Registration Now Open – 4 CE hours

Course author: Denis DeSaix – Metrocal Appraisal

Course Summary:

The lack of affordable housing options is a significant concern for policymakers at all levels of government.  One of the challenges is the lack of land available for development.  Development sites are scarce in areas where housing affordability is most critical (typically the larger urban areas and nearby suburban areas).  One option policymakers have considered and implemented is upzoning, whereby residential areas with zoning that limited development to one unit is now being expanded to allow for multiple units. HB 1110 allows a previously single-family residential site to have up to six residential units.  When the allowable zoning density of a residential site changes from one unit to multiple units, this impacts the Highest and Best Use Analysis and may significantly impact the process of valuing such properties.  This presentation will discuss the ramifications of such changes and how residential appraisers can prepare to address them as they are introduced into the markets we serve. 

Course Objectives

This 4-hour course is designed to achieve the following objectives:

• Learn the general requirements for HB 1110 eligibility and be able to identify when a property they are analyzing is a potential candidate for upzoning.

• Review the fundamentals of Market Analysis and Highest and Best Use Analysis, and then build on that foundation to apply the advanced techniques that upzoning scenarios require for credible analysis. Although most participants have been exposed to these techniques, it is likely that they’ve not been required to use them to the degree upzoning will require.

• Be able to confidently identify the typical scenarios where upzoning is most likely: in cases where the improvements are near the end of their economic life or in cases where there is excess land.

• Understand the basic process of redevelopment: from entitlement to completion of construction.

• Know how to conclude if redevelopment (an alternative use to what exists) is reasonably probable (maximally productive) and how that affects the appraisal assignment.

• Understand the residential license limitations and know the USPAP requirements that are relevant to a multiunit Highest and Best Use.

• Be able to determine, competently and with confidence, if the assignment should be completed as a residential 1-4 appraisal or if the property is a 5+ unit development project.
  
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Registration options:

– Coalition or Seattle Chapter Appraisal Institute member, register here. (No charge)

– Non-members, register here. (Fee is $100.00)

– Become an ACOW member, register here. (Fee is $75.00)
(Return here to register as a Coalition member)