely stable market. A downward trend is dots everywhere.

Now if challenged calmly tell them thats houw you were trained in your former career at Jet Propulsion Laboratory before you got laid off and you are doing this because your over qualified to get another job and so this is just a side gig. They will buy it every time.

 

[Tom D]

Glen, that's pretty funny but true. Had a lender friend reviewer tell me my appraisal was bloated. Next day it lost a bunch of pages. Reviewers don't read the report. They look at the specific problem and do a word search to find whatever.

Glen, you and i are rocket scientist who believe in minimalism.