Project Value: $250million+

In 2014 – 2015 Clontz Newkirk appraised 108 commercial and residential properties being impacted by the construction of the new Purple Line Light Rail Project which is being extended from Bethesda to Silver Spring. These appraisals require a firm that can appraise across all property types in a dense urban setting, as well as a firm that has specific knowledge of condemnation, easement valuation and impacts, eminent domain issues, traffic patterns, infrastructure evaluation and their impacts on property values. This project is located in an area with some of the highest real estate values in the United States.

Haywood F. Newkirk, MAI, was part of a team that provided valuation services for the real estate assets associated with the Plaza Hotel and determined the contributory value of the labor union contracts and equipment in place at the time of acquisition. The assignment required the analysis of land sales and cost data for hotel projects in Midtown Manhattan, home to some of the highest acquisition and construction costs in the Western World. Hotel sales were analyzed in New York and other major metropolitan markets such as Boston, Washington and San Francisco to determine a per room value for this property. The income and expenses for the Plaza were analyzed and compared to other 5 star hotel properties in the United States and Europe in order to analyze the future performance of the hotel. The eventual conversion of the hotel into condominium units was also analyzed based on cost and comparable sales analysis for high rise condominium projects in Manhattan.

Haywood F. Newkirk, MAI was part of a team that provided valuation services for the Los Millares Golf & Country Club in Andalucía, Spain. This community, planned for the Mediterranean Coast of Spain, included a 350-room Grand Hyatt Hotel, two 18-hole golf courses, a golf academy, and 872 residential units divided into single family homes, townhouses and condominiums. Responsibilities included separately valuing all of the real estate components to be included in the development. Our services included performing a cost, sales and income approach for the 5-star hotel utilizing comparable resort hotel sales in Europe and the United States; valuing the golf courses and the golf academy based on an analysis of comparable resort golf courses in Portugal and Spain; and projecting absorption rates and sales prices for the single family homes, townhouses and condominiums based on the performance of competitive resort properties in the Algarve Region of Portugal and the Costa Del Sol Region of Spain.