We are Versatile Experts
Serving Myriad Industries
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 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.
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.
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 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.
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.
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.
Real Estate Development/Project Feasibility Analysis
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.
A homebuilder form 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. READ MORE A homebuilder form 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. READ LESS
Another project that we assisted a development company getting their head around, was a mixed use development in the City, in an expanding portion of the city. The developer was considering moving forward with a cash transaction based upon available information provided to them. While the market data provided from the listing broker was well put together, the market projections were more lofty than the actual market could support. We provided the client with a sound market analysis and supportive leasing data that painted a clear picture of the real estate being acquired.
Nonprofit and Public Projects
Market Street Corridor Study, Philadelphia, PA: Rittenhouse Appraisals developed a market analysis of the 60th and Market Street corridor in West Philadelphia. This project was centralized around the 60th Street Subway stop for the Market/Frankford subway line and was part of the Transportation Oriented Development plan for the City of Philadelphia. As part of this project, Rittenhouse 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.
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 real estate 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. Our analysis looked at the local market and current demand from the local residential and business community. We were able to assist the institution with developing a strategy that would
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 for the system. Our experience and expertise has proven invaluable for numerous such clients. We make sure they are treated fairly and get a fair price for their property. Here are two scenarios; one showing what happens without Rittenhouse’s expertise; the other with it.
A small business owner in the local market ran a successful industrial operations for several decades, and finally reached retirement. READ MORE 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 provided a fee quote and timing for READ LESS
Our office was contacted by a local company that acquired a nice piece of real estate in the core office market. The site included an office building that was in good condition and an additional site for development. READ MORE The site was under a long-term ground lease agreement, that also included several office leases. A REIT, which had lofty development plans in the market area, had initiated negotiations with the local company to acquire the property. The REIT even provided an appraisal report that provided an indication of market value. The REIT offered $7,000,000 to purchase the building and site. READ LESS