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Review of Senior Housing : Looking Toward the Third Millienium A Guide to Valuation, Market Analysis, Design,
Development, and Financing
by Arthur E. Gimmy, Susan B. Brecht, Clifford J. Dowd
Appraisal Institute, Hardcover (February 1999)
Previously published in the June, 1999 issue of Appraisal
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As the baby boom generation ages, demand for senior housing is expected to substantially increase. The Appraisal Institute published
Senior Housing: Looking Toward the Third Millennium, a 203-page book, an update of
Elderly Housing: A Guide to Appraisal, Market Analysis, Development, and
Financing, published in 1988.
The authors of the Senior Housing book are Arthur Gimmy, MAI, author of numerous articles and various books and an expert in the analysis of difficult, unique, or specialized properties; Susan Brecht, a senior housing consultant; and Clifford Dowd, a real estate market analyst with the Sedway Group.
This book is complementary to the previously published The Analysis and Valuation of Health Care
Enterprises, published by the Appraisal Institute in 1997, also written by Arthur Gimmy, MAI, and Charles R. Baumbauch. The Health Care book is more technical, with more financial and cost analysis, and includes chapters on nursing homes and assisted living facilities. The Senior book is designed to give an appraiser an overall picture of the senior housing market, so the appraiser can better understand and communicate with facility operators and lenders.
Most appraisers don't appraise proposed or existing major hospitals or retirement communities, but many appraisers are generalists, including nursing homes and other types of senior facilities.
What if you don't ever appraise senior facilities? You may be faced with placing an aging parent or relative in one. This book can help you evaluate the facilities. "Superlists," with a large, though not all inclusive, number of factors, are used in the book, rather than just checklists. The appraiser can use these Superlists as "points of departure from which to build a thorough analysis of senior housing facilities," according to the authors. The book's references don't go past 1996, which were probably due to delays in publication. However, more recent data is available using the resources listed in the book.
The book has an excellent glossary of the specialized terminology used in this industry. The senior housing resources section includes associations, government agencies, data sources, consultants, architects, and a state by state list of regulatory agencies.
As with other Appraisal Institute books, there is no index, but the table of contents provides a detailed list of sections. Topics covered
include:
- Recent changes in the senior housing and health care industries
- Descriptions of new product types and regulations
- Design and development considerations for new projects
- Management and staffing tips
- ending and project feasibility criteria
- market analyses and feasibility studies
- Valuation case studies of skilled nursing and assisted-living facilities
I reviewed the Heath Care book two years ago and recommended it as a well-written, practical book that every appraiser who does this type of work should have on their bookshelf. This book gets the same recommendation. If you appraise senior housing, including skilled nursing facilities (nursing homes), you should have both books. |