Dallas February 2023 Key Take Aways!
Guest Speaker Mark Lowery is the Founder and CEO of Lowery Property Advisors “LPA”. In his current role, he drives strategy and expansion initiatives. Mark has experience in a wide range of commercial property types.
- LPA has 9 locations across Texas with 2 more offices scheduled to open in Denver this Summer and Oklahoma City later this year.
- LPA offers commercial property valuation and appraisal services for the widely known, common property types, to the more unique properties that require additional Attention, research, and assessment. LPA leverages our tech-enabled tools, coupled with the expertise of our team members to provide accurate and comprehensive reports, delivered on time, every time.
- In addition to traditional commercial property appraisals, LPA is actively involved in the valuation of real estate for right-of-way and eminent domain purposes. Right-of-Way appraisal work consists of consultation and advisory support, market studies, litigation support, valuation, and expert witness testimony. Typical right-of-way projects have included appraisals for highway and street expansions, water/sanitary sewer/oil & gas pipelines, electric transmission lines, drainage easements, recreational hike and bike trails, and aviation easements. Appraisals have also been conducted for public parks acquisition, government building and surplus right-of-way disposition, future utility facilities, and ground lease feasibility.
- A broad range of clients are served through LPA’s right-of-way/eminent domain valuation services. Their clients range from condemning authorities such as highway transportation departments, municipalities, federal authorities, utility districts, private landowners and tenants. Right-of-way assignments have ranged from a single property to over 100 properties spread over multiple counties.
- LPA continues to work on “research, research, research”! They pride themselves as having the most accurate value/opinion in the current market.
Stephen Scott, Founder of The Finance Person and his associate, Larry Luby: Specialize in assisting developers/borrowers and raising equity capital. Their specialty is to represent borrowers for a special kind of real estate development called “Build to Suit” which basically means the following: a commercial building or space specifically constructed to the client’s needs and this process focuses on one end user. Stephen stated that they can provide “100% loan for credit”. Also, “exit caps are still good” (i.e. the terminal cap rate is used to estimate an investment property’s gross value at the same – or end of the holding period). They are “always looking for new developers” so asked the attendees to keep them in mind when an opportunity shows itself.
Walker Hairston, Senior Vice President w/ Falcon Realty Advisors: Walker joined Falcon in October of 2019. His responsibilities and expertise include retail and restaurant tenant representation, leasing and sales for new retail and restaurant development, and vacant asset leasing/disposition for a wide variety of clients, from the multi-billion-dollar REIT to the boutique developer. He shared that at Falcon, they work closely with all of their clients through real estate strategy, construction and development, marrying the big picture with the bottom line through a model of conscious business. He has more than doubled his listing portfolio over the last three months and is very close to tripling it. Also, he sent five listings out last week and will send four more out this week. Also, if you are selling land to users or you have existing space on the ground, the market is good. He “needs more space”. Falcon has tons of national clients and they have the research tools
James Smith, Managing Director at Smith, Jackson, Boyer & Bovard: They are a Dallas based full service Certified Public Accounting firm. He has worked with companies ranging in size from large, multinational corporations to small, closely held businesses. Jim is “very busy with tax season”. He feels very strongly that there will be no federal tax law changes in the near future because he doesn’t see how the Republican House and the Democratic Senate will be able to agree on anything. Also, The state legislature is currently focusing on finding a way to cut property taxes because they have to “wrestle with an absolutely ridiculous surplus – $33 billion surplus and another $12 Billion they don’t need in the rainy-day fund”. The problem is there is a spending cap so they can’t spend the entire surplus and they also can’t control property taxes because there is no state property tax – it’s strictly county, city, or school district. What they can do is raise the Homestead Exemption; therefore, they can increase their allocations to school districts directly. At least it’s the current solution being discussed.
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