What is "Commercial Express" from Corel CoreLogic


Commercial Express is a web-based cost estimating service that has become the "standard' in estimating the "Replacement Cost" of improvements in the business of Insurance Appraisals.  

A Master List of "Codes" from CoreLogic is available to guide  the appraiser.  For example, Code 1335 is defined as "Condominium, w/o Interior Finishes".  

Marshal Valuation Service Manual

For the last (40) plus years, real estate appraisers have relied on a (7) ring binder from the Marshall Valuation Service to estimate the "Replacement Cost" of buildings and site improvements.   

Subscribers pays $600 per year to receive monthly updates which are inserted into the 30" wide binder.  

Every conceivable improvement from high rise office buildings to various site components such as lighting & fencing is included.


CoreLogic purchased the Marshall Valuation Service and it's database which forms the basis of cost estimates for the "Commercial Express" application several yeas ago.

CFAC subscribes to both "Commecial Express" and to the Marshall Valuation Service Manual.  

CFAC has appraised commecial condominiums such as the multi-tenant office-warehouse "Silver Star Commercial Center" & the "Aloma Business Center".  

We also appraised the (17) story "City Place" condominium in downtown Jacksonville and the elaborate "Clubhouse at Tapestry" in Kissimmee.

For more information, please go to the company website of Central Florida Appraisal Consultants at https://www.cfappraisal.com/ or call 407-230-1023.














  




Comments

Post a Comment

Popular posts from this blog

Image
Subdivision & Sellout Property Appraisal Documents Needed PSP , Preliminary Site Plan Approved, at a minimum. This document shows the layout of lots, streets, common areas, retention, etc.  A civil engineering firm will create your plat and submit it to the local planning department for approval.  The first step in the approval process is Preliminary Site Plan (PSP) approval. Purchase Contact Shows price paid for “Blanks”, an industry term used to describe raw land approved for subdivision development. Infrastructure   Cost The cost to construct underground utilities, roads, accel / decel lanes, etc Ratio Analysis as a "Road Map"  Take the average retail price of a finished home, multiply  by 35% and you get the "indicated"  retail  value of each lot.   Ratio analysis give you a "guide" to go by for a quick check of economic feasibility and for "comp selection". Example (Assume) 100 lots in a subdivision with homes that sell for an...
Read more
Image
  USPAP, What Realtors & Brokers Must Know The Uniform Standards of Professional Appraisal Practice (USPAP) governs the appraisal industry and requires  appraisers to follow it's rules.  Enforcement in Florida is promulgated through the DBPR, the Department of Business and Professional Regulation. Since transactions of real estate usually involve an appraisal , Realtors, Brokers and property owners should have some knowledge of USPAP when dealing with appraisers. Real Estate Appraisers in Florida are licensed as either a " State Certified Residential Real Estate Appraiser" or as  a " State Certified General Real Estate Appraiser". Those with a "Residential" license are restricted to the appraisal of residential property (up to four units) with no dollar value limit.  See Florida Statutes FS 475, Part II. The "General" license has no limitations and allows the appraisal of both residential and commercial properties.   "Client" ...
Read more

Insurance Appraisals

Image
Insurance Appraisal, What is it? An insurance appraisal documents the estimated cost to rebuild improvements to a property after a catastrophic event such as fire, storm or flood. Market value, land value and depreciation which are typically part of a mortgage-based appraisal are not considered. The Replacement Cost New (RCN)  estimate of a properties improvements can be obtained in (3) ways: 1) Your Insurer pays an expert to estimate RCN 2) Your Insurer uses "in house" cost estimating software 3) Property owner pays an expert to estimate RCN Pros & Cons of each method 1) Good IF you get a say in who the contracted "expert" is 2) Good IF Insurer spends adequate time in the RCN estimate 3) Best     IF  you are looking for "peace-of-mind" by knowing that you are not under-or-over insured.  Your insurer will likely prefer this method since they are not liable for you being underinsured under this scenario.  Your Expert Daniel Peele, RZ 887 is a State...
Read more