Successful real estate leader Gino Canori has experience in affordable, market rate, mixed-use, and mixed-income development projects. He gained this experience through more than 20 years of work in multifamily real estate development. An executive vice president at Related California, Gino Canori oversees all aspects of the development process, from financial analysis and budgeting to marketing.
Before marketing any real estate as affordable or below-market-rate, you must know the property's fair market value (FMV). FMV refers to the amount a property sells for on the open market. Sellers and buyers are responsible for setting this price. The seller must determine a value they deem is fair based on the property, while the buyer sets the amount they would pay for such a property.
Determining FMV is challenging since this value varies significantly based on supply and demand. FMV is not solely the monetary value of a property, so it is not the appraisal price. Instead, it’s determined by the overall supply and demand in the area. When property options are low, paying more for a property doesn’t deter some buyers. Conversely, when there are a lot of options, they seek better deals than the competition.
Before marketing any real estate as affordable or below-market-rate, you must know the property's fair market value (FMV). FMV refers to the amount a property sells for on the open market. Sellers and buyers are responsible for setting this price. The seller must determine a value they deem is fair based on the property, while the buyer sets the amount they would pay for such a property.
Determining FMV is challenging since this value varies significantly based on supply and demand. FMV is not solely the monetary value of a property, so it is not the appraisal price. Instead, it’s determined by the overall supply and demand in the area. When property options are low, paying more for a property doesn’t deter some buyers. Conversely, when there are a lot of options, they seek better deals than the competition.
