Brad Williams, a Partner in Dorsey's Real Estate Practice Group, was featured in an article discussing the falling value of Minneapolis-St. Paul office properties. Brad points out that assessed values as a "lagging indicator" and that "the actual current values, in most cases, is probably even substantially lower than what the report of the assessed values would indicate."
As further observation, Brad said: "We're seeing assessed values finally reflect what's been happening for the last few years. It could [take that] long to get to that new point, or maybe longer, where ... now we're on the upswing, and we're back to a better situation with the market functioning properly in terms of values, cash flow and loans."
Read the full article on the Minneapolis/St. Paul Business Journal website. (A subscription is required)