1004MC to describe Rental Market ?

[Surf Cat]

Someone needs to provide a crisis hotline number.....

 

[ZZGAMAZZ]

Really ? Poster asks how you provide meaningful analysis for your $70,000 per month rent survey on subject condo ? and it is a cheap shot ? We learn a lot from many of your posts, including mention of YOU not realizing the rental contract was $70,000 and thought for quite a while it was $7,000. You deserve the headache component you are receiving for accepting this order, not knowing how to proceed with it, lack of data, no clue how to present your findings ( isn't that supposed to be determined before accepting said order ?) and the wild red flag of a prior rent survey by another appraiser just 1 month prior ?

Okey Dokey, categorically:
--I used the term "cheap shot" to flatter his comment because it was valuable IMO, consequently "effective," succinct and insightful.
--I described my initial perspective of the rate as $7,000 rather than $70,000, purposely to emphasize what in my personal opinion was an incorrect assumption, consequently depicting the distinction 'tween an appraiser's subective and objective perspectives--although the subject's true rent has "Absolutely" nothing to do with the market rent--there being a context in which the term "absolute" can be applied "asolutely."
--"no clue about how to present my findings" -- only possible factor was my desire to find a creative approach to reporting data using 1004MC that obviously isn't intended to be used to describe "competing" rentals.
--"lack of data" -- please refer tothe FNMAE functional definition of search criteria in a market with sparse pertinent data
--"red flag of a prior appraisal" -- I cherish those as a way to demonstrate my relatively superior competence--both an appraisal and a business matter as well.
--gotta go still reeling from the cheap shot, might not be able to respond to the bell...for the 1st round...
--

 

[ZZGAMAZZ]

how many at $70,000?

I'm going to try to post snips from the SCA--although to answer your question: None, although the subject is the only new construction improvement in the neighborhood, with the most recent contract date, in a rental market documented by published sources to be incrasing by 10% a month based upon an influx of 4,000 brand new potential renters who are highly motivated and well-heeled. I just realized that the point of my post was to depict the fact that a scenario might exist every now-&-then that defies conventional appraisal methodology, and that the practitioner's ability to explain his or her rationale supports the endless industry controversy about appraisal educational requirements--although that reminds me of the time I heard my mom telling her girlfriends that the only thing that I, her son, learned during five years of undergraduate studies...was how to make cocktails!!!

 

[Dublin ohio]

I'm going to try to post snips from the SCA--although to answer your question: None, although the subject is the only new construction improvement in the neighborhood, with the most recent contract date, in a rental market documented by published sources to be incrasing by 10% a month based upon an influx of 4,000 brand new potential renters who are highly motivated and well-heeled. I just realized that the point of my post was to depict the fact that a scenario might exist every now-&-then that defies conventional appraisal methodology, and that the practitioner's ability to explain his or her rationale supports the endless industry controversy about appraisal educational requirements--although that reminds me of the time I heard my mom telling her girlfriends that the only thing that I, her son, learned during five years of undergraduate studies...was how to make cocktails!!!

Let us start at the beginning 1) What was your assignment

 

[glenn walker]

GW, IMO you're an expert on more topics than the number of topics I even know to exist; however, have you recently researched the residential rental markets throughout Beverly Hills, West LA, Santa Monica, Malibu, etc....literally dozens of rentals $30,000

Yeah short term rentals where a Hollywood Mogul had a week to get into
a place not normal markets. Most had insurance that pays a lot until their home is rebuilt but not $30k to $70k a month.

Those landlords are profiteers and some are being sued by the State AG for taking advantage of people who are desperately trying to find a place.

But $30,000 a month in normal times are only lived in by the extreme wealthy. Your trying to use a natural disaster in justifying a. Bogus rent scedule. Frankly it's disgusting and you need to get new clients.

 

[glenn walker]

Now we have 10% per month rent increases ? Yeah if I turn off the cities water for a month I could probably sell water for $10,000 a gallon or if the stores run out of food after a week we may be able to sell a burger and coke for $1'000 but i know as soon as the water is back on and the grocery stores open the prices are going to crash back down to pre disaster levels.

Seriously are you off the medications or the diabetes and blood sugar level's are off the rails. Something is wrong.

 

[ZZGAMAZZ]

Now we have 10% per month rent increases ? Yeah if I turn off the cities water for a month I could probably sell water for $10,000 a gallon or if the stores run out of food after a week we may be able to sell a burger and coke for $1'000 but i know as soon as the water is back on and the grocery stores open the prices are going to crash back down to pre disaster levels.

Seriously are you off the medications or the diabetes and blood sugar level's are off the rails. Something is wrong.

The number of "upscale" residential housing units in that neighborhood--Bev Hills - Malibu - Marina Del Rey--that went under contract in November of 2024: approximately 42, with monthly rental rates $12,000 - $85,000. [with the latter an outlier].

Number of homeowners displaced by the wildfires: estimated to be 4,000.

Adding 4000 potential tenants tilts the supply-demand ratio in favor of sellers, although I don't know if the CA initiating to avoid goughing pertains to rental fees as well as list prices.