Elliott & Company Appraisers


July 2006	A Publication of ELLIOTT® & Company Appraisers



CARLYLE HOLT JOINS ELLIOTT® AS CLIENT SERVICES DIRECTOR

ELLIOTT® & Company Appraisers is pleased to announce the appointment of Carlyle Holt as client services director. "We are very excited to have Carlyle on board," said Charlie Elliott, president of Elliott & Company Appraisers. "He has substantial experience in the mortgage lending environment. As a result, he completely understands the mortgage lending process." Carlyle literally grew up in the mortgage lending industry, having worked for his father’s mortgage lending company. He has a Bachelor’s degree in Economics from North Carolina State University and a strong professional work history within both business and finance. He currently holds a North Carolina Loan Officer License. Carlyle will supervise the Elliott’s client services department, which incorporates all aspects of its service to clients, including ordering, use of appraisers and shipping of appraisals. "Carlyle represents a renewed commitment that we have to client services and putting our clients first," Elliott said.

OFFICE SPACE SELLS FOR NEARLY $1K PER SQUARE FOOT

Two office buildings on 12 acres in Menlo Park, CA, recently sold for $992 per square foot. This is believed to be a record for West Coast commercial real estate.

ING Clarion, a real estate investment firm, paid $131.5 million for the property, which contains 133,000 square feet of office space.

Gary Willard, managing director/partner for NAI/BT Commercial, the company that listed and sold the property, said the high square-footage price was "unprecedented."

"This is such a large number relative to other sales, even for the best real estate on the West Coast," Willard said.

These offices are on Sand Hill Road in the heart of Silicon Valley. The headquarters of Robert Half International is located on this property. Other companies leasing at this expensive location include Draper Fisher Jurvetson, Battery Ventures and Francisco Partners. Property in this area is rarely on the market. The buildings have no vacancies.

NEW APPRAISAL RULES EFFECTIVE JULY 1

Financial institutions, including banks, credit unions and thrifts are required, as of July 1, to ensure that appraisals comply with new rules. The rules were created by the Appraisal Standards Board and are established under the Uniform Standards of Professional Appraisal Practice (USPAP).

Some of the most significant changes are the exclusion of the departure rule and the requirement that an appraisal assignment be designated either complete or limited. The new emphasis is placed on the appraiser’s scope of work. USPAP defines scope of work as "the type and extent of research and analyses in an assignment."

QUOTES OF WIT & WISDOM

"Our patience will achieve more than our force." -- Edmund Burke

"There is no greater mistake than the hasty conclusion that opinions are worthless because they are badly argued." -- Thomas Huxley

"Cynicism is not realistic and tough. It’s unrealistic and kind of cowardly because it means you don’t have to try." -- Peggy Noonan

"A wise man gets more use from his enemies then a fool from his friends." -- Baltasar Gracian

"In all recorded history there has not been one economist who has had to worry about where the next meal would come from." -- Peter Drucker

"Science is organized knowledge; wisdom is organized life." -- Immanuel Kant

"They always say time changes things, but you actually have to change them yourself." -- Andy Warhol

"The incompetent with nothing to do can still make a mess of it." -- Laurence Peter

"Work while you have the light. You are responsible for the talent that has been entrusted to you."
-- Henri-Frederic Amiel

"Television enables you to be entertained in your home by people you wouldn’t have in your home."
-- David Frost


For previous newsletters or columns written by Charlie Elliott, MAI, SRA, president of ELLIOTT® & Company Appraisers, for mortgage publications visit our Web site at www.appraisalsanywhere.com.



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Newsletter Editor: kevin@elliottco.com	Web Site: www.appraisalsanywhere.com
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