Author: Billy Hansen

Cost Approach

A Layman’s Guide to the Cost Approach Heck,” said the real estate agent, “you couldn’t buy land and build it for this price.” This commonly heard bit of wisdom is often shared by agents to provide the buyer with a little perspective and help them to recognize the real estate opportunity in front of them. By framing the buyer’s decision as being between two basic options: 1) Buy what you want or 2) Buy land and build what you want, the agent is essentially making an appeal to the intuitive logic of the Cost Approach, which is one of...

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The Speed of the Market

The old adage, “Everything sells eventually,” is meant to give a little hope to the real estate agent working on a difficult listing that just will not move. Unfortunately, “eventually” can sometimes take longer than anybody could have imagined, especially in commercial real estate. I’ll admit to being a bit envious when I review local residential sales data and learn that the average days on market is down to around 90 days. Meanwhile, of the estimated 300 active commercial sale listings in the Lynchburg MSA, roughly 50 percent have already been on the market for longer than a year....

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An Honest Real Estate Man

In an industry sometimes known for self-promotion, exaggeration and puffing up, Lowell Milton is disarmingly modest and self-deprecating about what he has accomplished during his 60 years in real estate, but his body of work and those who have worked with him say different. He’s qualified as an expert witness in 46 Circuit Courts in Virginia and spent a good portion of his career sharing his expertise with judges and juries while testifying on the stand for condemnation and other real estate–related cases. In addition, Lowell holds both the SREA and MAI designations from the Appraisal Institute, has provided...

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