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Welcome to our 2nd Quarter 2015 Newsletter, which highlights recent developments of the firm. In this edition you will find information on our selection as
arbitrator in several matters, the recent valuation of a large
luxury marina apartment
community, our involvement in ongoing
education, as well as a fascinating
aerial view of Los Angeles and a book recommendation. All those things in a newsletter!
Anytime we can provide you with market research information, consulting, or simply answering a question, just let us know; we are happy to assist.
Sincerely,
Steven R. Norris, MAI, CRE
Norris Realty Advisors
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Marina Views
Norris Realty Advisors is recognized as the firm to contact for unique and complex real estate valuation and consultation.
More support for this was found in recent work involving a luxury apartment community with more than 400 units, 40 floor plans, a pool, numerous spa areas, full amenities including a screening room, gym, racquetball court, and an adjacent marina which contributes significantly to the overall income stream of the asset.
To add a final measure to the complexity of this project, the entire property is subject to a 99-year leasehhold with a public agency that involved more than 15 different potential cost sources as part of the ground lease.
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Arbitration
The American Arbitration association defines the arbitration process as:
"...a time-tested, cost-effective alternative to litigation. Arbitration is the submission of a dispute to one or more impartial persons for a final and binding decision, known as an "award." Awards are made in writing and are generally final and binding on the parties in the case."
Over the past several years, the firm has become more involved in arbitration assignments, both as expert witnesses and as participants in arbitration panels.
This work has ranged from serving as part of a three person panel tasked with determination of damages from a massive structural fire, to serving as a neutral third determinant of fair market and/or fair rental value for large parcels of commercially and industrially zoned land in LA County.
Our work has also involved the estimation of fair market value for large, investment grade assets involved in partnership disputes and determination of best practices.
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Saturday at The Anderson School
Headline
Recently Steve Norris spent a Saturday morning with the Anderson Real Estate Association, which is part of the UCLA Anderson School of Management and the Ziman Center for Real Estate. The focus of the morning was a brief overview of the new Argus Enterprise cash flow modeling software.
This new version is a complete remake of the industry standard Argus analysis software for complex commercial real estate, and the Anderson students indicated a need to be on the cutting edge of this new development. There is nothing quite like working together with the business leaders of tomorrow.
Visiting The Anderson School reinforced my hope in the future of these bright and energetic future leaders; view the video below to get a taste of the enthusiasm of the UCLA MBA program:
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Air Los Angeles
For those of us living in Los Angeles, sometimes it's easy to overlook that we live in a completely vibrant, dynamic, and amazing city. Particularly at night. Hauntingly beautiful.
Photographer Vincent Laforet waited 27 years, and has assembled an incredible catalog of high definition photographs of Los Angles taken from the air.
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Character Matters
A note from Steve Norris.....
In the wake of the Great Recession, there has been much discussion of the importance of ethics in real estate lending, underwriting, management and appraisal. Interestingly, many Universities no longer include ethics in their curriculum.
New York Times opinion columnist and Yale instructor David Brooks has just released a book that takes on the dilemma of the void of ethics and moral framework in American culture. I had the serendipitous opportunity to have a luncheon chat with Mr. Brooks last Fall, and I have been eagerly awaiting this book ever since.
Brooks takes the reader on a tour of history, from Augustine to Dwight Eisenhower, all in search of the component parts of personal character. I heartily recommend this book to you!
For more information, visit The Road to Character web site.
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Thank you for taking the time to review our Newsletter. Contact us directly with any questions.
Steven R. Norris, MAI, CRE
Norris Realty Advisors
626-405-9922
steve@norrisadvisors.com
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