Wednesday, April 2, 2014

Mark Massie Project

A Downtown Building Rebuilt

By: Cameron Scheidt

When looking at the Mark Massie appraisal of the Moradian Building it seems like not much has changed in the field of appraisal.  The only thing that has seemed to change is our accuracy and vastness of data.  There still needs to be an understanding of the underlying skills of appraising in order to arrive and an accurate valuation.  Massie appraised the Moradian Building located at 1129 Van Ness in the year 1961.  The reason for the valuation was to get a market value of the property as of December 1, 1961.The value state in the report for the property was $75,000.  Using the income approach, cost approach, and a sales approach Massie was able to derive this number.

This building was a very small building only being 50ft by 150ft.  The building was also one story and was built in 1895 having had the latest addition in 1922.  The building is brick with a brick foundation and also has a dirt floor basement.  In 1961 this was one of the oldest structures still standing and would be required to be completely remodeled in order to meet the Uniform Business Code. When going through the valuation I noticed that the city data portion was omitted at the suggestion of the instructor.  I do not know what this

The building has since been torn down and is now occupied by the Fresno County Office of Education.  This building today would not be terribly difficult to appraise because of the surrounding buildings and the income that they generate.  An appraiser today could use the income approach and any comparable sales comps to derive the value.  

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