Redlining? Where Do I Begin?

[Mike Boyd]

Mr Garrett,

What would happen if an appraiser has the SUPPORT behind the conclusions in this instance relating to national origin? Could it be included within the appraisal report? Would USPAP allow use of race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, .. IF ... the information was well supported and documented????

I think the point, PE, is what difference does it make that the investors were Venezuelans or Brazillians or Columbians or Argentinians? It is hearsay, unless you interviewed each of these investors. Frankly, I would not be able to tell a Venezuelan from a Costa Rican. Furthermore, unless tax records show an off-shore mailing address, I would hesitate in calling them "foreign." I think INVESTOR, on its own, explains the situation adequately. Otherwise, I agree with the underwriter.

 

[murray stroupe]

Re;Lines,wise & otherwise

My brother owns two condos on the ground floor in a high rise on Coronado Island. According to him (builder/developer), ground floor units demand a high premium there. Go figure?

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I would much rather quote you on that, Mike;
than the national origin of the investors.

Actually with the silly criteria many have used for prosecuting''so called housing discrimination'' meaning minority cant discriminate, only a majority can discriminate,baloney, --why risk mentioning it.???

Disclosure;
Those comments shouldnt be read to imply discrimination.Simple risk /reward

And i certainly am for investor freedom in buying;
but it is a matter of public record, investors have higher foreclosure rates in Miami. Especially higher foreclosure rates in condos, than regular buyers.

 

[murray stroupe]

Re

[QUOTEProperty E
=Mike Boyd;1496072]I think the point, PE, is what difference does it make that the investors were Venezuelans or Brazillians or Columbians or Argentinians? It is hearsay, unless you interviewed each of these investors. Frankly, I would not be able to tell a Venezuelan from a Costa Rican. Furthermore, unless tax records show an off-shore mailing address, I would hesitate in calling them "foreign." I think INVESTOR, on its own, explains the situation adequately. Otherwise, I agree with the underwriter.[/QUOTE]

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Probably not much difference;
except Argentines are much more literate than north Americans & would likely make excellent neighbor. Also theyre are known for loving , respecting, respecting deeply north Americans.

Thanks/gracias.

 

[PropertyEconomics]

I think the point, PE, is what difference does it make that the investors were Venezuelans or Brazillians or Columbians or Argentinians? It is hearsay, unless you interviewed each of these investors. Frankly, I would not be able to tell a Venezuelan from a Costa Rican. Furthermore, unless tax records show an off-shore mailing address, I would hesitate in calling them "foreign." I think INVESTOR, on its own, explains the situation adequately. Otherwise, I agree with the underwriter.

Mr Boyd .. my point wasnt who they were but the fact that if one can document and support .. is it ok with USPAP? It seems to me that USPAP flys in the face of fair housing on this statement. That was my point.

 

[Mike Garrett RAA]

I couldn't even afford the down payment on one of those condos...they start at a million! He bought the second one as a guest house.

The issue isn't whether mentioning the national origin of investors would be discriminatory, it's whether those purchases would be considered "arm's length" and by investors who are knowledgeable about the actual market. If it is public knowledge and factual, the appraiser could use the country of origin of the investors in an appraisal report and not be in violation of USPAP.

 

[Joyce Potts]

I think the point, PE, is what difference does it make that the investors were Venezuelans or Brazillians or Columbians or Argentinians? It is hearsay, unless you interviewed each of these investors. Frankly, I would not be able to tell a Venezuelan from a Costa Rican. Furthermore, unless tax records show an off-shore mailing address, I would hesitate in calling them "foreign." I think INVESTOR, on its own, explains the situation adequately. Otherwise, I agree with the underwriter.

In Florida, the country tax rolls have BOTH the owners' mailing address AND the situs address for the subject property. In many projects/developments, the predominant ownership are overwhelmingly from particular countries, e.g., Ireland, England, etc. The basis of wanting to know has absolutely nothing to do with ethnicity, gender, etc., but everything to do with the owner vs. non-owner occupied composition within a real estate project / development that may have millions of dollars invested.

In difficult times investment and second homes go back to the lender long before the primary residence. Furthermore, owners from outside the U.S.--depending on the country, complicates and/or PROLONGS the foreclosure proceedings in many cases.

 

[Fred]

In Florida, the country tax rolls have BOTH the owners' mailing address AND the situs address

I am used to finding that in the opening sentence of the deed. Some analysts track the percentage of sales volume driven by non-local grantees.

 

[Joyce Potts]

I am used to finding that in the opening sentence of the deed. Some analysts track the percentage of sales volume driven by non-local grantees.

Um, I suspect that's where the county property appraisers' offices also get them, Steven.

 

[Fred]

Um, I suspect that's where the county property appraisers' offices also get them, Steven.

I suspect it just might be it.

 

[Couch Potato]

Unsupported opinions.

Lastly, there is nothing wrong with identifying a particular group or nationality purchasing properties IF the information is factual and is not used to maximize or minimize property values.

USPAP 2006 says (page 7, line 250) "an appraiser must not use or rely on unsupported conclusions relating to characteristics such as race, color, religion, nation origin, gender, marital status, familial status, age, receipt of public assistance income, or an unsupported conclusion that conclusion that homogeneity of such characteristics is necessary to maximize value"

I don't think the ASB agrees with you Mike. Not only can one not use unsupported conclusions, FAQ #19 states "One cannot infer by logical extension that using supported conclusions relating to characteristics such as race, color, religion, nation origin, gender, marital status, familial status, age... is appropriate or acceptable."

8 current listings of 2 bedroom, 2 bath units in the project listed at between $360,000 and $389,988.

If your appraised value was above this range, and your supervisor signed off on the report, get a new supervisor ASAP.:new_all_coholic: