Lee & Associates Valuation and Consulting Services offers special property expertise in two related special property types: religious facilities and learning institutions. Recently these traditional property types have been directly affected by technology and societal changes.
Historically, these special purpose facilities were designed for the needs of the original owner. Ornamentation, style, layout, materials and atypical features were specific to the owner. Many older, ornate structures have gained a historical property designation. Reuses of these ornate buildings are now common, while former industrial, retail, or office buildings have been reused as churches or schools.
Lee & Associates appraisers apply demand and functionality analyses to derive informed opinions about the current religious facility market. Zoning, traffic, parking and similar community issues affecting a property must be investigated to understand a religious facility’s Highest & Best Use. Further, the selected approaches to value and market data must flow from the property’s highest and best use. The experience needed to understand all of these crucial considerations is gained through continued work in this specialty practice.
Public and private schools include preschools, elementary, high schools, colleges and vocational schools. Lee & Associates appraisers have faced the issues involved in valuing charter schools, religious facility schools, public school sites, etc. The growth of private technical and vocational schools, and the escalating cost of attending private colleges create additional unique demand analysis requirements. Ultimately, a school’s value conclusion is more than simply a number because it reflects the desirability of a specific property within a unique market.