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COVID-19's Impact on Real Estate Valuations
COVID-19 has significantly impacted real estate valuations. For example, under the comparable sales approach to valuation, valuators look at sales prices of similar properties in recent transactions, making adjustments for differences between those properties and the subject property. As stated by Lisa Loychik of Cohen & Co. in a paper dated Aug. 20, 2020, "It's debatable whether pre-COVID-19 sales can be considered comparable with post-pandemic sales, though. Valuators are looking beyond comparable sales and considering individual circumstances on a more granular level. This approach acknowledges that generalities are of limited value when COVID-19 may have different effects on different properties in the same neighborhood."
The report also noted, businesses that were healthy months earlier have boarded up, threatening the continued vitality of neighborhoods and increasing expected vacancy rates. Struggling tenants may have fallen behind on monthly payments. Governments are mandating rent relief but also providing financial support to prop up troubled companies. Plus, operating costs may be higher to comply with health and safety concerns, as well as to adapt property use and features for changes in demand.
In an article published by Co-Star on Sept. 9, 2020, written by Kenny Kim, "Commercial Reals Estate Valuation in the Age of Coronavirus," Kim wrote: "When evaluating comparable market transactions, it is important to examine not only the market condition and sales price, but also the condition of sale. As opposed to market price, market value should consider market exposure in an open market, marketing time, "motivated buyer" and "motivated seller" conditions and typical market financing – in times of crisis or uncertainty, property sale conditions can vary widely based on some of these factors. Accordingly, it is vital to distinguish between market and distressed sales."
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