In the past couple of years new home construction has increased. With this increase there has been major changes in the architectural climate. Homebuilders now are more frugal and clients are more concerned with sustainable building and living. As a result we are building with better insulation, improved ventilation, and environmentally friendly materials. Since reporting the design or style of a home is an essential part of residential appraisal, the Buzz staff had the opportunity to interview Marc P. Nadeau, SRA on his new book “Identifying Residential Architectural Styles.”
Buzz: Thanks for joining us today Marc. Firstly, can you tell our readers about your time in the profession and how you got started?
Nadeau: I’ve been appraising property for about 32 years but have at the same time purchased, developed and designed a good many properties, often with an emphasis on buildings that have historic fabric.
Buzz: The Appraisal Institute recently published a book you penned, “Identifying Residential Architectural Styles.” Can you give our readers a brief summary of what the book entails?
Nadeau: The book provides insight and identification into the various architectural periods and styles in the United States. There are also lots of great illustrations and narrative not just on the architectural elements but also on the building elements and how they relate to residential architecture.
Buzz: Why should appraisers read this book?
Nadeau: The book is intended to help readers not only identify architectural styles but also cross some bridges as it relates to design and appreciation of such. Depending upon where someone grows up could dictate their exposure to architectural styles and sometimes limit their understanding of those styles. Mid-Century Modern is one such style that seems to be both under-appreciated, misunderstood but certainly not lacking in value (at least in today’s markets).
Buzz: The book also includes case studies of architecturally significant homes, could you give us a sneak peek and describe one?
Nadeau: Frank Lloyd Wright is one of the featured architects with the book covering not just one particular home from who is perhaps this country’s most renowned architect, but several homes in various parts of the country. The case studies of the various properties help define the public perception of value, or in this case the premium of value associated with this particular architect’s work. One such case study features a home located in Milwaukee wherein the demonstrated market premium is 100% over and above the predominate neighborhood values.
Buzz: What was your favorite part about writing this book?
Nadeau: I would have to say traveling to various parts of the country to view and photograph the various styles and in some cases interviewing the buyers and/or sellers of some of these amazing structures and gaining insight into their way of thinking. So many of the people involved had great stories that they were willing to share which gave me greater perspective as to why the market embraces, loves and is willing to pay premiums for special design and provenance.
Buzz: Where did you get the idea for, “Identifying Residential Architectural Styles?”
Nadeau: The idea came from a good friend of mine who is both a scholar and a writer. She gave not only the idea to write the book, but also the encouragement to explore and share something that I have loved for most of my life ~ architecture!
Buzz: Marc Nadeau, thank you for joining us today. If you want to learn more or are interested in purchasing, “Identifying Residential Architectural Styles,” click here.
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17 Comments
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Marc, do you think the lenders hired puppet AMC of choice understands or cares about some historic architect or style of home? Via TRID regulations the lenders have in advance already pre-determined the appraisal fee and could care less what we the local expert appraiser are telling them. They have no problem saying NO to a $100 typical complexity fee and will laugh in our face if we ask for fair compensation for our time. Is my time going to be doubled or tripled (why pay me the same)? Does it take specific knowledge, understanding or training or are the AMC’s going to treat me the same as a first year appraiser? You live in a fairytale Marc and I think the asbestos and lead paint of yesteryear may be getting to you.
, The trick is to say no. I learned to say no last year. My median fee for January February and March is 2.5 times the local fee. 657.
I say no to those people who try and rip us off. If only more people did the same.
I have more time for my grandkids. I have more time from my Real estate sales comooning.
Appraisers, if you have market knowledge in your area of high-end homes. You should leverage that into a sales activity. The market respect your knowledge. I work for Sothebys
wow Fred, there must be little competition in your area. I just had an AMC offer me $200 for a full fee. Told them C & R is $300 – never heard from them again – someone took it lower around here. 2 of out of 3 that I counter , I never hear from again.
The Fred’s of the world like to give us advice “say no” but have little understanding of the local markets we live in taco. When the feds raise the required appraisal limits from the current $250,000 threshold to $500,000, Fred’s most likely rural area will no longer need appraisals performed. My immediate market of San Diego and zip codes have a medium price of near $900,000 (I won’t be effected) but my advice to Fred will be to find a new career.
Dude
I am in Las Vegas.
Tough market and waaay to many skippy appraisers.
I have an SRA and 23 yrs experience.
You just gotta have the balls to say no.
AND you gotta tell your friends the same thing.
Sherman anti what LOL
The county of San Diego has 1,037 appraisers and if you include the counties of Los Angeles, Riverside, Orange, etc. then you can add an attritional 5,000+/-. Even if 5,000 traveling appraisers say no, I have an additional 1,037 that will say yes.
Yes I know
went to SDSU and worked SD for quite a while.
Supply and demand plus good weather….makes it tough.
Try doing an attic inspection for FHA when ambient temperature is 115 degrees.!!
Truly ….change professions…..We have slowly transitioned to RE sales as our knowledge is worth a LOT. Last year RE sales made up 1/3 of Gross. This year it will be one half.
Agents are DUMB….it is easy to beat them. Take your knowledge and use it. Only accept the high dollar and atypical files.
You need to block emails from that AMC.
That way they wont even bother you for replies.
I have blocked all low pay AMC’s. (can you hear me now?)
When they call and ask for fee quote……
I always say “I will take 80%” of the collected fee”.
They say “that’s not how it works”.
I saw “thats how I work….good luck on your next call”….and then hang up.
I did make the mistake of putting the words
“…..and the horse you rode in on.”
In a recent reply. That got me fired from a major lender.
Email tracking indicated my reply was opened 29 times over the next few days.
I have since replaced that lender with another.
Try regional banks and CU’s.
You need to learn to say no to the AMCs that won’t pay you a decent fee. Tell them your fee and if they don’t accept it move on. Let someone else risk there license for a low fee. I have no problem here getting my fees. Also, I would never consider only getting an extra $100 for a complex appraisal. For every appraisal I turn down because of fee, I get two more that will pay my fee. And half the time, AMCs will pay my fee when I counter their offered fee.
Your reply Matt is typical, but unless you work in my local market or other similar markets, you have no idea. Those AMC’s you speak of have no problem pushing down fees in my area (Say $275) while they have little to no choice to pay (Say $475) in your area. Lenders and AMC’s ALMOST NEVER pay complexity fees in MY area as they always say they will need to get other quotes to see if anyone will take it at the set fee. The other argument is to say NO to lender work and do civil use work, however again one must know the local market. With almost all work going through AMC’s the competition for lower scope of work civil use assignments is fierce. Local rates are often below $200 even though my primary zip codes are approaching $900,000. Appraisers are winning (your area) and losing (my area) not based on the specific skill, knowledge, experience, etc., but by way of a host of issues. I ask you Matt, are you aware of the attempts to raise the required appraisal limits from the current $250,000 to $500,000? It’s in the works, and they have open comments until 03/22/2016 to voice our concerns. Assuming you live in typical America (less than $500,000 for a house) this regulation will wipe out almost all residential work in YOUR area while having little to no effect on me. If say your area has 1,000 appraisals a month now but will be reduced to 50 after regulation, what will happen to appraisal fees when the same amount of appraisers have to compete for the crumbs? You can hold your ground and say NO Matt, but you will have NO work as most will say yes even as the race to the bottom intensifies (lower fees).
It sounds to me like you really hate your job. You are always ranting about low fees. Don’t accept them. They have a lot of opposition to that bill you mentioned. Besides, that really doesn’t concern me anyway. I currently do a lot of purchases that are under $250,000. I think maybe you should look into moving or retiring. You don’t seem very happy appraising anymore.
Many lenders currently choose to have appraisals performed under the $250,000 current limit as the typical American price is near this amount. With the limit being doubled, I would not hold my breath and give the lenders the benefit of the doubt that they will require an appraisal on the $200,000 property when the limit is $500,000. Providing facts abut ones specific area of practice does not show hate, but rather can be the opposite (love). I love what I do and other appraisers like myself need to educate the world on what is going on. The lenders and AMC’s of the world are coming after YOUR high paying area (saying theirs a shortage, fees are too high, etc.), so be carful who you tell to retire. My efforts to save the industry (have you filed your complaint against the increase (only 217 have), will ultimately benefit all.
Hey Bill;
Become a SMART Realtor.
They cant match you knolwledge.
Just be sure to wear a Kevlar vest if you go into selling real estate Bill. You’ll still be knifed in the back regularly; the only difference is that it’s clients rather than banks stabbing you. Been there..done that. 20 years as a broker and appraiser was enough to teach me a lesson. The army provides you with safer combat zones.
There are greener pastures out there Bill…far more fun…far less stressful…and far more profitable. The grass truly is greener on the other side.
99 Thumbs Down Matt. Some people just don’t get it.
99 Thumbs Up Bill. Some people just don’t get it.
Bill is absolutely right; whether or not you are in a geographical/competition position that allows you say no makes all the difference in the world. There are a handful of appraisers out there who can say no because nobody else whats to work in their area.
Rather than saying no to AMCs, I recommend saying no to this flea bag profession.