The Wall Street Journal reached out to RAC appraisers Michael Hobbs and Jonathan Miller for their valuation insights on high ceilings in new luxury towers.
Wall Street Journal August 11, 2016 For Ceilings, What a Difference a Foot Makes
Buyers of luxury condos will pay a premium for ceilings that are even just a foot higher than the standard, but tall rooms pose challenges
While ceilings are rising throughout new luxury towers, the tallest ceilings are typically found in the highest, most expensive apartments, says Michael Hobbs, the owner of PahRoo Appraisal & Consultancy in Chicago.
High ceilings are often found in apartments that offer other luxury amenities, such as tall windows and concierge service, which bolster their value, says New York appraiser Jonathan Miller—but not in every case.
Ok, not Hollywood. But we’ve got a story to tell.
Over the past several years it has become apparent that RAC needed to get the message out: not only are our members the best relocation appraisers in the business (we literally wrote the book on relocation appraisal), but our members are the best residential appraisers in North America. With the significant depletion of experienced, high quality appraisers since the onset of the financial crisis, RAC members fill the void by specializing in complex residential properties including relocation, litigation support, testimony and reviews.
We really want you to know that.
The video project was spearheaded by RAC member and former president Jim Goodrich with help from members Suzanne Bloyed and Jonathan Miller – and invaluable contributions from current RAC president Michael Cook. The presentation conveys who we are and the benefits of becoming a member of RAC.
– Exposure to new clients and new sources of business
– Aligned with a highly regarded appraisal brand
– Interaction with well experienced residential appraisers
– Education opportunities including conferences and events
– Leadership opportunities to help professional growth
– and many more…