Behind the Scenes

Lisa DukeAround Town

Salty Jobs is a new educational video series from the Marine Industries Association of South Florida, hosted by MIASF Director of Development Sean Smith, that showcases marine industry career opportunities in the South Florida area. The goal of this series is to introduce a wide range of jobs associated with the marine industry to local schools, workforce agencies, and the public. The next episode will feature Walter Duke +Partners.  Stay tuned!

Walter Duke + Partners is nationally known as a leading provider of boatyard and marina appraisal services to the marine industry.  We maintain key relationships with industry leaders and are actively involved with the Marine Industries of Florida and the Marine Industries Association of South Florida.  Over the last four decades, we’ve provided hundreds of appraisals of marine-related properties and have become an acknowledged expert in this property asset class.

Below are just a few of the marine property types and corresponding services that Walter Duke + Partners provides.

  • Boatyards, Boat Manufacturing, Dockominium, Equity Club Marinas, Individual Slips, Marine Academies, Mega-Yacht Marina and Yard, Mixed Use, Private Wet Slip Marinas, Public Wet Slip Marinas, Resort Marinas, and Super Yacht Marinas.

 

Florida CRE Visits Nashville

Lisa DukeAround Town

Walter attended the Appraisal Institute Annual Conference in Nashville earlier this week and had the opportunity to visit and network with his fellow national appraisers.   More than 550 real estate professionals from around the world attended the opening session of the valuation profession’s most important annual event, hosted by the Appraisal Institute, the nation’s largest professional association of real estate appraisers.

 

Walter B. Duke, III, MAI, CCIM, Nick Pilz, MAI, SRA, AI-GRS, Incoming AI Region X Chairman and  Val K. Chiasson, MAI, SRA, past President of the AI South Florida Chapter. 

 

 

Florida Planners Tour Fort Lauderdale’s First Highway

Lisa DukeAround Town

Our firm president serves on the board of the Marine Industries Association of South Florida and enjoyed a nice Friday evening hosting the Broward County Chapter of the Florida Planners Association to a tour of Fort Lauderdale’s first highway, the New River.  The group discussed the importance of the marine industry to our local economy.  MIASF member and local community partner, WaterTaxi provided the waterway transportation for the tour. 

#MIASF#FLIBS18

Playing with Sharks

Lisa DukeAround Town, Community

Recently our President Walter Duke and his fellow Nova Southeastern University Levan Ambassadors Board joined Halmos College researchers on a shark-tagging trip off Fort Lauderdale.  This daylong trip allowed the ambassadors to help graduate students and researchers catch sharks, measure, sample, tag, and then release them.  The highlight of the day was a 10.5-foot Tiger shark.

The Board went on a “Saving Ocean Life” shark tagging expedition with Derek Burkholder, Ph.D., NSU research scientist, who works with the NSU Guy Harvey Research Institute, NSU’s Save our Seas Shark Research Center, and Broward County Sea Turtle Conservation Program.

Walter B. Duke, III, MAI, CCIM

Walter Duke + Partners is proud to support and promote marine scientific research.

Duke Re-Appointed to Marine Trade Organization Board

Lisa DukeAround Town, Marinas and Boatyards

Duke Re-Appointed to Marine Trade Organization Board

Fort Lauderdale Mayor Dean Trantalis, MIASF CEO Phil Purcel, Starmark International CEO Peggy Nordeen and Walter Duke + Partners CEO Walter B. Duke, III, MAI, CCIM

Fort Lauderdale, FL – The Marine Industries of South Florida (MIASF) announced the re-appointment of Walter B. Duke, III, to the Board of Directors.  “I am honored to be re-elected to a second term by our members.  I look forward to working with the new board to advocate for our vital marine industry and help continue to expand its footprint in the community for the betterment of all”, said Walter B. Duke, III.

MIASF provide access to the largest marine industry network in the Southeast and to boating industry associations in the U.S. and worldwide. With over 400 members within the region, across the state and beyond, MIASF is one of the most active marine advocacy groups in the industry, with a professional staff to serve members needs in the areas of policy, advocacy, communications, and marketing through ownership of the Fort Lauderdale International Boat Show.

Walter Duke + Partners is nationally known as a leading provider of boatyard and marina appraisal services to the marine industry.  We maintain key relationships with industry leaders and are actively involved with the Marine Industries of Florida and the Marine Industries Association of South Florida.  Over the last four decades, we’ve provided hundreds of appraisals of marine-related properties and have become an acknowledged expert in this property asset class.  Widely acknowledged by industry experts, Walter Duke + Partners relies on real-time knowledge of trends in the boat building, recreational boating, and yachting markets.  Fort Lauderdale is the Yachting Capital Center of the World. With constant contact with the players in the global marine industry, Walter Duke + Partners the source for innovative, forward-thinking solutions.  Don’t take a chance, our decades of experience will help you avoid making a critical mistake.

ABOUT MIASF:
The Marine Industries Association of South Florida (MIASF) is the largest marine trade organization in the Southeast United States dedicated to promoting, protecting, and growing the 110,000 middle class jobs in Broward County and 136,000 jobs regionally in marine businesses promoting boating lifestyles from family cruising and fishing to yachts and the goods and services that sustain them, driving the economic output to $8.8 billion in Broward County and $11.5 billion regionally.

Six Ways to Spot a Shoddy Commercial Real Estate Appraisal

Lisa DukeAppraisal, Around Town, News

If you are a non-appraiser and tasked with reading and trying to determine the validity of a CRE appraisal report, it can be an intimidating experience. Moreover, while there is no sure way to tell if the values are valid, there are a few telltale signs that should immediately raise a red flag, and you should consider seeking trusted professional advice.

  1. Poor Maps/Exhibits – Generally speaking if the maps and exhibits in a CRE appraisal report are faded, crooked or they look like they have been taped in with double sided tape, you may be reading a shoddy CRE appraisal. If the appraiser does not care enough to handle the easy part then why should the metrics be any more reliable?
  2. Outdated Economic Information – If the economic data presented is from 2013, the comparable data is from 2010, and it is now 2018, you just might be reading a shoddy CRE appraisal.
  3. Lack of Relevant Continuing Education – If the bulk of the continuing education and relevant coursework by the appraiser signing the report is from the 90’s, and it is 2018, the appraiser is resting on his/her laurels, and there is a good chance you may be reading a shoddy CRE appraisal.
  4. Lack of Website or Social Media Presence – It is 2018, and even the most basic companies care enough to have a reasonable web and social presence. Therefore, if the appraiser signing the report has no web or social media presence, I would not be surprised if you were reading a shoddy CRE appraisal.
  5. Data is Thin and Comparable Selection Makes No Sense – Like the old adage, junk in, junk out, a report is only as good as the data the valuation is based on. Therefore, if all of the comparable data is clustered around a two-block area 30 miles from the property being appraised, and there is no reasonable explanation, the appraiser is probably just being lazy or is incompetent, and you just may be reading a shoddy CRE appraisal.
  6. Poor Photo Quality – They say a picture is worth a 1,000 words. If the CRE appraisal you are reading has photos with the appraiser’s finger or the frame of his/her car door in the image he/she does not care enough to get this basic piece right, and you just might be reading a shoddy CRE appraisal.

Walter Duke + Partners has been providing trusted advice to the commercial real estate industry for over 43 years in the Florida market. Our reports are widely relied on by a variety of clients from startups to Fortune 500 companies. Give us a call today at 954-587-2701 to see how Walter Duke + Partners can help you or your clients.

Five CRE Trends That Hit Home

Walter Duke + PartnersAround Town, News

Florida Apartment Appraisals

#1 Not Your Parents’ Movie Theatre

The internet has forced nearly every mall-based retailer to re-tool. The latest industry is movie theatres. Theater attendance last year fell to its lowest level since 1995, a crisis propelled by the rise of streaming. Exhibitors are tearing out seats and replacing them with luxury recliners, fitting fewer overall seats, but creating steadier revenue at higher prices. They are adding specialty drinks, dining options, and sophisticated sound and screens that most home theatres couldn’t replicate.

#2 Rising Seas Impact Miami Home Market

Recent studies show that single-family homes in Miami-Dade County are rising in value more slowly near sea level than at higher elevations. Low elevation properties are becoming Miami’s laggards.

#3 Home “Not So” Sweet Home

Two of the largest home rental giants are planning to merge providing one of the most evident signs that Wall Street is betting on home ownership rates, currently at 50-year lows, will remain low and that a growing number of U.S families will rent.

#4 Property Tax Cuts Strain Local Governments.

Retail sales and occupancy rates are falling in many parts of the country due partly to the oversupply of stores and competition with on-line retailers. Mall vacancies are at a six-year low despite the strong broader economy. That has meant lower property values, lower tax collections and in some cases less to pay teachers and firefighters. Property taxes are the single biggest expense and keeping them low helps keep retail property owners in business because they can negotiate lower rents and remain in business. Some landlords appealing assessments point to the declining amount of sales taxes being generated by their stores. Others cite market conditions in the region and sale prices of vacated stores and malls.

#5 You Can’t Always Get What You Want

There is a tremendous mismatch between the places where people want to live and the places where it’s easiest to build. Suburbanization may have run its course. What used to be a 30 minute commute in the 70’s is now several times that.

JDRF Charity Golf

Walter Duke + PartnersCharitable Causes, Walter Duke

We had a great day of golf on Friday with 124 golfers. Here are a few pictures of the event including 12 year old Zach who talked about being diagnosed with Type One Diabetes a year ago. I also include a frame worthy picture of me with your hole sign.

We won’t have the final numbers till next week but I think we raised about $65,000 for JDRF which is 20% more than last year.

Thank you so much for your support. Next year you have to come for the golf and luncheon. So many amazing raffles and silent auction items!!!
All the best!!!

Neil Efron
Noble Properties

5 Key Takeaways from the 10th Annual Commercial Real Estate Symposium

Walter Duke + PartnersNews, Walter Duke

Walter Duke and Realtors of the Palm Beach Beaches and Greater Fort Lauderdale

I was fortunate to be asked back to moderate this fantastic annual event hosted by the Realtors of the Palm Beach Beaches and Greater Fort Lauderdale. The discussion varied and the overall mood was one of optimism. This year’s panel consisted of Paul Marko – President of Stiles Realty, David Coddington – VP of Business Development for the Greater Fort Lauderdale Alliance, Steven Michael – Founder and Principal of Hudson Holdings and Chad Moss – EVP of Moss Construction. Five key takeaways are presented below.

  1. Plenty of Steam Left in the Engine – the panelists overwhelmingly felt that there was still a good three to five years left in this current expansion cycle and the current local economy is very good. Given that it started in 2011 this would make the current expansion one of the longest on record. All felt that the South Florida economy is one of the most robust in the country.
  2. Live/Work/Play – the panelists all felt that more and more people want to live, work and play in an urban setting. The panelists also felt that trends in mass transit will continue to spur transit-oriented residential development. There was also optimism about the positive impacts of mass transit.
  3. Honey I Shrunk My Unit Size – the panelists all felt that more people will continue to be renters by choice and developers will increasingly deliver micro-units in order to keep costs down. There is also a focus on better project amenities and public spaces. They all felt that rental rates increases that have occurred in the recent past are not sustainable.
  4. Bricks and Sticks – construction costs will continue to rise gradually but the worst of the increases in material costs is over. One concern however is a potential increase in labor costs due to post hurricane clean-up efforts in Southwest Florida and Houston.
  5. Thick Red Tape – the panelists all expressed frustration with the permitting and approval process taking much too long in most local jurisdictions. The economic costs of these delays to communities are massive according to one panelist.

Walter Duke + Partners is a comprehensive commercial valuation advisory and consulting company that provides critical analysis and market metrics to corporate, government, and private clients nationwide throughout Florida. Since 1975, the company has completed over 15,000 assignments more than $30 billion. Walter Duke + Partners is located in Fort Lauderdale with satellite offices in Tampa and Palm Beach.

Member Profile: Walter B. Duke III, Walter Duke + Partners

Walter Duke + PartnersNews, Walter Duke

A self-described Army brat, Walter B. Duke III was born on New Year’s Day at Walter Reed Army Hospital in Washington, D.C. For the first six years of his life, Walter’s Army-pilot father was stationed at various bases around the globe and so the family traveled with him wherever he was sent. When his father went to serve in the Vietnam war, Walter’s mother moved the family to Fort Lauderdale to be close to her parents who had lived in the area since 1956.

Walter grew up the South Florida way, on the water, fishing and boating with two uncles and an aunt who loved salt water fishing in the Atlantic and fresh water fishing in the Everglades and Chokoloskee. When his father returned from the war he became a commercial airline pilot and moved the family to nearby Hollywood, where they planted roots and became fixtures in the community. Mr. Duke was a major figure in little league and the youth sports scene in Hollywood, where he has a baseball field named after him at Rotary Park. Walter credits his father with teaching him the value of volunteering, teamwork, and leadership skills through his involvement in sports, and thanks his aunt and uncles for helping him to become a true steward of the marine industry.

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