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Experts to appraisers: market research key.

Better market research techniques are key to the quality of appraisals in the '90s. That is the view of three experts who monitor and prepare such data for the real estate industry.

The panel presented their opinions and resources recently before a seminar of the Metropolitan New York Chapter of the Appraisal Institute at the Grand Hyatt.

The group included Lloyd Lynford, president of REIS Reports, Daniel Lesser, MAI, senior vice president of Hospitality Valuation Services, and Joseph Cash, account executive, Yale Robbins Inc.

"The task that appraisers are embarked upon is to make appraisals a more market sensitive process incorporating market research techniques into discounted cash flow," said Lynford, whose 12-year organization examines trends throughout the country. "This is really key to improvement of the quality of the analytics in our industry."

A wide variety of market information is available in New York through the Yale Robbins Inc., according to panelist Joseph Cash. These include the books on Manhattan office buildings, the Condo Sales Report, the Guide to Construction Activity, the Yale Robbins Zoning Map and the Red Book, a new residential construction data base beginning from 1978.

Robbins merges sales information gathered daily with a database the firm has developed over 12 years, said Cash. And the company is developing software which can issue reports in seconds.

"Now is the time to buy hotels," Daniel Lesser advised as he displayed the latest research and techniques developed by Hospitality Valuation Services, a Mineola, New York-based firm. In his overview of the lodging industry, Lesser pointed out that the hotel industry is suffering from an "overproduced position."

"It is so bad that banks now have hotel workout departments," Lesser said. "It will take three to five years to recover during this cycle, not the one to three years it took in the 1970's."

Nevertheless "this is the best time since the Depression to make money in the hotel industry," Lesser added. "We can look for a strong recovery in 1993. It will be led by an increase in occupancies followed by gains in average room rates.
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Title Annotation:panel of experts evaluate real estate appraisal industry
Publication:Real Estate Weekly
Date:Nov 4, 1992
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