Safia Samee Ali Mon, June 7, 2021, 3:15 PM
It didn’t sit well with Michael Tidwell when an appraisal report he submitted for a large commercial property in a predominantly Black neighborhood in Los Angeles was rejected by a bank reviewer who insisted the lot was valued too high.
Tidwell, a Black appraiser who is also a valuation and advisory director at the global real estate services firm Cushman & Wakefield, said it took months of back and forth, with the issue getting escalated to the bank’s top brass, before they ultimately agreed with his initial assessment.
“The reviewer didn't respect the community because he felt like, ‘Oh, it's a Black neighborhood. It's crime-ridden and violence and all of that. There's no way this place is going to be able to make money,’” he said. “It’s frustrating because even when you do your job or you may know the value of the community, somebody that's not from that community, a lot of times, they're not going to see the value.”
Poster Comment:
Free "music" at all hours, whether one wants to listen or not, does not really add much value. Same for collecting empty 40oz glass bottles, used diapers, fast food wrappers, and spent shell casings, the time and energy spent removing them from my yard far ouweighs any recycle value.
#1: Lod To: Dakmar (#0)
The study found that from 1980 to 2015 homes in white neighborhoods appreciated almost $200,000 more than comparable homes in similar communities of color.
A different study by the Brookings Institution in 2018 found that in the average U.S. metropolitan area, “homes in neighborhoods where the share of the population is 50 percent Black are valued at roughly half the price as homes in neighborhoods with no Black residents,” and that there is a level of “implicit bias” in an individuals’ perception of members of an oppressed class. The study also found that the “value of assets — buildings, schools, leadership, and land itself — are inextricably linked to the perceptions of Black people.”
lod ~ if all my properties could be valued at ZERO, I'd be thrilled! That would mean I'd pay nothing in property taxes, a savings of some 46+K/year.
For this particular story, however, it could be an inflated valuation scheme to take the money and run, but I don't know that for fact.
Lod posted on 2021-06-07 21:56:30 Reply Private Reply
#2: Esso To: Lod (#1)
As a former contractor, I certainly don't understand that. How stupid can folks get? Shoot me Loddy.
Esso posted on 2021-06-07 22:10:25 Reply Private Reply
#3: Lod To: Esso (#2)
Lod posted on 2021-06-07 22:25:09 Reply Private Reply
#4: DWornock To: Dakmar (#0)
DWornock posted on 2021-06-08 05:12:19 Reply Private Reply