Services

We are Versatile Experts

Serving Myriad Industries

Banking

Banking and Lending Markets

Rittenhouse Appraisals has a solid understanding of the dynamics of the lending industry. While the common theme is a focus on closing deals and moving on to the next project, we see our bank and lending relationships different than most. We protect the interest and collateral of the institution and serve as a partner in the field. Our reports focus on the details that are core in the development of value, including an emphasis on market analysis and the direct competition of the subject. These reports are concise and fully compliant with the Financial Institutions Reform Recovery and Enforcement Act (FIRREA) and all other lending industry regulations.

SCENARIO ONE

A loan officer has been working for a year to secure a client in a real estate deal. The client finally moves forward with the officer’s banking institution and the officer orders an appraisal for the property. It takes a month for the appraisal to get completed. Meanwhile, the client and the banking institution are in limbo, wondering whether the deal is going to close. How does the loan officer look to that client, now? Rittenhouse Appraisals understands that transactions need to occur faster than ever before. Our systems allow a faster turnaround time, which gets deals closed quicker.

SCENARIO Two

An appraisal has been ordered and is expected to be completed on a certain date. There have been no updates from the appraisal company on the status of delivery. The delivery date arrives; no report. This wouldn’t happen at Rittenhouse Appraisals. Our team includes a dedicated staff whose sole responsibility is to keep the client updated on the status of our work through the delivery process.

Accounting

Accounting and Legal Industries

Rittenhouse Appraisals has partnered with numerous accounting firms in the region over the past decade. We have worked with these firms to develop fair and accurate assessments and reduce the tax burdens on properties. We have assisted in valuing the allocation of partnerships and joint venture projects. We have helped resolve typical legal accounting issues, such as valuing real estate assets for divorce proceedings. We have also provided estate appraisals following deaths that occurred as long as more than 20 years ago.

SCENARIO ONE

Rittenhouse Appraisals recently worked with a client who owned several key pieces of real estate in Philadelphia for several years and routinely paid real estate taxes, without an understanding of their assessment. We worked with the client in the tax appeal process in partnership with their accountant and legal representation. Our work on each of the properties lowered the assessments by 30%, and reduced the overall tax burden by several tens of thousands of dollars. The reduction of the tax burden allowed more income to flow through to ownership, which allowed for the placement of additional income into new investments.

Real Estate

Private Developers

Throughout our tenure in the Philadelphia Market, we have worked with numerous private developers to assist in project analysis and feasibility. Our work with this community has aided in making acquisition decisions, development timing and valuation scenarios based upon different development scenarios.

SCENARIO ONE

A homebuilder from Northern New Jersey was interested in entering the Southern New Jersey housing market. The project was a 300+ unit development site that included approval that was about to expire. The approved project included a mixture of single-family townhouses and several multi-family buildings that could be utilized as condominiums or apartments. We assisted the developer in understanding the local market and the market forces that would potentially compete against each project type. Our market research and analysis found that the local market was dominated by a national homebuilder.  The client ultimately moved forward with a mixed-use townhome community.

SCENARIO Two

A client owned a large parking garage in a residential area, near downtown Philadelphia. The garage was in an area of limited demand and suffered from years neglect and deferred maintenance, and needed repairs. Rittenhouse Appraisals was able to reduce the client’s tax burden by providing a concise appraisal report that exhibited the limited demand for parking and the cost burden of addressing the needed repairs. Our team helped lighten the load on the client by providing a report that exhibited the true value of the real estate.

Non-profit

Nonprofit & Public Projects / Special Use

Through the years Rittenhouse Appraisals has worked with several non-profits, local universities, and churches to assist with their real estate needs.  Rittenhouse Appraisals provides the expertise these non-profits need to cultivate a real estate strategy to ensure their property contributes to the overall goals of the organization.  This includes understanding the real estate they currently have by performing necessary due diligence to determine the current market position and projected returns on future investment.

SCENARIO ONE

Rittenhouse Appraisals developed a market analysis of a corridor project which was centralized around a major transportation stop and line in a city.  As part of this project, Rittenhouse Appraisals completed a survey of the existing real estate assets, analyzed demographic trends from the immediate neighborhood, and provided absorption projections for the residential and commercial units along the corridor.

SCENARIO Two

A local university in the greater Delaware Valley had acquired a large portfolio of real estate, including a significant amount of holdings around the main campus. The university was looking to develop a strategy to utilize the real estate to generate additional income not associated with typical general real estate operations. We worked with the client to develop a feasibility analysis of the real estate holdings, looking at the local market and current demand from the local residential and business community. Based on our analysis we were able to assist the institution with developing a successful strategy to utilize and optimize the newly acquired assets.

SCENARIO Three

As part of their civil works mission, the Army Corps of Engineers was tasked with surveying and planning for part of a New Jersey town located in a flood zone. One possible outcome would be the decision to ultimately move the residents and businesses in this part of the town. Rittenhouse Appraisals was contracted for this project, providing appraisals for all residential, retail, and commercial properties located within the flood zone. As a result of our analysis the properties were relocated and a flood wall was constructed.

Private Property Owners/Financial Planning

Private Property Owners / Financial Planning

The private property owner market is a passion for the team at Rittenhouse Appraisals. We have worked with numerous owners to help them understand their property’s true value. This is important to the team at Rittenhouse because these property owners often find themselves at a disadvantage due to a lack of information and understanding of the system. Our experience and expertise have proven invaluable for numerous such clients. We make sure they are treated fairly and get a fair price for their property.

SCENARIO ONE

A small business owner in the local market ran a successful industrial operation for several decades and finally reached retirement. Over the years, the company acquired several pieces of real estate including its primary industrial building as well as other surrounding properties. The owner acquired the real estate as part of his retirement planning and to fund his grandchildren’s college education. The owner was contacted by several interested developers and brokers, and he searched for an appraisal company to determine the market value. Rittenhouse Appraisals provided a fee quote and timing.  Once completed, a strategy was developed for the owner to sell the property in pieces.

SCENARIO Two

Our office was contacted by a local school that acquired a prime piece of real estate in the core office market, which included an office building that was in good condition and an additional location for development. The site was under a long-term ground lease agreement, that also included several office leases. A national development company, which had lofty development plans in the market area, had initiated negotiations with the school to acquire the property, even providing an appraisal report with an indication of market value. Rittenhouse Appraisals was brought in to assist with valuation of the property and found the returns being offered were well below the value of the property.  The school ultimately decided to hold on the potential transaction because the ground lease was more valuable.

SCENARIO Three

A client owned a large parking garage in a residential area near a downtown. The garage was in an area of limited demand and suffered from years neglect and deferred maintenance, and needed repairs. Rittenhouse Appraisals assisted the client in negotiating with the municipality in lessening the tax burden of the property.

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1800 JFK Blvd, Suite 300
Philadelphia, PA 19103

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