What is 1100 corporate center drive raleigh nc?
1100 Corporate Center Drive Raleigh NC is an office building constructed for the corporation known as At Home In the Office, Incorporated (At Home). The office building is situated on a plot of land around 1.7 acres in size and has no other buildings or structures on the property with exception to a small wooden fence that fronts the entrance at just under 400 feet. The area around 1100 corporate center drive raleigh nc is vacant and almost completely developed at this time.
This would be characterized as an outer-downtown development context where there are large swaths of undeveloped lots mixed in with otherwise intense development activity. This context is extremely common in cities like Raleigh and consists of an urban form with a mix of tall buildings and low-rise buildings. The city employs a growth management system that has been very successful at containing urban sprawl by requiring developers to build up rather than out to preserve the farmland that is still left around the city.
Some more facts about it:
97.5% of this office building has been leased out, yet it’s appraised value is the most undervalued in all of Wake County, North Carolina. How can this be? The answer to this lies in a phenomenon know as “Contract Appraiser. “
The Contract Appraiser is someone who may have a vested interest in the building that may cause them to be biased towards its values. For example, the appraisers for At Home were employed by At Home. This may account for approximately 25% of the value of the building currently. Also, there are only 10 actual appraisals recorded publicly because the other 35 appraisals were as a result of an appraisal review process, which was conducted and reviewed by At Home Incorporated before any actual appraisal was compiled by their own employees.
With respect to 1100 corporate center drive raleigh nc this would mean that at least one and possibly two numbers were thrown out in true addition to the reported total of 37 value points. The numbers that were thrown out, or “fudged” as one appraiser has stated, would have been the following:
Estimated market value, $4.5 million – $5.0 million. Imputed income for land, $346.00 per square foot – $375.00 per square foot (Appraisal review did not include estimated market value because it was deemed to be too low). This land is provided free of charge to At Home by the city of Raleigh. The amount of this “gift” was estimated at an average at $1 million per year during the appraisal process conducted by At Home Incorporated and their employees.
What are the advantages?
There are a few basic ones. The most basic is that if you’re a real estate developer and you’re looking at building an office building, or any other kind of real estate for that matter, you would want to know in advance what it’s going to cost you so that your investment will make sense to the investor who is backing your project. Another advantage is that this kind of appraiser gives the developer confidence in the property purchased to build on.
Who benefits from this?
The Contract Appraiser benefits by making sure their company gets as much of the total real estate development business as possible. This can be accomplished by making sure the appraiser’s company gets their cut of the appraisal. In addition, if you’re a real estate developer and you want to know what a piece of property is worth, then The Contract Appraiser is going to be your best source for that information.
How does it work?
There are two basic types of Contract Appraisers (there may be others but these two are most common). The first is an independent appraiser hired on an ad hoc basis by the real estate developer who is purchasing the property. With this type of contract, both parties agree in advance how much money will be paid to the appraiser in exchange for his services. The second type of Contract Appraiser is a company that is owned and operated by the appraiser himself. This is referred to as a “housing appraisal” firm.
In addition to the basic advantages listed above, The Contract Appraiser will charge you money for every appraisal that he does for you. In addition, he will also charge you for his website, his office space, and any advertisements that are part of your agreement. The amount charged by the Contract Appraiser will depend on how many property sales (if any) he has made against your company in the past year and what valuation they came in at (this information is kept confidential).
If you want to know the value of your real estate, then this information can either help you understand what your real estate is worth, or it can teach you about the dangers of relying on an appraiser for this kind of information. The bottom line is that 1100 corporate center drive raleigh nc has been grossly misvalued by some companies that have a vested interest in selling this property to another real estate developer.
